Group 1 - The core viewpoint of the article emphasizes the need for Chinese companies to shift their export strategy from merely selling cheap products to creating appealing offerings that resonate with consumers globally [1] Group 2 - At the 2025 Global Intelligent Machinery and Electronic Products Expo (AIE) held on December 4, the CEO of Titanium Dynamics, Li Shuhua, highlighted the company's commitment to assist Chinese enterprises in expanding their market presence internationally [1]

Core Insights - The "Southern Finance Forum 2025 Annual Meeting" was held on December 5-6 in Guangzhou, focusing on the theme "The Power of Consensus - Innovation Surge, China's Asset Revaluation" [1][4] Group 1: Trends in International Business - Over the past three years, the number of new issuers with international business has gradually increased, with more than half of this year's issuers planning to engage in international business or generating international revenue [3][6] - Funds raised in the Hong Kong stock market are primarily being used for overseas expansion by these companies [3][6] Group 2: Notable Examples - Companies like CATL (Contemporary Amperex Technology Co., Limited) and Haitian Flavoring & Food Company have utilized a significant portion of their IPO funds for international projects, such as CATL's battery factory in Europe and Haitian's global sales channels and Southeast Asian supply chain [3][6] - A common characteristic among leading companies like CATL, Haitian, and Heng Rui is their A+H listing strategy, which has contributed significantly to trading volume and new stock fundraising in the Hong Kong market this year [3][6] Group 3: A+H Listings - As of the third quarter of 2025, 14 companies have completed A+H listings in the past year, with over 77 applications submitted by September 30 [3][6] - The A+H listing model has proven to be a crucial funding platform for mainland enterprises in Hong Kong [3][6]

跨境出海 周度市场观察 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： 合规与增长两难：出海企业如何突围？业内人士谈破局关键； 文化理解：中国企业出海拉美的必修课； "传统茶"变"时尚味"，一杯奶茶融入95后泰国女生日常。 行业环境： 1. 合规与增长两难：出海企业如何突围？业内人士谈破局关键 关键词：合规门槛,资金流动,本土化运营,地缘政治,监管政策 概要：中国企业出海面临合规、资金流动和本土化运营等挑战。在"安客尔全球远航论坛"上， 专家指出，合规与资金压力是关键瓶颈，需通过多元化交易设计和弹性资金储备应对。中信银 行建议前瞻性合规布局和金融服务创新，如全球司库功能和分离式保函。地缘政治加剧了供应 链和ODI备案的复杂性，隐性风险如税务差异和金融规则需提前规划。未来十年，出海趋势将 聚焦合规、协同和本土化，人民币结算和精准布局成为重点。企业需从"单打独斗"转向"协 同作战"，合规将成为核心竞争力。 原文链接：http://finance.sina.com.cn/jjxw/2025-11-13/doc-infxhkct2395167.shtm ...

中信证券研报称，在流动性改善、地缘扰动、AI泡沫短期无虞三重因素下，亚洲股市更需聚焦基本面 线索变化带来的结构性配置机会。美联储12月降息预期反转缓解亚洲市场宏观压力，而全球GPR指数高 位运行下中日对峙、俄乌冲突等构成阶段性扰动，AI领域现金流支撑与供应链瓶颈使极端泡沫叙事难 现。具体市场核心观点如下。1）A股：需基本面超预期突破，配置上建议聚焦资源/传统制造业定价权 重估与企业出海主线，关注低拥挤品种与红利标的。2）港股：受益内外部催化有望实现戴维斯双击， 建议侧重科技、医疗、资源品等五大方向。3）韩国股市：依托基本面、政策与流动性推动重估，建议 重点关注半导体/AI等行业。4）印度股市：具备补涨潜力，货币政策宽松背景下建议优先配置利率敏感 型企业与消费板块，逆向看多IT服务。5）日本股市：受益治理红利与外资增配，聚焦行业整合、资产 重估等四大方向。6）东南亚股市：呈现复苏态势，马来西亚建议关注AI与数据中心产业链；印尼建议 聚焦消费与新能源汽车；泰国建议首选消费和旅游板块，整体需密切跟踪宏观变量与政策动向。 ...

