Industry Investment Rating - The report highlights a strong investment opportunity in the "going global" theme, particularly in industries such as automotive, electronics, and renewable energy, driven by the fifth wave of international industrial transfer [1][10] Core Views - The fifth wave of international industrial transfer is driving Chinese enterprises to expand globally, with a focus on emerging markets such as Russia, India, Latin America, Africa, and ASEAN [1][10] - Chinese companies are transitioning from manufacturing exports to brand exports, with significant growth in non-financial outbound direct investment, reaching 130.1billionin2023,a11.4130.1 billion in 2023 [1][10] - NEV exports grew from 310,000 units in 2021 to 1.2 million units in 2023, with export prices increasing by 380% over the same period [31][33] - US transformer imports grew by 45.83% in 2023, with import dependency rising to 78% [56][57]
