港科大报告：贸易壁垒未促“脱钩”，反而推动中国企业加速全球化

Core Insights - The report indicates that measures taken by various countries to reduce dependency on Chinese supply chains have not led to the anticipated "decoupling," but rather have prompted Chinese companies to initiate a new round of deeper global expansion [1][2]. Group 1: Industry Transformation - The report analyzes four key industries: electric vehicles, solar energy, apparel, and medical equipment, highlighting how geopolitical tensions, AI technology applications, and mandatory ESG regulations are fundamentally altering global manufacturing and procurement patterns [2]. - Chinese companies are transitioning from being the "world's factory" to "global production organizers," actively establishing manufacturing bases, R&D centers, and logistics hubs in regions such as Southeast Asia, South Asia, the Middle East, North Africa, Europe, and the Americas [3]. Group 2: Sector-Specific Developments - In the electric vehicle sector, Chinese manufacturers are investing in factories in Europe and ASEAN while securing upstream mineral resources through projects in Indonesia and Africa [3]. - In the solar industry, leading companies are relocating the entire vertical supply chain from polysilicon to components to Southeast Asia and North Africa to mitigate trade risks [3]. - In apparel and medical equipment, Chinese firms are building overseas industrial parks, creating proprietary brands, and establishing R&D laboratories to ascend the value chain and compete directly with international giants [3]. Group 3: Technological Innovations - The report emphasizes that the reshaping of supply chains is driven not only by AI and automation but also by rapid iterations of materials and core components [4]. - Innovations in battery chemistry and rare-earth-free motor designs in the electric vehicle sector aim to reduce reliance on countries that monopolize key minerals, while new battery technologies and efficient manufacturing processes in solar energy could reshape critical nodes in the value chain [4]. Group 4: ESG Regulations Impact - ESG requirements have shifted from optional to mandatory, influencing market entry and profitability, with the EU leading this trend through regulations like the Digital Product Passport and Carbon Border Adjustment Mechanism [5]. - The traditional cost-driven site selection logic is becoming obsolete, as companies must now prioritize regions that can provide verifiable low carbon footprints and robust ESG infrastructure [5]. - The report suggests that compliance with ESG standards is increasingly becoming a "passport" for entering high-end markets, fundamentally altering global industry regional layouts [5]. Group 5: Nearshoring Trends - Nearshoring has shown significant progress in certain sectors, such as medical device manufacturing in Central America and the automotive industry in Mexico, driven by geographical proximity, mature infrastructure, and favorable trade agreements [6]. - However, structural limitations exist, particularly in the apparel sector, where replicating Asia's decades-long accumulated textile ecosystem and supply network is challenging [6]. - The report highlights that successful nearshoring requires solid industrial infrastructure, a stable policy environment, and high logistical efficiency, while uncertainties in tariff policies have led many investors to adopt a wait-and-see approach [6].