在上市后首个基石解禁期关键时点，"全球仓储机器人第一股"极智嘉Geek+(股票代码：2590.HK)凭借数 个亿元级订单和基石投资者坚定持股承诺，为市场注入强劲信心。今日股价表现抢眼，盘中一度涨超 7%，解禁压力下尽显龙头韧性。 电商巨头锁定每年数亿元采购额+中标东欧2亿大单，进一步打开全球增量空间 机构共识聚焦稀缺价值 成长逻辑穿越周期 极智嘉的增长前景，也得到了投资市场的高度认同。多家头部券商对其长期价值判断高度一致，目标价 最高给到38港元。 近日，华泰证券、招商证券国际等积极覆盖，其中，华泰证券表示，公司具备"高成长赛道、强技术壁 垒、盈利拐点确立"三大核心投资价值，25H1已初见盈利拐点，表示看好公司的业绩弹性和持续性。招 商证券则强调极智嘉凭借软硬一体的高技术壁垒、高客户粘性及成熟的全球化布局，充分受益于行业高 增长红利，预计2026年实现规模化盈利。 综合来看，对极智嘉而言，全球大单与全球化龙头地位印证了其扎实的市场竞争力，基石锁仓与港股通 预期构建了稳固的资金面缓冲。多重积极因素的叠加清晰表明，短期股份流通变化并未扰动其长期投资 叙事，作为中国科技出海与AI赋能实体产业的标杆，极智嘉正沿着清晰 ...

12月28日财政部会议召开，明确2026年继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 复盘2025年3000亿国补资金，该行预计汽车补贴1100亿，家电800亿，家装厨卫700亿，两轮车100亿， 3C数码300亿，根据洛图科技估算2026年国补资金可能维持在2500-3000亿，家电六大基础品类继续补 贴，3C产品新增AI眼镜，产品以一级能效为主。 外销：看好科技出海+出口链+AI端侧应用方向 国内标杆企业在3C消费/消费机器人/便携储能/3D打印等领域凭借供应链优势、工程师红利、科技创 新，正在全球范围内建立世界级的品牌影响力，该行看好科技出海、工具出口链、AI端侧应用硬件创 新产业机会。2026年充电宝新国标切换、欧洲阳台光储爆发、北美降息推动地产及库存周期反转，AI 端侧应用在眼镜/耳机/ 3D打印等方向持续带动硬件创新浪潮。 投资建议 1)价值龙头，白电重点推荐美的集团/海尔智家，关注格力电器/奥克斯电气/海信家电/TCL智家;黑电重 点推荐TCL电子/海信视像;2)困境反转，投影重点推荐极米科技，关注国内投影供给侧出清+车载减亏 +出海扬帆放量机会，两轮车重点推荐九号公司，重视公司电 ...

Investment Rating - The report assigns an "Outperform" rating to the industry, with specific buy and hold recommendations for companies such as Daotong Technology, Shiji Information, Ninebot, Wanxing Technology, and Guangyun Technology [2]. Core Insights - The report emphasizes that the "Tech Going Global" strategy is imperative and timely, despite the complexities and challenges faced by Chinese tech companies in overseas markets [14][15]. - It highlights the significant growth in China's tech exports, particularly in sectors like robotics and artificial intelligence, which are becoming key drivers of the economy [23][24]. - The report identifies four advantageous segments for investment in overseas expansion: market transplant type, single-point breakthrough type, platform going global type, and synchronous advancement type [54][55]. Summary by Sections Industry Investment Rating - The report provides specific stock ratings for companies, indicating a strong market outlook for the technology sector [2]. Key Trends in Tech Going Global - The report notes that the export of new "new three samples" (robots, AI, innovative drugs) is gaining momentum, with significant technological advancements leading to commercial viability [23][24]. - It discusses the increasing influence of Chinese tech companies in global markets, particularly in AI, where China holds a substantial share of global patents [31][34]. Investment Opportunities - The report outlines that sectors such as fintech and smart cities are well-positioned for overseas expansion due to their maturity in the domestic market and the potential for replicating successful models in emerging markets [56][57]. - It emphasizes the importance of adapting to local market needs and leveraging China's technological capabilities to meet global demands [37][38]. Market Dynamics - The report highlights the shift in China's export focus from consumer goods to technology-intensive products, marking a transition from "Made in China" to "Created in China" [29][30]. - It discusses the favorable conditions in regions like Southeast Asia, where digital infrastructure is improving, creating opportunities for Chinese tech firms [38][39]. Company-Specific Insights - The report provides detailed analysis on specific companies, including their overseas revenue contributions and growth potential, indicating a trend of increasing international business [53].

