Bank of China Securities·2025-12-31 08:19Investment Rating - The report assigns an "Outperform" rating to the industry, with specific buy and hold recommendations for companies such as Daotong Technology, Shiji Information, Ninebot, Wanxing Technology, and Guangyun Technology [2]. Core Insights - The report emphasizes that the "Tech Going Global" strategy is imperative and timely, despite the complexities and challenges faced by Chinese tech companies in overseas markets [14][15]. - It highlights the significant growth in China's tech exports, particularly in sectors like robotics and artificial intelligence, which are becoming key drivers of the economy [23][24]. - The report identifies four advantageous segments for investment in overseas expansion: market transplant type, single-point breakthrough type, platform going global type, and synchronous advancement type [54][55]. Summary by Sections Industry Investment Rating - The report provides specific stock ratings for companies, indicating a strong market outlook for the technology sector [2]. Key Trends in Tech Going Global - The report notes that the export of new "new three samples" (robots, AI, innovative drugs) is gaining momentum, with significant technological advancements leading to commercial viability [23][24]. - It discusses the increasing influence of Chinese tech companies in global markets, particularly in AI, where China holds a substantial share of global patents [31][34]. Investment Opportunities - The report outlines that sectors such as fintech and smart cities are well-positioned for overseas expansion due to their maturity in the domestic market and the potential for replicating successful models in emerging markets [56][57]. - It emphasizes the importance of adapting to local market needs and leveraging China's technological capabilities to meet global demands [37][38]. Market Dynamics - The report highlights the shift in China's export focus from consumer goods to technology-intensive products, marking a transition from "Made in China" to "Created in China" [29][30]. - It discusses the favorable conditions in regions like Southeast Asia, where digital infrastructure is improving, creating opportunities for Chinese tech firms [38][39]. Company-Specific Insights - The report provides detailed analysis on specific companies, including their overseas revenue contributions and growth potential, indicating a trend of increasing international business [53].