申万宏源证券晨会报告-20250909

Core Insights - The report highlights the significant shift in China's role in global industry, transitioning from a recipient of industrial transfer to a key player in exporting industries, particularly through private enterprises which are expected to account for 64% of total exports in 2024 [2][9] - The report identifies three main trends driving the growth of Chinese brands going global: enhanced manufacturing capabilities, the rise of digital industries, and cultural soft power through IP [2][9] Industry Overview - The report discusses the quantifiable assessment of destination choices for different sectors: low-end manufacturing favors Southeast Asia and Latin America, high-end manufacturing targets developed countries like Singapore and Germany, while service industries focus on markets with high demand such as the US and UAE [9] - The evolution of private enterprises is categorized into three phases: product export since 2001, capacity export since 2018, and brand export since 2023, with a notable shift towards high-value segments [9] Brand Export Growth - The report emphasizes the future growth potential of brand export, focusing on product competitiveness, brand building, local contribution capabilities, and vertical integration within supply chains [3][9] - It suggests that companies should enhance their product offerings and brand recognition in overseas markets to capitalize on this growth opportunity [3][9] Investment Recommendations - A selection of leading private enterprises that represent China's export capabilities has been compiled as the "20 Private Enterprises Going Global Portfolio" for investor consideration [3][9] - The report indicates that companies with strong industry positions and relevant export experience are prioritized in this portfolio [3][9]