外资“超配、高配”中国资产 对中国优质企业从“价格驱动”转向“价值驱动”

Economic Outlook - China's economy is showing resilience and vitality, with expectations for increased certainty in global development in 2026, particularly in exports and consumption [1] - Multiple international financial institutions have expressed optimism about the structural upgrade of China's exports, shifting from cost-driven advantages to technology and supply chain efficiency [3] Export and Consumption Trends - Chinese enterprises are actively innovating through product upgrades and optimizing service exports, particularly in sectors like automotive, batteries, solar energy, and grid equipment [5] - The recovery and upgrade of domestic consumption are becoming significant supports for China's economic growth, with positive assessments from various institutions regarding the consumption market [7] - The competitiveness of China's exports remains strong, with ongoing optimization and upgrading of export product structures, particularly in high-value and high-tech industries [8] Foreign Investment Sentiment - Foreign institutions are increasingly viewing China as a preferred market for investment due to its stable industrial and supply chains, which are seen as irreplaceable [12] - International investors are shifting their focus from merely chasing valuation gains to recognizing the long-term growth potential brought by industrial transformation and upgrades in China [15] - The average subscription ratio for cornerstone investors in Hong Kong's IPOs has risen to 39.15%, indicating a strategic lock-in of core assets related to China's industrial upgrades [21] Long-term Investment Strategies - Long-term capital is increasingly seeking cornerstone positions in Chinese assets, reflecting a preference for medium to long-term certainty over short-term volatility [23] - The focus of international long-term capital is shifting towards the position of companies within the supply chain, technological barriers, and future profitability, indicating a change in perception from price-driven to value-driven investment [23] - The participation of international long-term capital in IPOs and refinancing projects is primarily from new economy sectors, providing opportunities for global investors to engage with China's innovation and growth [23]