中泰证券【中泰研究丨晨会聚焦】策略徐驰：全球地缘风险下的制造业扩张周期

Key Insights - The report emphasizes the importance of security in the context of global economic development, arguing that neglecting security can lead to economic vulnerabilities and increased risks from international market fluctuations [8] - It highlights the trend of manufacturing expansion and supply chain restructuring as significant developments over the next five years due to escalating global geopolitical tensions [8] - The report notes that China is the only country with a complete industrial system, producing over 220 major industrial products at the highest global output [8] Industry Analysis - The current state of China's manufacturing industry is characterized as "large but not strong," indicating a need for reform and enhancement of industrial capabilities [8] - The report suggests that state-owned enterprises (SOEs) may benefit from new rounds of reforms aimed at strengthening the industrial chain, particularly in technology and innovation [8] - It points out that central SOEs have substantial financial resources to support long-term R&D investments, positioning them as key players in disruptive technology advancements [8]