点击图片▲立即查看 " 这次中东不少国家与城市在遭遇前所未有的危机下，表现出的物资管控与人员安抚能力，令不少人感到意外。 " 安国此前是华为外派员工，如今在迪拜公司工作。战火最先波及阿联酋首都阿布扎比，但他认为阿布扎比一直以安全著称，没有在意。 "本身打算多待几天，还要去利雅得。但带着孩子出差，怕孩子太折腾了，就先回去了。"中欧法律基金会（CELF） 联席理事长彭帅庆幸地告诉小巴。 北京时间 2 月 27 日晚 11 点，在迪拜谈好业务之后的彭帅坐上了飞往国内的航班， 2 月 28 日上午 10 点，落地成都天府机场。 下午 2 点，美国与以色列发动对伊朗的攻击，引爆中东战争，战火波及阿联酋、卡塔尔、巴林、科威特、沙特、伊拉克等周边国家的美军基地及大使馆，并不断扩大，中东航空普遍按下暂停键。 3月1日，迪拜国际机场关闭后 硝烟弥漫之中，幸运与不幸交织，毫无章法。 近年来，中东成为中国企业出海热土。 2025 年上半年，中国对中东地区货物出口额同比增长 10.2% ，比重达到 8.0% ，处于过去 10 年里的最高水平。 向外突围与破卷的中国出海人，迎面撞进了一个前所未有的荒诞世界。 文 /巴九灵（微信公众号： ...

出海缩影 。 作者/周佳丽 报道/投资界PEdaily 一个出海I PO来了。 投资界获悉，Ra d v a n c e Ca yma n Limi t e d（简称：TENWAYS）已向港交所主板递交上市申请，冲刺香港"E-Bi k e第一股"。 起家于深圳南山，TENWAYS背后是一位8 5后创始人——梁霄凌。他于2 0 2 1年创办了深圳市十方运动科技有限公司（简称：深圳十 方），短短五年时间，将TENWAYS打造成欧洲电动自行车爆款，还集结了高瓴、腾讯、路威凯腾等一众知名投资方。 TENWAYS的故事，只是中国出海大时代的一缕缩影。目之所及，中国企业正遍布全球，缔造了一个个意想不到的超级I PO。 他把自行车卖到欧洲 要IPO了 从TENWAYS创始人说起。 招股书显示，目前TENWAYS产品涵盖综合品类的电助力自行车系列，包括城市型、混合型与运载型车款，是欧洲少数具备全系列产 品线的品牌之一，满足了欧洲各地广泛的应用场景，包括城市通勤、越野探险、家庭运输及载货。其售价在1 7 9 9欧元与4 9 9 9欧元之 间不等，即 一辆售价区间大约1 4 5 0 0 - 4 0 0 0 0元人民币 。 动辄高 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation industry [2] Core Insights - The demand for international air travel is driven by both leisure and business travel, with a significant correlation to international trade and investment activities. The report highlights a notable increase in outbound investment from China, which is expected to boost international flight offerings [4][5] - The report anticipates that international routes from China will see growth primarily in Europe and Asia, with a gradual recovery in North America, leading to sustained industry optimism [4][5] - The report emphasizes the advantages of major Chinese airlines, particularly China Eastern Airlines, due to their rapid recovery in international routes and increased flight offerings [5][6] Summary by Sections Industry Overview - The total market capitalization of the aviation industry is approximately 716.41 billion yuan, with 12 listed companies [2] - The report notes a significant recovery in international air travel, with domestic airlines leading the recovery compared to foreign airlines [5][6] Investment Activities - China's outbound direct investment is projected to reach 1,245.58 billion yuan in 2025, reflecting a year-on-year growth of 7.4% [4][19] - The report indicates that the number of Chinese companies engaging in overseas investments has increased significantly, with a notable rise in revenue from these activities [4][35] Passenger Flow and Travel Policies - The report highlights the positive impact of visa-free policies on inbound tourism, with a 26% year-on-year increase in foreign visitors to China in 2025 [5][55] - The number of outbound trips by Chinese residents is expected to grow by 15% in 2025, nearing pre-pandemic levels [5][58] Future Trends - The report predicts that Asian routes will dominate international air travel, with significant growth expected in flights to Japan, South Korea, and countries along the Belt and Road Initiative [5][6] - European routes are also expected to see an increase in flight volumes, driven by enhanced trade relations and investment activities [5][6] Investment Recommendations - The report recommends focusing on major airlines, particularly China Eastern Airlines, due to their strong recovery and expansion in international routes [5][6]

