36氪国庆特别策划 文末有抽奖！ 策划 ｜ 迟雨 封面来源 ｜ pexels 风浪越大，鱼越贵，这是中国品牌的"出海圣经"。 对于当下的中国公司而言，出海，似乎正从一个"可选项"变成"必选项"。 一方面，国内市场见顶，增长红利消退。另一方面，中国拥有全球最完整、最高效的工业体系和最完善的供应链网络。 当国内需求无法完全消化这些产能，将成熟的产品、技术和供应链能力输出到海外，便成了盘活资产、实现价值最大化的自然选择。 事实上，在全球化的演变中，已有不少中国企业站立潮头： 有的不再满足做代工，选择自己做品牌 ——中山东菱威力，一家43年的家电老字号，疫情期间 推出了自己的出海品牌，上架不到一年时间，名为Kumio的制冰机的销售额已超过400万美元。 《全球化中的"影子世界"》 ，请点击图片阅读： 也有细分领域的头部玩家 ，Lofree（洛斐），靠复古打字机外型的圆点蓝牙机械键盘在市场开辟了一条路径。当国内机械键盘厂商还在价格战中厮杀时，它 已经将矮轴键盘，在海外卖到了200美元的高价。 更不必提像大疆、影石、安克、正浩……这样一批如雷贯耳的名字 ，正持续不断地刷新全球市场和消费者对中国品牌的认知。他们厌倦了靠模仿 ...

Core Insights - Southeast Asia is viewed as a primary destination for Chinese companies expanding overseas due to its geographical and cultural proximity [2] - The region is gaining attention under the global South-South cooperation framework, presenting significant opportunities for investment [2] - Key strategies for Chinese companies include avoiding price wars, understanding local demands, focusing on localization and compliance, and sharing profits for mutual benefits [2] Market Potential - The ASEAN countries have a combined population of nearly 700 million and a GDP of approximately $4 trillion, with an expected economic growth rate of nearly 7% over the next five years [2] - Southeast Asia's B2B platform WOOK highlights the region's weak local manufacturing and lack of technical talent as opportunities for investment [2] - The young population in Southeast Asia shows high consumer willingness and acceptance of new internet business models, indicating a golden decade for consumption upgrades [2]

Core Insights - The domestic consumer market in China continues to expand steadily, presenting significant potential for investors due to various consumption promotion policies [1] - The performance of consumer companies like Mixue Ice City, Laopu Gold, and Pop Mart in the Hong Kong stock market has boosted investor confidence in the primary market [1] - There is a noticeable recovery in primary market consumption investments, with an increasing number of consumer projects being presented by institutions [1] Investment Opportunities in Consumer Segments - The trend in China's consumer industry is shifting from consumption upgrading to "small happiness" consumption, where consumers prioritize product functionality, quality, and emotional value while being price-sensitive [3] - Investment firms like Dazheng Capital focus on consumer sectors, with notable investments in companies like Luckin Coffee, indicating a commitment to this market [3] - VC firms emphasize the importance of achieving Product Market Fit (PMF) for new products and services, ensuring they meet consumer needs better than existing offerings [3] Market Segmentation and Trends - The consumer market is becoming increasingly segmented, requiring investors to dedicate more time to understanding different consumer mindsets and lifestyles [4] - Aging population and the rise of the single economy are identified as significant trends, creating investment opportunities in sectors like the pet economy [4] - Anhong Capital has made investments in the pet economy and health-focused sectors, reflecting a strategic focus on these growing markets [5] Long-term Value and Barriers in Consumer Companies - Successful consumer companies build long-term barriers in three areas: supply chain efficiency, strong brand identity, and core products that foster customer loyalty [8] - Companies that excel in these areas, along with effective organizational execution, are positioned to become market leaders [8] International Brands Selling Chinese Operations - The sale of Chinese operations by international brands like Starbucks, Decathlon, and Häagen-Dazs has garnered attention, with private equity firms competing for these assets [9] - The competitive pressure from local brands, which leverage digitalization and refined management, is a key reason for these divestitures [9] - Local management teams are increasingly capable of handling global enterprises, prompting international brands to consider selling or reducing stakes in their Chinese operations [9] Challenges and Opportunities in M&A - The process of completing mergers and acquisitions (M&A) is complex, requiring investors to remain rational and seek assets that align with their resources [10] - Anhong Capital's experience in successful asset divestitures in mature markets positions it well to capitalize on these opportunities in China [11] - The trend of international brands divesting their Chinese assets is expected to create numerous collaborative opportunities for both local and foreign funds [11]

