一是优化境内服务功能，延伸海外服务网络。上海可从境内和境外两方面发力，进一步升级服务体系。 一方面，上海各服务中心应主动拓展潜在服务企业，促进服务资源优质供给和高效匹配。同时围绕出海 企业反映的痛点、难点问题，推动法律、金融、财会、咨询、数字技术、知识产权等专业机构增强出海 服务能力，主动链接更多优质服务机构加入走出去专业服务联盟。另一方面，可发挥上海的国际连接性 优势，包括与境外园区、商协会、服务机构深化合作，在重点国别建立海外综合服务站等。通过完善境 内外多层次的服务网络，为企业提供从前期咨询、落地运营到走向国际的全程陪伴式服务体系。 二是深化沪港联动，共建企业出海"服务港"。香港作为内地企业走出去的重要平台，不仅是内联外通 的"超级联系人"，而且是企业国际化战略的"超级增值人"。上海和香港两大金融中心深化双城互联互 通，有助于延续中国企业出海的重要金融服务链条，帮助企业获得更低的跨境交易成本、更丰富的融资 选择，更便捷地对接全球资源。建议上海在规划构建"十五五"期间的企业出海服务体系时，重视加强与 香港的出海服务生态共建，通过推动资金、机构、市场基础设施与信息的高效流动，为中国企业打造强 大的"出海服务 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 陈佳怡）从"产品出海"到"体系出海"，从价值链追随者到规则引领者，中国企业的全球化征程正在书写新的篇章。作为外资金 融机构，汇丰在中企出海过程中扮演着重要的金融"桥梁"角色。近日，汇丰银行（中国）有限公司企业及机构银行业务部副总监洪纪伦接受了上海证券报记 者的专访，谈及中企出海相关话题。 汇丰银行（中国）有限公司企业及机构银行业务部副总监洪纪伦 "中企出海已正式步入以产业链全球布局为核心特征的3.0时代。"洪纪伦在专访中开门见山。回溯来看，中企出海的演进脉络清晰可循：1.0时代以制造业产 品出口为主，2.0时代逐渐进入出海并购阶段，如今的3.0时代，企业更聚焦技术合作、产业链整合和生态共建实现"体系出海"，提升在全球价值链中的地 位。 "尽管存在挑战，我们也看到机遇不断涌现，特别是在绿色转型、清洁能源、交通电气化、技术创新和医疗健康等领域。"洪纪伦表示。 中企出海的广阔前景也给外资金融机构带来了业务机遇。"不同于以往出海企业的需求相对单一，新一代出海的企业需要更全面和多元的金融服务，需要金 融机构提供覆盖多个市场、更长周期的综合金融解决方案。"洪纪伦表示 ...

Core Insights - The article discusses the increasing interest of Chinese enterprises in the ASEAN market and the establishment of a dedicated "corridor banker" team by Standard Chartered Bank to facilitate this expansion [1][3]. Group 1: Market Opportunities - ASEAN is becoming a popular destination for Chinese companies looking to expand overseas, with a notable focus on the Johor-Singapore Economic Zone, which is expected to attract more Chinese investment [1][3]. - The shift in Chinese enterprises' approach to ASEAN has evolved from using the region primarily as a manufacturing base to a more diversified supply chain strategy that emphasizes multi-point and segmented layouts [3][4]. Group 2: Local Operations - Chinese companies are increasingly prioritizing localized operations in ASEAN, moving from agency and franchise models to direct store operations for deeper brand integration [3][4]. - The trend of vertical integration in supply chains is becoming more pronounced, with many countries encouraging the development of complete vertical supply chains locally [4]. Group 3: Challenges Faced - Chinese enterprises face significant challenges in ASEAN, including foreign exchange management issues due to currency fluctuations and strict capital flow regulations in most countries [4]. - A specific example highlights a Chinese manufacturing company's difficulties in financing for a new base in Indonesia, which Standard Chartered addressed by creating a tailored financing solution that combined USD and RMB [4]. Group 4: Future Outlook - The ASEAN region presents vast market opportunities for Chinese enterprises, which are expected to evolve into true multinational corporations over the next 5-10 years, enhancing their understanding of local market characteristics and achieving genuine localization [5].