Group 1: Autonomous Driving and Mobility - Baidu's autonomous driving service platform,萝卜快跑, will launch autonomous driving tests and ride-hailing services in London by 2026, marking its first entry into a right-hand drive market outside of Hong Kong [1] - Uber and Lyft will collaborate with Baidu to initiate autonomous taxi trials in the UK next year, reinforcing the UK's position as a leading market for robotic taxi commercialization in Europe [1] Group 2: AI and Smart Home Technology - Tuya Smart launched an AI life assistant named "Hey Tuya," which operates across various physical AI devices and can be accessed through multiple platforms, including the Tuya app and smart speakers [2] - The "Hey Tuya" assistant is available for consumers and global brand clients, with over 12,000 AI agents developed on the Tuya platform, facilitating 155 million AI interactions daily [2] Group 3: Renewable Energy and International Orders - Goldwind Technology reported a total of 7,161.72 MW in overseas external orders as of the end of Q3 2025, with significant installations across various continents [3] - The company has successfully expanded its international business across North America, Oceania, Europe, Asia, South America, and Africa, demonstrating its capability to provide reliable renewable energy solutions globally [3] Group 4: Battery Supply Agreements - CATL signed a five-year supply contract with South Korean electrolyte manufacturer Enchem for a total of 350,000 tons of electrolyte, equivalent to approximately 7,268 million RMB, making it Enchem's largest single customer order to date [4] Group 5: International Market Expansion - XPeng Motors announced its entry into the Middle East and Africa markets, launching its brand in Qatar and establishing partnerships in Mauritius and the UAE [5][5] - The company aims to provide a diverse range of smart mobility options to local consumers, including the upcoming launch of the XPeng P7+ model [5] Group 6: Overseas Manufacturing Investments - Jingfang Technology plans to invest 150 million ringgit in Malaysia to advance its integrated circuit industry internationalization strategy, establishing a joint venture for semiconductor manufacturing [8] - Xiangpiaopiao Foods announced plans to invest $38 million in establishing a liquid beverage production base in Thailand, aligning with its strategy for international market expansion [9] Group 7: Entertainment and Community Engagement - Jet Li has joined TikTok to create a global kung fu action community, aiming to share his martial arts experience with a wider audience [10] Group 8: Financing and Acquisitions - "Yis Innovation" completed a Pre-A round financing of 100 million RMB to enhance its laser processing technology and expand its product line [11] - "Obita" raised nearly $30 million in total through its Pre-A round financing to accelerate business development and improve its global payment infrastructure [12] - Hualian Holdings plans to acquire 100% of Canadian company Argentum Lithium S.A. for $175 million, enhancing its investment in the lithium industry [13] - Ugreen Technology is preparing for an IPO on the Hong Kong Stock Exchange to strengthen its global strategy and enhance its brand image [14]

记者丨周慧 编辑丨李博 视频｜ 实习生柯诗琪 中国的冬季，正是迪拜的旅游和展会旺季，随处可见的工地，蓬勃的房地产业，都在彰显这 里是投资建设的热土。 迪拜是全球重要的货物中转站和贸易中心城市，也是很多中国人到中东的第一站。在豪华的 商场迪拜Mall里，21世纪经济报道记者见到了刚从中国飞到迪拜的九识智能联合创始人、 COO张旭琛，次日清晨他将从迪拜去首都阿布扎比，那里正在举行为期一周的首届阿布扎比 智能与自主技术周的展会。 作为阿联酋的首都，阿布扎比近几年发力文旅、数字化和人工智能等，还通过找刘亦菲做旅 游代言人等营销方式，知名度在中国骤增。 去中东找新机会 来自黑龙江的包车司机张刚（化名），到迪拜工作已经两年，经常开车往返迪拜和阿布扎比 之间接送中国客人。 张刚告诉21世纪经济报道记者，他是通过"老乡带老乡"的方式来迪拜的，接待的客人中，商 旅客人占比较高，包括出差来参加展会和调研的。夏天的时候，这里热得不适合出门，当下 是展会旺季，也是他的生意旺季，每月能挣2万元人民币左右。 除了像张刚这样不会英语的60后中国司机，到迪拜找新机会的还有很多中国科技新贵。 九识智能的张旭琛刚飞到迪拜，和迪拜负责市场的同事王 ...