Core Viewpoint - TikTok's journey reflects the complexities of maintaining business operations amid geopolitical tensions, showcasing the challenges and adaptations required for a Chinese company in the U.S. market [3][4][36]. Group 1: TikTok's Market Entry and Growth - TikTok, launched by ByteDance in 2017, successfully penetrated the U.S. market, initially targeting Chinese tourists and overseas Chinese communities [3]. - Despite facing pressure from U.S. administrations to divest, TikTok focused on growth, which became a critical strategy for survival [4][5]. - As of September 2023, TikTok has over 100 million users in the U.S., with an average daily usage of 52 minutes per user, significantly higher than Instagram [6]. Group 2: Recent Developments and Transactions - On September 25, 2023, a new transaction structure for TikTok in the U.S. was approved, allowing a joint venture to manage the app while ByteDance retains ownership of the recommendation algorithm [5][6]. - The joint venture will include Oracle and other investors, with ByteDance holding less than 20% of the new entity [5][9]. - The deal aims to ensure TikTok's continued operation in the U.S. while addressing national security concerns [5][6]. Group 3: Financial Projections and Market Potential - eMarketer forecasts that TikTok will generate $14.3 billion in advertising revenue in the U.S. by 2025, highlighting the platform's significant market potential [7]. - The U.S. is the largest advertising market globally, with the value of digital advertising per person being substantially higher than in other countries [7]. Group 4: Employee Dynamics and Cultural Challenges - TikTok's workforce in the U.S. has seen a shift, with many Chinese employees taking on key roles, leading to communication challenges due to language barriers [26][27]. - Employees report long working hours, often exceeding 12 hours a day, and express concerns about job security amid ongoing geopolitical tensions [14][30]. - The company has implemented English proficiency assessments to improve communication among its diverse workforce [26]. Group 5: Geopolitical Context and Future Outlook - The ongoing geopolitical tensions between the U.S. and China have created an uncertain environment for TikTok, with potential implications for its operational strategies and employee dynamics [36][34]. - The company's ability to navigate these challenges will likely influence its long-term viability and the broader landscape for Chinese companies operating in the U.S. [36][34].

Group 1 - Goldman Sachs maintains an overweight view on China, believing that the A-share market is not overheated yet [1][2] - The firm expects the Federal Reserve to lower interest rates in late 2025 and early 2026, which could create a favorable environment for global equity markets, particularly in Asia [2][3] - There is a notable increase in institutional investor participation in the Chinese stock market, including domestic insurance companies and quantitative funds, contributing to healthier market liquidity [4][5] Group 2 - The current financing balance of A-shares is approximately 2.4 trillion RMB, which, despite exceeding the peak in 2015, is relatively low compared to the market capitalization that has doubled over the past decade [5] - Goldman Sachs continues to favor the internet sector and has upgraded the insurance and materials sectors to overweight, indicating a positive outlook for these industries [5] - International investors' attitudes towards China are improving, with more investors willing to reconsider allocations to Chinese assets, reflecting a thawing of previous skepticism [6][7]

Group 1 - Goldman Sachs maintains an overweight view on China, believing that A-shares are not overheated yet [2][3] - The firm also favors South Korea and Japan in the Asia-Pacific market [2] - Goldman Sachs' sentiment indicator suggests that if economic fundamentals continue to improve, investor sentiment has room for further upward movement [13] Group 2 - Goldman Sachs expects the Federal Reserve to cut interest rates in October and December 2025, and again in early 2026, bringing rates down to 3.0%–3.25% [4] - This policy path is anticipated to create a favorable environment for global equity markets, particularly in Asia [4] Group 3 - In terms of regional allocation, Goldman Sachs is overweight on both onshore and offshore Chinese markets, while maintaining a balanced view across major asset classes [7] - The firm holds a bearish stance on commodities overall, despite favoring gold and copper [7] - Short-term, Goldman Sachs prefers cash due to strong market performance and tactical pullback risks, but shifts to an overweight on stocks in a 12-month view [7] Group 4 - The current rebound in the Chinese stock market is characterized by a broader and more balanced participation compared to the previous year's rebound, with significant involvement from institutional investors [9] - Domestic insurance companies, quantitative funds, and public funds have notably increased their participation, alongside foreign investors [9] Group 5 - Despite a 35% rise in the Hong Kong market and a 20% rise in A-shares, overall valuation levels remain low [12] - The yield on China's 10-year government bonds is approximately 1.8%, indicating a significant gap compared to stock returns, suggesting relative cheapness [12] - A-share financing balance is around 2.4 trillion RMB, which, while exceeding the 2015 peak, is lower relative to the market capitalization compared to that time [12] Group 6 - Goldman Sachs continues to favor the internet sector and has upgraded the insurance and materials sectors to overweight [13] - The firm has identified themes such as "return of private enterprises" and "Chinese companies going global" as providing diverse investment opportunities [13] - International investors' attitudes towards China are improving, with more willingness to reconsider allocations to Chinese assets [13] Group 7 - Regarding the "anti-involution" theme, feedback from overseas investors is mixed, with stock investors being cautious while macro investors are more optimistic due to rising commodity prices [14] - The "anti-involution" trend is expected to positively impact the profitability of leading companies, while smaller firms may face differentiation challenges [14]

