Core Viewpoint - The "going abroad" logic has become a crucial reference for funds to explore flexibility and assess counter-cyclical capabilities, indicating that overseas expansion is essential for achieving performance that surpasses macro data and industry growth rates [1][2]. Group 1: Fund Performance and Investment Strategy - In the context of stable economic growth, public funds have reached a consensus that "going abroad" is both a means to find incremental space and to hedge against traditional market business risks [2]. - The top ten public fund products this year have shown that overseas investments are a primary focus for finding high-quality investment opportunities [2]. - The top ten heavy stocks held by public funds include companies like Tencent, CATL, Alibaba, and Xiaomi, all of which have significant overseas revenue contributions [4]. Group 2: Overseas Revenue Contribution - New Yi Sheng has the highest overseas revenue contribution among the top ten heavy stocks, reaching 78.70% as of June 30, making it a favored choice for fund managers [4]. - Innovative drug companies are increasingly focusing on overseas licensing, with the overseas licensing amount exceeding $60 billion in the first half of the year [5]. - The overseas revenue contribution of He Bo Pharmaceutical surged to 98%, up from 37% two years ago, significantly boosting its stock price [5]. Group 3: Second Growth Curve - Fund managers are keen on exploring overseas varieties to find a second growth curve and to hedge against the slow growth of domestic revenues [6]. - Companies like Times Angel have seen their overseas revenue increase by 124%, compensating for slow domestic growth and attracting significant fund investments [6]. - QDII funds have also focused on companies like Blucor and Pop Mart, which have shown substantial overseas revenue growth compared to domestic revenue [6]. Group 4: Brand Development and Market Opportunities - The "going abroad" logic is seen as a pathway for Chinese manufacturing to upgrade to Chinese branding, providing better valuation premiums [10]. - Fund managers believe that successful overseas expansion is essential for companies with global competitiveness, driven by continuous technological innovation [10]. - The growth in the AI sector is also linked to overseas expansion, with companies like Jing Tai Holdings seeing a ninefold increase in overseas revenue, leading to significant stock price appreciation [7][8].