中小科技公司在中东的出海，很多是采取和当地企业成立合资公司的方式落地项目，以最大化降低本土 化落地成本。 近几年，出海中东热度增加，随着沙特"2030愿景"、阿联酋"2031年国家投资战略"、科威特"2035国家 愿景"等一系列长期战略规划落地，海湾国家在旅游、金融、物流、房地产等领域继续发力的基础上， 试图在数字经济、新能源经济和人工智能等新赛道上实现新突破。对于中国企业来说，围绕数字经济、 人工智能相关的新赛道出海也在起步。 去中东找新机会 来自黑龙江的包车司机张刚（化名），到迪拜工作已经两年，经常开车往返迪拜和阿布扎比之间接送中 国客人。 张刚告诉21世纪经济报道记者，他是通过"老乡带老乡"的方式来迪拜的，接待的客人中，商旅客人占比 较高，包括出差来参加展会和调研的。夏天的时候，这里热得不适合出门，当下是展会旺季，也是他的 生意旺季，每月能挣2万人民币左右。 除了像张刚这样不会英语的60后中国司机，到迪拜找新机会的还有很多中国科技新贵。 九识智能的张旭琛刚飞到迪拜，和迪拜负责市场的同事王永波汇合。九识智能是一家来自苏州的无人车 企业，全球化布局是公司的战略之一。张旭琛在美国博士毕业后，曾在自动驾驶超级独 ...

香港贸易发展局代表张曼莉强调，香港将发挥"超级联系人"和"超级增值人"作用，借助科研、人才与金 融优势，助力中国科技高质量出海。 新京报讯（记者陈琳）11月12日，第二十八届京港洽谈会科技专题活动暨第八届"京港青创杯"创业大赛 总决赛在香港会议展览中心举办。本次活动以"京港合作，共享出海新机遇"为主题，现场完成多项合作 协议签署，8个优秀创业项目在总决赛中获奖。 在签约环节，北京市科委、中关村管委会与香港贸易发展局续签《深化京港科技协同创新合作备忘 录》，为京港科技企业搭建更加畅通的出海通道。香港工业总会与中关村京港澳青年创新创业中心签署 战略合作协议，进一步夯实两地协同创新基础。 北京市科委、中关村管委会主任张继红表示，北京已设立"中关村人工智能企业出海服务站"，积极支持 优秀科技企业拓展海外市场。这一举措将为企业提供更加精准的出海服务。 据了解，为更好支持内地企业"出海"，香港特区政府整合香港的外地办事处，包括投资推广署、香港贸 易发展局及香港驻内地的办事处，组成"内地企业出海专班"，主动招揽有意拓展海外业务的企业，通过 香港"走出去"，把优质的国际资本"引进来"。 香港投资推广署现场介绍了"内地企业出海 ...

Core Viewpoint - The dialogue with Ye Guofu emphasizes the importance of product quality over the online-offline retail debate, highlighting that good products will sell well regardless of the sales channel [2][4]. Group 1: Ye Guofu's Views on Retail - Ye Guofu believes that the concept of online versus offline retail should be abandoned, advocating for a focus on product quality [4]. - He cites that Miniso's in-store conversion rate is 30%, significantly higher than typical e-commerce rates, demonstrating the effectiveness of physical retail [5]. - Ye Guofu expresses a strong preference for offline retail, stating that 90% of Miniso's sales come from physical stores, with only 10% from online [3]. Group 2: Miniso's Business Model and Growth - Miniso achieved a revenue milestone of 10 billion in just five years, faster than Alibaba's growth to the same figure [5]. - The company opened over 1,000 stores in peak years, showcasing rapid expansion [5]. - Ye Guofu emphasizes that successful franchises do not require advertising, as the stores themselves serve as effective marketing tools [6]. Group 3: Collaboration and Industry Insights - Ye Guofu discusses the collaboration with Yu Donglai, highlighting that it is a selfless effort to help Yonghui Supermarket improve without any financial gain [9]. - He notes that the transformation of Yonghui's stores, referred to as "Fat Transformation Stores," is a trend among various supermarket brands aiming for quality retail [10]. - Ye Guofu admires Yu Donglai for his altruistic approach and considers him a unique figure in the business world [11]. Group 4: Future Directions and Cultural Aspirations - Miniso is transitioning from a retail company to a cultural and creative enterprise, aiming to meet the growing spiritual needs of consumers as material needs become saturated [7]. - Ye Guofu plans to help 100 Chinese IPs go global in the next decade, indicating a strategic shift towards cultural exports [7]. - He believes that the future of China's economy relies on both technological and cultural advancements, moving beyond traditional retail models [7].

