高盛：中国上市企业的海外收入占比已从2018年的14%提高到目前的16%

Core Insights - The perception that Chinese export companies only provide low-cost, low-value industrial products for developed markets is outdated, as China is increasingly targeting emerging markets and gaining a larger share in the global high-end manufacturing sector [1] - Factors supporting Chinese companies' global expansion include a competitive RMB exchange rate, leading positions in key raw materials, capacity, and manufacturing technology, and the cost-quality competitiveness of Chinese products [1] Summary by Categories Export Trends - Chinese listed companies' overseas revenue share has increased from 14% in 2018 to 16% currently, while the average shares for developed and emerging market companies are 53% and 48%, respectively [1] - The automotive, retail, and capital goods sectors are the primary drivers of overseas revenue for Chinese listed companies, with a global revenue share growing at a rate of 0.4 percentage points per year [1] Profitability and Growth - The trends in overseas expansion may lead to a slight decrease in the reliance of Chinese outbound companies' profits on domestic growth, with an increasing demand for financing through capital markets for overseas investments and expansions [1] - The ongoing cost advantages and product quality upgrades for Chinese companies are expected to contribute an additional 1.5 percentage points to the growth rate of earnings per share [1]