Macro Analysis - The US GDP growth rate for Q3 2025 is 4.3%, exceeding expectations of 3.3% and the previous value of 3.8%, indicating strong economic resilience [3] - Key drivers of this resilience include robust personal consumption, increased public spending, and enhanced export contributions [3] - Personal consumption is supported by the wealth effect from capital markets, with major stock indices reaching historical highs in Q3 2025 [3] - Government spending, particularly in defense, and investments in companies like Intel have also contributed to economic strength [3] - A recovery in global economic activity has boosted US exports, aided by trade agreements that have reduced or eliminated tariffs [3] K-Shaped Recovery - The US economy exhibits a "K" shaped recovery, characterized by income and consumption disparities [4] - Income inequality has been exacerbated by policies affecting the job market, leading to higher unemployment rates among minority groups [4] - Large enterprises are faring better than small businesses, as indicated by the S&P Global Composite PMI remaining above the neutral line, while the NFIB small business optimism index has declined [4] - Investment and growth disparities are evident, with strong performance in private non-residential investments, particularly in equipment and intellectual property, while construction investment growth has slowed [4] Future Economic Outlook - The US government shutdown from October 1 to November 12, 2025, is expected to impact Q4 2025 economic performance, but resilience is anticipated in 2026 [5] - The shutdown will reduce government procurement and investment activities, affecting economic performance directly and indirectly [5] - A recovery in Q1 2026 is likely due to pent-up demand and continued strength in consumption and new economic investments [5] - The Federal Reserve is expected to lower interest rates 2-3 times in 2026, despite a strong economy, due to structural weaknesses in the labor market [5] Globalization of Chinese Enterprises - Chinese enterprises are entering an accelerated phase of globalization, driven by the need to occupy high-value segments of the global supply chain [9] - The transition from a GDP-driven growth model to a GNI-driven model emphasizes innovation and accelerated globalization [9] - China's trade competitiveness has improved significantly, particularly in capital and technology-intensive sectors, with exports exceeding expectations since 2025 [10] - Chinese companies are shifting from product exports to a more integrated approach involving capacity, branding, and distribution [10] Capital Expenditure Trends - A global upturn in industrial and infrastructure capital expenditure is expected, driven by easing monetary policies and increased demand in emerging markets [11] - Southeast Asian countries are experiencing rapid industrialization and urbanization, leading to significant demand for power and infrastructure [11] - Developed markets are also seeing a surge in demand for energy infrastructure updates due to green transitions and AI-driven needs [11] - The resilience of overseas demand for Chinese products is projected to exceed market expectations in 2026 [11] Industry Recommendations - Recommended sectors include power equipment, machinery, automotive, new materials, innovative pharmaceuticals, and gaming [12] - Emerging market industrialization is expected to drive demand for power and infrastructure, while developed markets will continue to update energy infrastructure [12] - High-value components are recommended due to China's technological and cost advantages, with a focus on communication equipment and automotive parts [12] - The urbanization in emerging markets is anticipated to create new demand for consumer products, enhancing the global presence of Chinese cultural and service sectors [12]

点击上图▲立即报名 文 / 卓立（微信公众号：吴晓波频道） 在印尼首都雅加达，随处可见中国出海品牌。商店里，印尼本地大学生支付购买了一部小米手机；马路上，印尼出租车司机开着比亚迪的电动汽 车；街道旁，印尼家庭走入海底捞火锅店。 印尼街头，随处可见的是换了英文标识的中国品牌：OPPO、vivo、蜜雪冰城、名创优品、五菱汽车……街边开的，路上跑的，从消费品到服务 业，这些用英文显示的中国logo让你难以区分这究竟是在东南亚的CBD还是中国的购物中心。 从数据上看，中国已连续12年成为印尼最大贸易伙伴，2024年，双边贸易额1478亿美元，同比增长6.1%；同时，印尼也是中国在东盟的第二大 投资目的地，超过250家大型中资企业已在印尼落地。 Cool-vita是一家深耕东南亚的头部保健品品牌，于2019年在印尼创立。 印尼的人口红利、市场潜力、巨大的消费市场增长机遇是中企出海的重要考量。 印尼拥有超2.8亿人口，是世界第四大人口国。从年龄结构看，约半数印尼公民的年龄在30岁以下，这部分人群具有极高的消费意愿，随着印尼 经济高速增长带来中产阶层的壮大，消费品市场将迎来巨大发展。 此外，印尼还拥有增长速度极快的电商市场 ...