站在 历史与未 来的交 汇 点 ，中 国 企业 的出 海之 路， 道阻 且长 ，但 行 则将 至。愿各位企业家能抓住这波时代浪潮，在全球市场的舞台上，找到属于 自己的位置，也为中国经济的全球布局，添上属于我们这一代人的一笔。 国家经济发展有迹可循，我们站在关键跃迁点 放眼世界经济发展的历程，任何一个国家从落后走向发达，其经济发展都遵循着清晰的四阶规律：劳务输出、商品输出、资本输出，最终走向文化和品牌 输出。这一规律的底层，离不开经济学最基础的分工逻辑 —— 人类社会的经济行为源于分工，分工造就专业化，专业化催生交换，交换又牵动着价格形 成与资源配置的核心，这也是亚当・斯密分工理论的核心要义。 文/ 中国人民大学经济研究所联席所长、教授、中诚信国际首席经济学家 毛振华 从英美等发达国家的发展轨迹来看，皆是从最初的劳动力跨境流动，到依托本土产能实现商品全球流通，再到拿着积累的资本去全球找机会投资，最终以 自身的文化和品牌占据全球价值链的顶端。而当下的中国，正稳稳站在商品输出向资本输出过渡的关键节点，这不是偶然，而是中国经济数十年实力积累 的必然结果，也为我们企业的全球化布局定下了清晰的时代基调。 我们过去长期依靠 ...

今天我看到一条新闻，是影石创新发的公告。 大家好，我是佩妮。 GoPro 指控影石专利侵权官司，也就是所谓的 337 调查。目前仲裁结果已经落定：美国国际贸易委员会（ITC）维持原裁定， 判定影石胜诉 ， GoPro 的六项指控都不成立 ，影石的产品可以在美国不受限制地销售。 打了两年，花了 1000 多万美金 律师费的官司，终于赢了，是我也要大肆庆祝一下哈哈哈。 上次和大家分享了我 影石打新没中的经历 ，不过没说后半段。后半段是我在开盘又冲进去了，成本大概 180 左右。 然后就是不到一个月的时间，股价翻倍，涨到了最高 377 元，市值从 700 亿飙到了 1400 亿，PE 突破 200 倍…… 当然我也没拿住，经常看着 又是 20cm 高开，气得在地上滚来滚去。。 这个月，影石又上了个热搜，主要是因为其 壕无人性 的年会，又让群众们感受到了经济上行的美。讲真，以前感觉抽个 iPhone 就顶配了，没 想到还有公司年会抽奖能抽 房子和保时捷 的。 337，也就是美国1930年关税法的第 337 条，用于审查进口产品是否侵犯了知识产权。被视为 中国企业出海 的主要法律壁垒之一。 这次的胜利，其实也是从法理层 ...

Core Insights - The global industrial system is undergoing reconstruction, and the map for Chinese companies going abroad is being redrawn, marking a significant shift in the global migration of "Chinese capabilities" [1] Industry Insights - The core driving force for the outbound entertainment industry has shifted from simple business model export to deep empowerment through "AI + culture," with the domestic market expected to reach 67.79 billion yuan by 2025, growing 34.4%, while the overseas market is projected to reach 21.07 billion USD, growing 145.7% [12] - In the cross-border e-commerce sector, the era of "barbaric growth" is ending, with a focus on localization and brand strength. By 2025, global e-commerce growth is expected to slow to 8.8%, prompting a shift towards "regional focus" and "brand cultivation" [15] - The artificial intelligence sector is characterized by a dual drive of "hardware-driven" and "application landing," with significant advancements in AI hardware and software leading to a rapid commercialization of AI applications [21] - The new energy sector is transitioning from "product output" to "ecological co-construction," with China's new energy vehicle exports expected to surge to 3.43 million units by 2025, a 70% year-on-year increase [28] Market Insights - North America remains a strategic high ground for outbound enterprises, characterized by high barriers and high returns, with a focus on compliance and localization due to ongoing tariff adjustments [29] - Europe presents a "quality competition arena" under green barriers, where compliance with stringent environmental regulations is essential for market entry [35] - Southeast Asia has evolved from simple trade to comprehensive investment and localized operations, becoming the largest destination for Chinese outbound investment [38] - The Middle East offers opportunities driven by economic diversification initiatives, with significant growth in exports of vehicles and electrical equipment from China [41] - Latin America is characterized by a demand for high-cost performance products, with a focus on affordable smart hardware and the rapid growth of e-commerce platforms [43] Strategy Insights - The approach to selecting target markets and entry paths is shifting from blind expansion to precise coupling, focusing on infrastructure capacity and user ecosystem maturity [45] - The product channel layout and marketing strategies are evolving towards "AI reconstruction and regional differentiation," emphasizing multi-channel integration and technology empowerment [48] - Compliance with regulations and risk avoidance is becoming critical, with a need for systematic compliance frameworks to navigate complex regulatory environments [53] - Organizational and talent development is essential for building agile global teams, with a focus on creating a unified global skills framework to address capability gaps [55] - The transformation of Chinese enterprises going abroad is moving from "product output" to "systemic rooting," emphasizing supply chain resilience and local integration [56]

