中信证券：重视中国制造业龙头全球化带来的投资机会

Core Viewpoint - The overall industry selection framework remains focused on resources, new productivity, and globalization, with a shift in resource stocks from cyclical to dividend attributes due to supply constraints and global geopolitical uncertainties [1] Group 1: Investment Opportunities in Chinese Manufacturing - In 2023, there are 290 stocks globally with a market capitalization exceeding $50 billion and $100 billion (after deduplication), of which 9 are A-shares (3.1%), primarily in technology manufacturing and innovative pharmaceuticals [2] - The market capitalization structure of leading A-share companies is becoming more diversified, moving away from a focus on banks, operators, and oil and petrochemicals [2] Group 2: Trends in Overseas Revenue - Over the past 15 years, the average overseas revenue share of the top 30 cyclical manufacturing companies has increased from approximately 5% in 2010 to about 32% by 2025 [3] - Companies with over 20% overseas revenue contribution accounted for 22% of non-financial A-share profits in 2015, rising to over 40% by mid-2025 [3] - The market capitalization share of these companies in non-financial A-shares increased from 28% in 2015 to 37% as of September 19, 2025, indicating a shift towards multinational companies becoming the mainstay of large-cap stocks [3]