构筑跨境生态！国信证券赋能中企“价值出海”新征程

Core Viewpoint - The article discusses the evolving role of Chinese securities firms as they expand into global markets, emphasizing their transition from mere financing intermediaries to value partners for Chinese enterprises going abroad [1][2]. Group 1: Trends in Chinese Enterprises Going Global - The process of Chinese enterprises going global is shifting from "scale expansion" to "value cultivation," characterized by three trends: 1. Transition from "product output" to comprehensive output of "technology + standards + ecosystem," particularly in sectors like renewable energy and high-end equipment [2]. 2. Diversification in regional layouts, with emerging markets in Southeast Asia, the Middle East, and Latin America becoming focal points due to policy benefits and demand potential, while mature markets like Europe and North America are approached through localized production to avoid trade barriers [2]. 3. Emphasis on green and digital transformation, where ESG compliance, low-carbon technologies, and AI applications are crucial for enhancing overseas premium [2]. Group 2: Challenges Faced by Chinese Enterprises - Chinese enterprises face significant challenges when going global, including: 1. Adapting to diverse institutional, cultural, and political environments across different countries and regions, as illustrated by the case of Efort, which required assistance in disclosing sensitive information to mitigate political risks [4]. 2. Transitioning from homogeneous price competition to differentiated value competition, where efficiency, scenario-based solutions, and differentiation are key to overcoming industry "involution" [4]. 3. Addressing post-merger integration challenges, where cultural integration and business consolidation often fall short, necessitating support in risk identification and management [4]. Group 3: Role of Securities Firms - Securities firms are expected to play a multifaceted role in supporting Chinese enterprises' global expansion by: 1. Leveraging extensive global investor networks and cross-border capital operation experience to align Chinese enterprises' funding needs with overseas market resources [2]. 2. Collaborating effectively between domestic and overseas teams to create a "one-stop" cross-border service ecosystem, as demonstrated by the collaboration between Guosen Securities and its Hong Kong branch in a complex acquisition project [5]. 3. Focusing on client needs and enhancing capabilities in cross-border investment, mergers and acquisitions, and wealth management, while building a dual-service ecosystem that supports both inbound and outbound initiatives [6].