第三，分歧越大，越应勇于合作。就在昨晚，重点关注中国企业出海业绩的"2025凤凰之星上市公司评选"揭晓，又一批优秀企业脱颖而出。他们用业绩表 明：中国企业不仅有启航出海的勇气，更有国际合作的能力。唯有开放，才能拓宽天地；唯有合作，才能共赢未来。 "和实生物，同则不继"，徐威认为，身在同一个世界，唯其多元，方能生生不息；正因差异，才更需彼此倾听、互信合作。 凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 凤凰卫视是一家国际媒体集团，坚持全球布局、全球报道、全球传播。面对当前的国际经贸局势，凤凰卫视董事局主席兼行政总裁徐威在致辞中分享了他的 三点感受： 第一，风雨越急，越要坚定信心。尽管全球经济增长持续承压，但区域创新的引擎从未熄火。以粤港澳大湾区为例：今年1到5月，广州接待入境过夜游客超 过220万人次，同比增长超16%；9月，世界知识产权组织发布"世界百强创新集群"最新排名，"深圳—香港—广州"首次登顶。大湾区的蓬勃活力，正在吸引 全球目光。我们在去年的论坛上曾讲"面对 ...

Group 1 - The "Phoenix Bay Area Financial Forum 2025" was held in Guangzhou on September 23-24, focusing on the theme "New Pattern, New Path" and gathering global political, business, and academic elites to explore development opportunities amid changing circumstances [1] Group 2 - Cai Guanshen, a member of the National Committee of the Chinese People's Political Consultative Conference and chairman of the Hong Kong Chinese General Chamber of Commerce, stated that the world is undergoing unprecedented changes, with China emerging as a leader in global economic integration [3] - According to Cai, Chinese companies are increasingly venturing abroad, contributing to global employment by over 4 million by 2024, with 2.57 million being foreign employees, and creating millions of indirect job opportunities domestically, with an economic total exceeding 24 trillion yuan [3] - Cai emphasized that the current stage of Chinese companies going global is only at 1.0, focusing on brand expansion, and that to evolve to 2.0, they must better seize global market opportunities [3]

Core Insights - The focus of Chinese companies' overseas expansion has shifted from "whether to go abroad" to "how to achieve high-quality globalization" [1] - The "Phoenix Bay Area Finance Forum 2025" held in Guangzhou gathered global elites to explore new paths for development under changing globalization [1][3] - The current era of "going out" is essential for long-term development, especially for companies in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3] Challenges and Bottlenecks - Chinese companies are at a critical transition from quantity to quality in their overseas expansion [4] - China has maintained its position as the world's largest trading nation for seven consecutive years, with a total import and export volume increase of approximately 2 trillion yuan [4] - Despite the scale of expansion, brand quality remains a significant shortcoming, with Chinese companies' average profit only about 40% of that of U.S. companies [6] - The global landscape has shifted to a "mosaic" globalization 2.0 era, requiring companies to adopt a true "going abroad" strategy [6][8] Pathways and Practices - Successful internationalization practices from leading Chinese companies were shared, highlighting strategic foresight and comprehensive capabilities [11] - BYD has established a global sales network covering 108 countries and has aligned its overseas strategy with its "three green dreams" [13] - Companies like Southern Power Grid emphasize the importance of technology and operational efficiency in their overseas ventures [14] - Cultural integration and social responsibility are crucial for sustainable overseas paths, as demonstrated by companies like Dong'e Ejiao [18] Future Outlook - The next five to ten years are predicted to be a golden period for the emergence of global brands from China, with hundreds of global brands expected to arise [19] - Companies must enhance seven core capabilities to transition from "freshwater fish in China's lakes" to "whales in the global ocean" [20] - The integration of ESG principles into business practices is essential for enhancing brand sustainability and cross-cultural recognition [26]

Group 1 - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou on September 23-24, focusing on the theme "New Pattern, New Path" and gathering global political, business, and academic elites to explore development opportunities [1] Group 2 - BYD's Chief Sustainability Expert, Pan Liang, shared insights on the company's globalization journey, highlighting that BYD began its international expansion in the 1990s, with its first overseas company established in Rotterdam, Netherlands in 1998 [3] - BYD positions itself not just as an automotive company but as a technology-driven new energy enterprise, aligning with the recent focus on China's "new three items" for overseas expansion: photovoltaic, energy storage, and new energy vehicles [3] - BYD's products, including energy storage and solar solutions, are already marketed globally, with the largest photovoltaic power station in the U.S. built by BYD in 2023 [3] - The company has developed a "Five Networks" brand matrix for passenger vehicles, which includes Dynasty, Ocean, Equation Leopard, Tengshi, and Yangwang, and as of August this year, BYD's passenger car sales network covers 108 countries [3] - BYD has categorized its overseas market operations into four major "battle zones": Europe, America, Asia-Pacific, and Middle East & Africa, to achieve refined operations and deep market expansion [3]