来源：环球网 摘要：在中资制造业加速出海的背景下，跨境供应链面临合规标准差异大、物流成本高、本土基建薄弱 等痛点，非生产性物料供应成为核心瓶颈。京东工业依托全球化布局与供应链积淀，在巴西、印尼等地 拓展合作，获长安汽车、宁德时代等企业认可。其精准划分企业出海三阶段，针对性推出四大解决方 案：通用现货 SaaS 平台、跨境商品一站式服务、长尾采购方案及太璞数智化服务，覆盖从基础采购到 全流程运营的全场景需求。凭借数据要素与数字技术赋能，京东工业破解跨境供应链痛点，为中企出海 提供全周期支撑，助力中国制造业全球化高质量发展。 关键词：京东；工业；供应链；企业出海；技术赋能；中国制造 案例正文： 在全球化浪潮的推动下，以制造业为核心的中资企业正加速海外布局，成为中国经济走向世界的重要力 量。然而，跨境经营之路并非坦途，与国内成熟的工业品供应体系相比，跨境供应链面临的痛点更为突 出：不同国家和地区的合规标准千差万别，从产品认证到贸易壁垒形成多重阻碍；跨境物流成本高企、 时效不稳定，售后响应滞后等问题频发；更值得关注的是，海外新兴市场的本土供应链基础设施普遍薄 弱，"商品找不到、商品价格高、履约不及时" 成为出海企业共 ...

"如果只是做中国市场，感觉不是很解渴。"中集集团董事会秘书吴三强在论坛上表示。在当下这个节 点，去海外市场寻求增量已经是头部中国企业共同的雄心。 从国企到民企，从制造业到服务业，从大企业到中小企业，出海的主体更加丰富；绿地投资、跨国并 购、战略联盟、生态共建，企业出海的方式也更加多元。每一个企业都在寻找适合自己的全球化路径。 日前，"粤港澳大湾区新经济发展论坛暨21世纪科技年会"在广州南方财经大厦举行。在一场以"新周 期、新舞台：中企出海的机会与挑战"为主题的圆桌对话中，来自高端制造、新能源、机器人等新质生 产力企业代表展开讨论，当出海成为必答题，中国企业如何实现高质量出海？ 靠规模和效率赢得订单的固有模式已经不太够。在这条路上，认知成本比关税更隐蔽，合规建设比产能 更迫切，本地化能力比价格优势更持久。中企出海已经步入深水区。 而深水区，总是真正航海家的试炼场与机遇海。 从"卖产品"到"建生态" 中国企业出海的历史，是一部不断打破边界、重构价值链的进阶史。 第一阶段是"产品出海"，也是最原始的形态。协鑫科技执行总裁胡泽义回忆，协鑫集团作为光伏龙头企 业之一，在行业早期出口光伏组件，彼时40%-50%的产能都用 ...

