瑞银证券研究部总监徐宾：国际投资者愈发关注中国企业的全球竞争力

Core Insights - Chinese companies are increasingly viewing international expansion as a necessity rather than an option, with a focus on capturing larger market shares globally [1] - The diversification of export destinations and product types is a significant trend, with emerging markets in Africa, ASEAN, and Latin America becoming key targets [1][2] - International investors are showing heightened interest in the global competitiveness of Chinese companies, driven by improved product quality and competitive pricing [3] Group 1: International Expansion Trends - The shift towards a more diversified approach in overseas markets is evident, with companies moving beyond traditional markets in Europe and the US [1] - The evolution of product types from low-end goods to high-tech products reflects the increasing sophistication of Chinese manufacturing [1][2] - Companies are adopting strategies such as relocating assembly operations to regions like ASEAN to optimize costs and mitigate global uncertainties [1] Group 2: Competitive Advantages - Chinese companies have significantly improved their cost-performance ratio, combining competitive production costs with enhanced product quality [2] - Continuous investment in R&D has led to systematic improvements in product competitiveness, enabling better market penetration [2] - The unique functionalities of products developed for the vast Chinese market provide a competitive edge in global markets [2] Group 3: International Investor Interest - International investors are increasingly evaluating the global competitiveness of Chinese firms, influenced by the visibility of Chinese brands in global markets [3] - The rising share of overseas revenue and profits for Chinese companies over the past two decades has attracted investor attention [3] - Companies with strong market positions, technological advantages, and established overseas operations are particularly favored by international investors [3] Group 4: Localization Strategies - The primary challenge for Chinese companies in international markets is deciding on overseas production capacity and locations [4] - Deep localization and partnerships with local firms are recommended strategies to mitigate operational risks [4] - Successful collaboration with local governments and businesses can enhance support and reduce risks associated with international operations [4] Group 5: Future Outlook - By 2026, the trend of diversification in export markets and product structures is expected to strengthen, supported by the improved quality and reputation of Chinese manufacturing [5]