Group 1: Tourism Growth and Trends - In 2025, 3.1 million Chinese tourists are expected to visit Singapore, maintaining the highest number among all visitor sources [1] - The number of Chinese tourists increased by approximately 20% during the recent Lunar New Year holiday, although the growth rate compared to 2024 is only 1% [1] - Singapore's tourism market is mature, making significant growth in visitor numbers challenging [1] Group 2: MICE Industry Development - Singapore aims to enhance its MICE (Meetings, Incentives, Conferences, and Exhibitions) industry, with MICE travelers spending twice as much as leisure travelers [1] - The Singapore Tourism Board has plans to develop the MICE sector as part of its "Tourism 2040" strategy [1] - A new convention center is planned in the city center to strengthen Singapore's position in the regional MICE industry [4] Group 3: China-Singapore Cooperation - The collaboration between Chinese enterprises and Singapore in the MICE sector is growing, with many Chinese companies choosing Singapore for international events due to its geographical proximity and cultural similarities [3] - A memorandum was signed to deepen cooperation in the exhibition industry, focusing on sectors like precision manufacturing, AI, healthcare, and digital technology [4] - Singapore recognizes China's advanced practices in sustainable agriculture and aims to explore collaboration in agricultural development [5] Group 4: Future Market Potential - The business travel market in the Asia-Pacific region is projected to grow by 1.5 to 2 times in the next decade, with Singapore expected to triple its MICE industry size within 15 years [5] - Chinese enterprises show a higher maturity level in international exhibition participation compared to other Asian countries, indicating strong potential for collaboration [6] - The complementary strengths of Chinese enterprises and Singapore's platform create vast opportunities for future cooperation in the MICE and trade sectors [6]

2026年开局，中国企业出海的航图上，风浪与灯塔并存。从"产品走出去"到"品牌走进去"，从"单点突破"到"系统扎根"，这一年的出海故事有了全新的变 化。 随着2026年的日历悄然翻开，中国企业出海的叙事逻辑已经彻底改变。在全球供应链重构、AI技术爆发、地缘政治博弈的大背景下，中国企业的"大航海 时代"迎来了分水岭。 根据最新行业观察，我们梳理了2026年中企出海十二大核心趋势，带你一文看懂这场从"浅海"驶向"深蓝"的征程。 01 趋势一：中国出口重心加速转移至新兴市场，未来增长极将由高端智造全面主导 2025年，中国外贸交出了一份让很多人都意想不到的成绩单——进出口总额超过45万亿元，不仅创下历史新高，还稳坐在全球货物贸易第一大国交椅。 值得细看的是，这笔账的"含金量"变了。 以前说起出口，大家的第一反应可能是"又卖了多少衣服、多少玩具"。但2025年的增长逻辑完全换了样——最大的增量来自新能源汽车、工业机器人和锂 电池这"新三样"。新能源车出口上涨70%，连续三年全球第一。 除了"卖什么"变了，"卖给谁"也在变。对美出口占比降至11.1%，但对东盟、拉美、非洲的生意越做越火。尤其是"一带一路"沿线国家，第一 ...