Core Viewpoint - The commercial real estate market in China is showing significant structural resilience amidst a complex macro environment, becoming a vital vehicle for supporting the real economy, promoting consumption upgrades, and facilitating domestic and international dual circulation [1] Group 1: Office Market Demand - In 2025, the demand for Grade A office space in major Chinese cities is experiencing a moderate recovery, with a net absorption of 1.629 million square meters in first-tier cities, supported significantly by the expansion of the technology sector [1] - The technology and internet industry is identified as the core engine for demand recovery, with active performance in sub-sectors such as artificial intelligence, mobile gaming, and consumer electronics, leading to a rebound in office demand across multiple cities [1] - In Shenzhen, technology companies dominate market transactions, accounting for nearly 30% of leasing area, while in Shanghai, the technology and internet sector recorded several large leasing transactions, increasing its demand share to 17%, becoming the second-largest source of demand [1] Group 2: Financial Services and New Office Demand - The financial services sector is maintaining a robust performance, with financial demand in Shanghai reaching 25%, driven by the expansion of quantitative investment and securities firms, significantly boosting demand for high-end office spaces in core cities [2] - Changes in consumer structure are giving rise to new types of office demand, with outdoor sports brands and trendy IPs establishing regional headquarters or flagship stores in Shanghai [2] - In Guangzhou and Shenzhen, the acceleration of domestic brands going global has led to a significant increase in office demand for supporting professional services such as cross-border legal consulting, international logistics, overseas marketing, and cross-border payments [2] Group 3: Future Outlook - Looking ahead to 2026, high-tech and high-value-added industries are expected to continue driving office demand, with financial and professional services remaining foundational [2] - Certain cities, leveraging industrial clustering and openness, are anticipated to achieve demand recovery first in sectors such as consumer electronics, AI+, gaming industry, and Chinese enterprises going global, providing strong support for the long-term recovery of China's office market [2]

◎记者 陈佳怡 申畅是渣打银行（新加坡）有限公司中资企业海外事业部执行总监，也是渣打银行负责东盟市场的"走 廊银行家"。谈起近期的工作节奏，她告诉上海证券报记者："以前年底到圣诞、元旦，多少能有时间放 松一下，现在却一直很忙，业务要推进、项目要落地、政策要解读，节奏根本慢不下来。" 这种节奏的转变，早已超出个体感受，成为中企出海进入"深耕时代"的直观注脚。"机遇不断涌现""中 企出海仍是大势所趋""创新技术会是中企出海的核心竞争力"……近期，上海证券报记者采访了多位外 资金融机构相关负责人，他们普遍看好服务中企出海的业务前景，并表示将持续扮演好外资金融机构 的"桥梁"作用，持续加大服务中企出海的资源配置。 在这一过程中，出海模式、行业赛道、区域布局等诸多维度在发生深刻变革。洪纪伦表示，这些变化包 括：从制造业到新能源、新消费等新兴产业，从加工为主向全球价值链上游转移，从并购到绿地投资， 从以国企为主到民企引领，从单一流向到全球布局和建立区域中心等。 具体到东盟市场，申畅观察到，早期（2018年左右）中企出海主要是将东盟作为生产加工基地，进行来 料加工后出口欧美，形成了越南制造、泰国制造、马来西亚制造等模式。如 ...

Core Insights - The Asian Financial Forum has seen increased participation from Middle Eastern attendees, indicating a trend in regional economic exchanges [1][3] - Companies are focusing on exploring emerging markets in the Middle East and Central Asia, particularly in relation to Chinese enterprises going global and attracting foreign investment [1][3] Group 1: Event Highlights - The forum features a diverse range of exhibitors, including traditional financial institutions and cutting-edge industries like AI and robotics, enhancing the event's vibrancy [1][3] - A dedicated "deal making" area has been established to facilitate efficient negotiations, allowing participants to move from initial discussions to project finalization and signing [1][3] Group 2: Networking and Collaboration - Multiple small roundtable discussions are being held, focusing on themes such as the internet, fintech, and Chinese enterprises going global, fostering an open and inclusive exchange atmosphere [2][4] - Hong Kong is positioned as a cross-border financial hub with an open market environment and free-flowing capital, attracting investors who may not fully recognize its financial advantages [2][4]

Core Insights - The core viewpoint emphasizes China's clear national strategy focusing on modernizing its industrial system, with technology and openness being paramount [1][14]. Strategic Industry Development - In the next five years, key industries for development include high-tech AI sectors, particularly embodied intelligence and physical AI [4][17]. - The pharmaceutical research and healthcare sector is projected to see significant growth, with 30% of global new drug pipelines expected to be from China by 2025 [5][18]. - The energy transition sector is highlighted as crucial, with China being a major consumer and contributor in the renewable energy field [6][19]. Opportunities for Chinese Enterprises Abroad - Eastern and Central Eastern Europe are identified as attractive regions for Chinese enterprises due to cost advantages and proximity to EU markets [8][20]. - In mature European markets like Germany, Chinese automotive companies, especially in the new energy vehicle sector, are focusing on expansion [8][20]. - The concept of "glocalization" is emphasized, where companies must adapt to local markets while maintaining global strategies [8][20]. Stages of Globalization for Chinese Enterprises - The current phase of Chinese enterprises going global is termed "Outward 3.0," which integrates technology, supply chain, and management capabilities [11][23]. - Previous phases included "Outward 1.0," focused on product trade, and "Outward 2.0," which involved establishing factories and supply chains abroad [11][23]. - The need for proactive risk management and local integration is stressed to enhance the value of Chinese enterprises in global markets [9][21][23].