2025.12.16 本文字数：2477，阅读时长大约4分钟 作者 |第一财经 缪琦 在外部环境不确定性加剧的大背景下，中企的国际化正在经历从低附加值的代工，到产品"走出去"，再 到品牌"出海"的迭代过程。 面对"出海"模式、速度、规模的快速变化，如何规避更大的合规风险，以及如何平衡区域市场的差异， 极大考验着企业的能力。 "系统重构"与核心逻辑改变 其中，在复杂的海外环境中，企业要实现资金流、信息流、物流像在国内一样顺畅，这对企业的中台调 度能力和合规风控能力提出了更高的要求。不同国家的消费习惯、税务法规、支付偏好千差万别。 靠"老师傅"的经验已经不够，必须依靠实时的数据和数字化系统，从而确保每一个门店的选址、每一次 资金的收付都是精准且安全的。真正的全球化，则成为了能力的全球化，需要一个强大的生态圈在背后 支撑——从金融支付到物流供应链，从SaaS（软件即服务）到本地化营销。 美国泛大西洋资本集团副总裁李子晗认为，当前消费企业"出海"的核心逻辑与以往不同，不再是微笑曲 线底部的代工模式，而是叠加品牌、研发创新高附加值，同时在文化输出上转向融合中外文化并加以本 地化改良的模式。此外，如今越来越多中企也不再依 ...

面对"出海"模式、速度、规模的快速变化，如何规避更大的合规风险，以及如何平衡区域市场的差 异，极大考验着企业的能力。 2025.12. 16 本文字数：2477，阅读时长大约4分钟 作者 | 第一财经 缪琦 在外部环境不确定性加剧的大背景下，中企的国际化正在经历从低附加值的代工，到产品"走出去"， 再到品牌"出海"的迭代过程。 "系统重构"与核心逻辑改变 "过去我们讲出海，可能是把店开出去、把货运出去，但今天要想在海外长期扎根、规模化盈利，面 临的是一场全方位的'系统重构'。"在近日由全球支付平台PingPong举行的"品牌出海闭门私享 会"上，PingPong创始人、CEO陈宇表示，这种重构主要体现在三个维度，即从"单店输出"到"中台 驱动"、从"经验决策"到"数据决策"、从"单兵作战"到"生态协同"。 其中，在复杂的海外环境中，企业要实现资金流、信息流、物流像在国内一样顺畅，这对企业的中台 调度能力和合规风控能力提出了更高的要求。不同国家的消费习惯、税务法规、支付偏好千差万别。 靠"老师傅"的经验已经不够，必须依靠实时的数据和数字化系统，从而确保每一个门店的选址、每一 次资金的收付都是精准且安全的。真正的 ...

Core Viewpoint - The establishment of a Chinese enterprise overseas base in Hainan Free Trade Port aims to provide tailored solutions for companies looking to expand internationally, leveraging the region's favorable tax policies and resource integration [1][2]. Group 1: Economic Opportunities - The Hainan Free Trade Port is set to implement more liberal policies in trade, investment, and cross-border capital flow, creating a competitive environment for companies to align with international standards [2]. - In the first half of 2025, Chinese listed companies achieved overseas revenue of 4.9 trillion RMB, marking a 4.5% year-on-year increase, indicating strong resilience and vitality in overseas expansion [1]. Group 2: Industry Performance - Key sectors such as biomedicine and retail are showing significant growth, with the overseas licensing of innovative drugs exceeding 100 billion USD and major internet companies accelerating their overseas warehouse layouts [1]. - Hainan province reported a 43% year-on-year increase in newly registered foreign investment enterprises, totaling 296 companies in the first ten months of the year, alongside a 42.6% rise in actual foreign investment amounting to 3.17 billion USD [3]. Group 3: Strategic Development - The Hainan provincial government plans to enhance the region as a headquarters base for Chinese companies entering international markets, focusing on developing a comprehensive service platform for overseas expansion [2]. - The county of Chengmai is actively promoting its identity as a hub for overseas expansion, with five key sectors already in motion, including gaming, cross-border e-commerce, and new energy vehicles [3].