出海已成为企业突破增长天花板、构建全球竞争力的必由之路，也成为当下资本市场与产业界共同聚焦的核心热点。 那么，中国企业出海的背后驱动因素有哪些，面临怎样的全球化机遇，在深化全球化布局的过程中面临哪些挑战，又该如何化解风险？ 12月2日，在第一财经联合安永（中国）、矽亚资产管理等专业机构举办的"未来20·2025A股上市公司成长力年会"上，安永大中华区经济咨询服务合伙人余 泠担任主持人，与华明装备（002270.SZ）董事长肖毅，宝光股份（600379.SH）副董事长原瑞涛，海泰新光（688677.SH）副总经理、董秘、财务总监汪方 华，花旗银行（中国）有限公司副行长、商业银行部负责人、董事总经理林海四位嘉宾就上述热点问题展开了深度探讨。 "服务、配件本地化后，就把我们服务和生态根植到客户的心里了，这样才会有生命力。"肖毅说，"走出去"后，要"走进去"，并扎根下去，只有这样才能在 当地真正形成生态圈。 林海也观察到，中国企业布局全球化，已明显从跑马圈地进入到如何扎根共生的阶段，不再是简单把货卖出去、把厂开出去，而是要在不同的土壤里，做品 牌、建立信任和构建生态。 多重因素驱动企业出海 企业出海的核心驱动因素因主 ...

"过去中国药企'出海'，多凭借成本优势参与低端市场竞争。现在，国际市场更看重企业是否具备国际 化质量体系、持续交付能力和全流程服务能力。质量体系和合规能力是进入全球市场的'硬门槛'。"宣 泰医药（688247.SH）创始人、董事方云日前做客《沪市汇·硬科硬客》第二季第6期节目"供应链'再出 海'"时如是说。 方云表示，在全球化局部加速与国际竞争日趋激烈的当下，供应链已从企业运营的支撑环节升级为核心 竞争力的关键载体。对于受到严格监管的医药行业而言，供应链的稳定性、合规性与全球化适配能力， 直接关系到患者用药可及性与企业生存的命脉。 作为科创板上市的医药企业，宣泰医药成立之初便确定了国际化发展路径，按国际标准建设研发与生产 体系，并通过多方面设计和不断完善，构建起极具强韧性的供应链，成为中国医药产业供应链"再出 海"的鲜活样本。 宣泰医药创始人、董事方云 战略迭代：从产品"出海"到能力输出的本质跨越 中国企业的"出海"历程，正经历着从规模扩张到价值深耕的深刻变革。 在方云看来，对制药体系而言，"走出去"是一个必需的环节。过去，医药行业"出海"聚焦产品出口。而 当前，医药行业"再出海"早已完成了两大核心转变，即从 ...

近日，首届福布斯中国海平线峰会在上海举行。本次峰会以中国企业出海实践为核心，汇聚各界力量共 同探讨前沿技术驱动下的出海机遇与挑战，以及协同合作新生态的构建路径。 峰会现场同步揭晓福布斯出海全球化系列评选结果，全球化社交娱乐企业米可世界凭借在出海领域的长 期深耕与扎实布局，成功入选 "福布斯出海全球化领军品牌"。 2025 年前三季度，米可世界旗下 MICO、YoHo、SUGO、TopTop 等核心产品均实现稳健增长。数据平 台"点点数据"发布的中东地区榜单显示，2025 年 2 月，TopTop 进入 Google Play 游戏应用收入榜前 10，SUGO 进入 App Store 和 Google Play 双端非游戏应用收入榜前 10。 福布斯中国指出，米可世界等品牌让世界见证了东方智慧与全球视野的完美融合，此次出海全球化系列 评选不仅是对企业跨文化商业实践中卓越成就的肯定，更清晰勾勒出中国全球化力量的全新版图。 作为领先的全球化社交娱乐公司，自 2014 年成立以来，米可世界积极拓展全球市场，持续深耕中东北 非、东南亚、日韩等核心区域，业务覆盖全球 150 个国家和地区，致力于满足全球用户的多元化社交 ...