Group 1 - The core viewpoint of the article highlights that Cainiao's global overseas warehouse order volume is expected to grow by 32% year-on-year by 2025, continuing to lead the industry in growth rate [2] - The growth in order volume is attributed to the accelerated international expansion of "Made in China" brands, with an increasing share of smart products in Cainiao's overseas warehouse business [2] - A significant trend in the new wave of Chinese enterprises going global is the focus on building global brands, with a consensus that "globalization means localization," making overseas warehousing a key strategy for localization [2] Group 2 - According to customs data, China's high-tech product exports are projected to reach 5.25 trillion yuan in 2025, marking a growth of 13.2%, while exports of self-owned brand products are expected to grow by 12.9%, increasing their share of total exports by 1.4% [3] - Leading smart cleaning appliance brand Ecovacs and projector brand XGIMI have achieved triple-digit year-on-year growth in order volume from Cainiao's overseas warehouses, while several leading brands in 3D printing, such as Anycubic, have seen double-digit growth [3] - Cainiao plans to launch over 10 new warehouses globally in 2025 and increase investments in automation equipment like AGV robots and automated sorting lines, enhancing both order processing capacity and labor efficiency [3]

Group 1: Growth Trends - The "first growth curve" driven by the "numerator" is recognized, with a shift from infrastructure to manufacturing exports expected in 2025[4] - China's overseas investment demand is still on a high growth trajectory, with a three-year rapid growth cycle observed in capital goods exports[4] - In 2025, direct investment in countries along the Belt and Road Initiative (BRI) is projected to increase significantly, particularly in Asia and Africa[4] Group 2: Risks and Challenges - Geopolitical risks, particularly from Western countries, are increasingly impacting overseas investment decisions, exemplified by the U.S. "long-arm jurisdiction" policies[4] - Emerging economies face challenges related to economic stability and high debt levels, with African nations experiencing a shift from concessional loans to higher-cost commercial loans[4] - High inflation rates in regions like Africa, averaging 18.6% in 2024, pose risks to profit margins for companies operating abroad[4] Group 3: Strategic Responses - The Chinese government aims to enhance cooperation with BRI countries and improve risk management in overseas investments as outlined in the 14th Five-Year Plan[4] - Development of international financial infrastructure, such as the Hong Kong Gold Exchange, is seen as a key lever to mitigate risks associated with overseas investments[4] - The establishment of a gold central clearing system in Hong Kong is expected to facilitate RMB-denominated gold transactions, enhancing financial stability for emerging economies[4]

Core Viewpoint - The establishment of the "Hainan Free Trade Port Intermediary Service Platform" aims to provide comprehensive services for Chinese enterprises going global, leveraging Hainan's policies to enhance cross-border investment and supply chain integration [1][2]. Group 1: Hainan Free Trade Port Initiatives - The platform, initiated by China Galaxy Securities and other institutions, will integrate professional services and overseas resources to attract multinational businesses to Hainan [1]. - Hainan's unique customs supervision model, characterized by "one line open, two lines controlled, and free within the island," is expected to facilitate Chinese enterprises' global expansion and supply chain development [1][2]. Group 2: Economic Impact and Growth - Official data indicates that China's foreign trade is projected to grow at a rate of 6.1% by 2025, with a 7.5% year-on-year increase in foreign direct investment in the first 11 months of 2025 [1]. - From 2021 to 2024, Hainan's actual foreign investment is expected to grow at an average annual rate of 97%, with a reported investment of $3.17 billion in the first ten months of 2025, marking a 42.6% increase year-on-year [2]. Group 3: Sector-Specific Developments - The automotive industry is anticipated to export over 7 million vehicles by 2025, with Hainan positioned to become a hub for parts and vehicle transactions, logistics, and after-sales services targeting Southeast Asia [3]. - Companies like New Ziguang Group are expanding their operations in Hainan to include research and development, aiming to create a comprehensive ecosystem in chip design, digital economy, and high-end manufacturing [3]. Group 4: Logistics and Supply Chain Transformation - The logistics sector is expected to undergo significant changes, with China Logistics Group planning to develop a global smart logistics platform and multi-modal transport channels in Hainan [4]. - The focus will be on providing end-to-end cross-border logistics support, enhancing the resilience of cross-border supply chains for enterprises [4].