中新社海南澄迈12月12日电 (记者 尹海明)在海南自贸港即将启动全岛封关运作之际，一个中国企业出 海基地11日在海南自贸港13个重点园区之一的海南生态软件园启动，为企业量身定制出海方案。同时， 涵盖新消费、商业零售、医疗健康、金融投资等多个行业领域的8家企业与该基地签约。 (经济观察)中企出海迎海南自贸港封关新机遇 越来越多的企业正选择从海南出海。据了解，今年前10个月，海南全省新增对外投资备案企业296家， 同比增长43%；实际对外投资额31.7亿美元，同比增长42.6%。 魏峰认为，借助海南自贸港这一政策高地，加速布局跨境研发、高端制造与离岸金融等新兴领域，可为 企业全球化征程提供有力支撑。(完) 来源：中国新闻网 编辑：张嘉怡 海南生态软件园跨境事业部总经理林诗基告诉中新社记者，该基地以"立足自贸港、链接全中国、服务 全球化"为愿景，依托海南自贸港税收政策优势，通过整合园区产业集群和专业机构的全国资源，搭建 产业链协同与资源对接平台，构建了全链条服务生态体系。 中企出海正展现强大的韧劲与活力。中国上市公司协会党委书记魏峰在正于海南省澄迈县举行的2025中 国上市公司出海产业发展大会上说，2025年上半 ...

Core Viewpoint - The acquisition of Ceconomy by JD.com represents a significant move by a Chinese company into the European market, highlighting the complexities of cultural barriers and trust-building in international business [1][19]. Group 1: Acquisition Details - JD.com announced its intention to acquire Germany's largest electronics retailer, Ceconomy, for approximately €2.2 billion (about 18.5 billion RMB), marking one of the largest acquisitions by a Chinese company in Europe in recent years [3][21]. - The acquisition has received approval from the German Federal Cartel Office, paving the way for the transaction [3][21]. - JD.com aims to acquire a 45.5% stake in Ceconomy in the first phase of the stock buyback plan, with a second phase to complete the remaining 29% by November 27 [11][29]. Group 2: Cultural and Economic Concerns - The acquisition has raised concerns in France due to Ceconomy's status as the second-largest shareholder of Fnac Darty, a company deeply rooted in French culture [3][21]. - French authorities have imposed conditions on JD.com to ensure that it will not influence the governance or management of Fnac Darty, addressing public concerns about cultural sovereignty [4][22]. - The French Minister of Economy emphasized the cultural significance of Fnac and the need for JD.com to respect its heritage [6][24]. Group 3: Market Position and Strategy - Fnac Darty, with projected sales of approximately €8.25 billion in 2024, is a major player in the European retail market, selling a wide range of products through both online and offline channels [7][25]. - JD.com has been expanding its presence in Europe, including launching the online platform Joybuy in France, which offers a diverse range of products with a promise of same-day delivery [16][34]. - The acquisition is seen as beneficial for both JD.com and European retailers, as it allows JD.com to leverage advanced technology and efficiency while gaining insights into consumer behavior in Europe [35].

"走出去"并非因为国内市场竞争激烈而"出逃"。 内地企业赴港上市热潮还在继续。综合Wind统计和港交所公开数据，截至今年12月10日，港股市场共 有104家公司IPO，相比2024年全年增长了近四成。申请中的排队企业同样创下近10年来数量之最。 在政策和市场的驱动下，对于企业而言，除了融资需求，"走出去"与国际化布局是另一重要动因。 "出海"趋势不改 于12月8日在港交所上市的纳芯微电子（02676.HK）的创始人、董事长兼CEO王升杨在当天的媒体沟通 会上表示，公司赴港上市的一个重要目标，就是以香港为平台，更好地经营海外市场。作为国内首家实 现"A+H"两地上市的模拟芯片企业，他们计划到2029年，海外营收占比达20%左右，成为中国市场的重 要补充。 港股上市后，纳芯微的下一步是将香港办公室打造为海外运营和销售总部，除了服务海外客户，还将构 建海外供应链体系。 为了应对挑战，他表示，中企自身能做的首先是尽可能完善自身合规体系，包括建立客户自动筛查系 统，明确禁止合作的客户范围，避免直接或间接与这类客户产生贸易关系，"合规能力本身就是需要建 立的核心能力"。其次，开拓海外市场须采用海外客户能够接受的方式，不能 ...