Core Insights - FTSE Russell announced changes to several indices, including the FTSE China A50 Index, which will take effect after the market closes on December 19, 2025 [1] - The newly included stocks in the FTSE China A50 Index are Luoyang Molybdenum and Sungrow Power Supply, while Jiangsu Bank and SF Holding are removed [1] - Luoyang Molybdenum reported a net profit of 5.608 billion yuan for Q3, a 96.4% year-on-year increase, driven by strong copper production and sales [1] - Sungrow Power Supply has seen its stock price increase by over 140% this year, while Luoyang Molybdenum's stock price has risen nearly 165% [1] Index Changes - FTSE Russell's selection criteria include professional analysis, field research, and past profitability, indicating that included companies are top performers in the A-share market [4] - The FTSE China A50 Index consists of the 50 largest stocks by market capitalization on the Shanghai and Shenzhen stock exchanges, serving as a key indicator for international investors [4] - The list of alternative stocks is effective immediately and will be used if any current constituents are removed before the next quarterly review [4] Market Outlook - Multiple foreign institutions are optimistic about the A-share market's performance in the coming year, with UBS forecasting an increase in overall A-share profit growth from 6% this year to 8% in 2026 [6][7] - Key investment themes for 2026 include technological self-reliance and consumer spending, with a focus on high-potential sectors amid ongoing structural changes in the economy [7] - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of 2025, significantly surpassing the total of $11.4 billion for the entire year of 2024 [7]

Core Insights - The global economy is undergoing a dual transformation of technology and industry, with active technological innovation reshaping the competitive landscape. Small and medium-sized listed companies are seen as vital for industrial upgrades and embodying the innovative genes of capital markets serving the real economy [1][4]. Group 1: Event Overview - The "Future 20 · 2025 A-share Listed Companies Growth Power Annual Conference" was successfully held in Shanghai, focusing on the growth potential of small and medium-sized listed companies in China [1][3]. - The event was co-hosted by prominent organizations including Yicai, Ernst & Young (China), and others, emphasizing data-driven value measurement and the selection of 20 benchmark enterprises with the highest growth potential based on a proprietary assessment model [3]. Group 2: Government and Economic Insights - The Deputy Mayor of Jiading District highlighted that small and medium-sized enterprises are crucial for economic resilience and a source of vitality for national technological innovation. Jiading aims to enhance its capacity for technological innovation and industrial integration [4][8]. - The district is focusing on key industries such as intelligent connected vehicles, integrated circuits, and biomedicine, while also exploring emerging fields like quantum technology and new energy [8]. Group 3: Industry Trends and Future Outlook - The conference featured discussions on China's high-quality development path, emphasizing the importance of innovation-driven growth and the need for enterprises to balance global expansion with domestic transformation [11][13]. - Predictions indicate a new golden growth period for the economy from 2026 to 2028, with a focus on establishing foundational cash flows and prioritizing high-barrier industries [18]. Group 4: Investment and Market Dynamics - The event underscored the need for capital markets to support the technological and innovation-driven orientation of Chinese industries, with a significant increase in the number of products where China holds a leading global position [13]. - The "Future 20" initiative aims to guide capital towards high-quality enterprises characterized by high technological content and growth potential, fostering a sustainable investment ecosystem [32][33]. Group 5: Selected Companies - The conference announced the list of 20 companies recognized for their growth potential, including Huaming Equipment, Jack Technology, and others, reflecting their past achievements and future growth expectations [29].

外资持续看好中国资产。 瑞银全球策略团队认为，2026年全球科技股有望进一步上行。此外，近期大型科技股的交易占比已回落至今年均 值水平以下，且融资规模有所下滑，显示科技板块交易拥挤的担忧已得到缓解。 在此基础上，孟磊认为，2026年值得关注的投资主题包括：科技自立自强；全年来看企业盈利提速将逐步带动居 民收入和销售费用提升，下半年可择时布局消费；在"反内卷"持续推进的背景下，优选高潜力板块，把握中国企 业出海与提升全球竞争力的机遇。 在风格配置方面，孟磊认为由于市场中期展望向好，成长风格可能跑赢价值风格。随着"反内卷"的持续推进推动 PPI跌幅收窄且工业企业利润提速，周期风格有望跑赢防御风格。 在大小盘方面，孟磊预计，两者会在2026年维持一个相对均衡的态势。市场成交额进一步大幅跃升的可能性较 低，因此小盘股难以获得超额流动性进一步的加持，而ETF大规模发展也有利于市值较大的行业龙头。在行业偏 好方面，在战术上看好受益于中国创新火花、充足市场流动性以及PPI跌幅收窄的行业。 近日，瑞银证券中国股票策略分析师孟磊发表中国股票策略观点指出，2026年全部A股盈利增速有望从今年的6% 进一步升至8%。此前，已有摩根 ...