Core Viewpoint - In 2025, China's economy demonstrated resilience with a GDP growth rate of 5%, outperforming global averages and indicating a strong recovery despite a "non-symmetric recovery" characterized by concentrated growth engines and a need for enhanced internal momentum [1][2]. Economic Performance and Structure - The 5% growth rate in 2025 is significantly higher than the global average of 2.7%, with developed economies at 1.7% and developing countries (excluding China) at 3.7% [2]. - Estimated per capita GDP for 2025 is approximately $13,900, nearing the high-income threshold set by the World Bank [2]. Growth Dynamics - Economic growth in 2025 was primarily driven by exports and equipment upgrades, with exports increasing by 5.5% and investment in equipment rising by 11.8% [3]. - Other sectors such as fixed asset investment, consumption, real estate, and traditional manufacturing showed insufficient performance, highlighting current economic weaknesses [3]. Transition to Balanced Growth - The shift from a "two-wheel drive" model (focused on exports and new technologies) to a "four-wheel drive" model in 2026 is anticipated, aiming for more balanced economic growth [4]. - Key areas for policy focus include: - Fixed asset investment, which saw a decline of 3.8% in 2025, is expected to recover [4]. - Service consumption, with an emphasis on unlocking its potential [4]. - Real estate stability, focusing on inventory reduction and market health [4]. - Traditional manufacturing improvements to enhance competition and supply-demand balance [5]. Key Observational Windows - Investors should monitor three critical time points: - Early March for the National People's Congress, which will set economic growth targets and policy directions [6]. - Late March for initial local investment trends, particularly in construction and industrial sectors [6]. - The second quarter for consumer spending indicators, as policies to stimulate consumption will be implemented [7]. Service Consumption Focus - Service consumption is identified as a key area for growth, with potential policy support in five directions: - Fiscal resources directed towards service consumption [8]. - Implementation of staggered paid leave to enhance consumer experience [8]. - Expansion of inbound consumption, with significant market potential [8]. - Utilization of new technologies like AI to create innovative service scenarios [9]. - Income improvements through pension reforms to boost consumer spending [9]. Long-term Growth Opportunities - Key long-term opportunities include: - Accelerated industrialization in developing countries, enhancing demand for Chinese exports [11]. - Globalization of Chinese enterprises, with a focus on cross-border supply chain management [11]. - AI application across various sectors, creating new business models and industries [11]. - Increased consumer spending rates, with potential reforms in income distribution [12]. Market Dynamics - The stock market is expected to transition from a phase of pricing based on expectations to one based on actual economic fundamentals, indicating a shift in investment logic [12][13].

Core Viewpoint - In 2025, China's economy demonstrated strong resilience with a GDP growth rate of 5%, achieving major expected targets despite a complex external environment. However, the "asymmetric recovery" highlighted concentrated growth engines and the need for enhanced internal momentum [2][3]. Economic Performance in 2025 - China's GDP growth of 5% remains significantly higher than the global average, with the World Bank projecting a global growth of 2.7% for 2025. Developed economies are expected to grow at 1.7%, while developing countries (excluding China) are projected to grow at 3.7% [3]. - A notable structural highlight is the increase in per capita GDP, estimated to reach approximately $13,900, nearing the World Bank's high-income country threshold [3]. - Growth drivers in 2025 were primarily concentrated in exports and equipment upgrades, with exports increasing by 5.5% year-on-year and investment in equipment and tools rising by 11.8% [3]. Transition to Balanced Growth in 2026 - The economic growth model is expected to shift from a "two-wheel drive" (focused on exports and equipment upgrades) to a "four-wheel drive" in 2026, indicating a more balanced growth structure [4]. - Key areas for policy focus include fixed asset investment, service consumption, real estate, and traditional manufacturing, aimed at addressing existing shortfalls in these sectors [5][6]. Key Policy Observation Windows - Investors should monitor three critical time points in 2026: 1. Early March during the National People's Congress, where economic growth targets and major policy allocations will be set [8]. 2. Mid to late March, when local investment conditions will become clearer, particularly in the industrial and construction sectors [8]. 3. The second quarter, which will be crucial for observing consumer behavior and the effectiveness of consumption policies [8]. Focus on Service Consumption - Service consumption is identified as a key area for growth, with potential policy support in five directions: 1. Fiscal resources directed towards service consumption [9]. 2. Implementation of paid staggered vacations to enhance service consumption experiences [10]. 3. Expansion of inbound consumption, with significant potential for growth [10]. 4. Utilization of new technologies, such as AI, to create innovative service consumption scenarios [10]. 5. Improvement of income levels through pension reforms, which could boost service consumption [10]. Mid-term Growth Opportunities - Key mid-term opportunities include: 1. Accelerated industrialization in Southern countries, with increasing demand for Chinese exports [11]. 2. The second wave of globalization for Chinese enterprises, focusing on overseas capacity [11]. 3. The application of AI in various sectors, presenting significant growth potential [11]. 4. Increased consumption rates, with room for improvement in the consumption-to-GDP ratio [12]. Investment Logic Shift - The A-share market is expected to transition from a "pricing expectation" phase to a "pricing fundamental" phase in 2026, indicating a shift from valuation-driven to earnings-driven market dynamics [13][14]. - Improvement in corporate profitability is linked to the recovery of the Producer Price Index (PPI), with projections suggesting a potential increase in industrial enterprise profit growth to 6%-7% if PPI growth rebounds to -0.6% [15]. Global Narrative Changes - The global investment landscape is influenced by five major narratives, including the weakening of dollar credit and the reshaping of global supply chains. However, signs of a shift in these narratives may impact asset performance in 2026 [16][17]. Overall Asset Allocation Strategy - The overarching investment strategy for 2026 is characterized by a focus on stability and progress, aligning with the central economic work conference's emphasis on "stability while seeking progress" [18].