Group 1 - The 137th Canton Fair showcased the resilience and potential of Hangzhou's foreign trade, achieving an intended export transaction amount of 934 million USD, reflecting a nearly 5% year-on-year growth [1] - The Hangzhou delegation won the "Best Organization Award," and Zhejiang Qiangnao Technology Co., Ltd. received the "Supreme Gold Award" for design innovation, highlighting the recognition of "Made in Hangzhou" by overseas buyers [1] - For the 138th Canton Fair, 1,065 enterprises from Hangzhou participated, presenting superior product matrices and competitive advantages to demonstrate the excellence of "Hangzhou manufacturing" [1] Group 2 - Hangzhou's foreign trade enterprises are focusing on "technology content + green attributes" to break out of traditional market competition and create visible growth opportunities [2] - Zhejiang Tianjie Industrial Co., Ltd. emphasizes high quality and green production, using eco-friendly materials and solar energy systems to reduce carbon emissions [2] - Changming Battery Co., Ltd. has invested over 20 million CNY annually in R&D, representing about 3% of its revenue, leading to innovative products like a high-performance gas stove battery [3] Group 3 - The transformation of Hangzhou's foreign trade enterprises involves moving from a broad approach to a more precise and in-depth strategy, as exemplified by Zhongce Rubber Group's tailored tire products for different markets [4] - Zhongce Rubber has developed two intelligent tire research systems to enhance production efficiency and product performance through digital technology [4] - Hangzhou Sansu Lighting Co., Ltd. introduced a solar wall lamp with a compact design, aimed at reducing storage and transportation costs while adapting to local market needs [5] Group 4 - Hangzhou has established a "1+2+N" foreign trade service chain to support enterprises in stabilizing orders, expanding markets, and mitigating risks, covering various key areas such as law, finance, and logistics [6] - The "Overseas Hangzhou" initiative has organized exhibitions in countries like Japan and Indonesia, resulting in 10.8 billion USD in intended orders for over 550 foreign trade enterprises [6] - The city aims to maintain its position as a leader in exhibition scale and enterprise participation by 2025, enhancing brand image and AI applications [6] Group 5 - Hangzhou is building a comprehensive foreign trade service ecosystem to address uncertainties in the external environment, facilitating efficient supply-demand matching [7] - The city encourages service institutions to establish branches in overseas parks and target markets, enhancing support for participating enterprises [7] - By integrating resources and improving service efficiency, Hangzhou achieved an export value of 408.05 billion CNY from January to August, a year-on-year increase of 10.9%, contributing significantly to the national export total [7]

Group 1 - The report highlights that the Federal Reserve's resumption of the interest rate cut cycle may stimulate a recovery in U.S. demand, which could lead to increased exports from China, particularly in the manufacturing and consumer sectors [2][6][18] - As of June 2025, U.S. nominal and real inventory growth rates have shown a downward trend, indicating a tightening inventory level relative to sales, suggesting potential replenishment demand in the future [2][7][33] - The report identifies that certain sectors, such as home appliances, machinery, automotive, and light industry, are experiencing significant inventory reduction, making them key areas for market focus [2][8][51] Group 2 - The technology export index has reached a new high, driven by strong capital expenditure growth in U.S. tech stocks related to AI, while the manufacturing and consumer export indices have lagged due to weak demand in traditional economic sectors [5][15] - The report notes that the U.S. manufacturing PMI's recovery is typically a leading indicator for China's intermediate and capital goods exports, suggesting that a rebound in U.S. manufacturing could positively impact Chinese exports [6][18][29] - The report emphasizes that sectors with historically low inventory levels, such as home appliances, machinery, automotive, and light industry, are expected to see greater demand as they enter a replenishment phase [8][47][51]