以下文章来源于暗涌Waves ，作者屈田 暗涌Waves . 钱的流向，人的沉浮。36氪旗下投资报道账号。 从来都不是一场短跑。 文 ｜ ATM Capital 屈田 来源｜ 暗涌Waves（ID：waves36kr） 封面来源 ｜ IC Photo 作为中国第一代互联网产品经理，屈田2007年开始投资移动互联网，也是美团、UC Web等项目的早期投资人。2017年开始肉身出海，扎根印尼雅加 达，在几乎无人看清方向的时刻，押注东南亚与中国企业的全球化。 很多人把出海理解为一道选择题：留在中国，还是去更远的地方。但对屈田来说，那更像一场漫长的对时：与趋势对时，与耐心对时，也与自我对时。不 是比谁更快，而是比谁的表针与时代咬合得更准。 那时，极兔还只是一个模糊的物流构想，印尼街头的电商包裹远未像今天这样密集。他亲历了这家公司从东南亚、到中国、再到全球的三次生死突围。 外界后来喜欢用"前瞻"解释这一切。但在他自己的表达里，更真实的词是"忍"：在浪真正到来之前，必须先学会独自站在岸边、承受漫长的曝光。 九年间，屈田见过太多企业把出海只是当成"多开一家分公司"，也见过太多人在受挫后折返。他对这些失败的总结是，缺乏深度本 ...

在近年波动的市场环境中，"全球产业链重构"和"中国企业出海"已成为投资领域的关键词，但在南方基 金基金经理范佳瓅的框架里，这并不是一个追逐热点的口号，而是一个基于产业深度观察和长期确定性 研判的系统性投资逻辑。 范佳瓅曾在多家头部券商和公募基金担任分析师及投资经理，目前管理南方发展机遇一年持有期混合 （014031）与南方智锐混合（007733）两只产品。他的投资方法论可概括为：在时代的主要矛盾中，寻 找结构性的产业趋势，并自下而上精选具备差异化竞争力的公司。 在范佳瓅的分析框架中，本轮中国企业的海外扩张，与上一轮以贸易为主的出口有着本质不同。他在基 金季报中将其特征归纳为："集群式出海"。这意味着不再是单一产品输出，而是产业链中的核心企业 （链主）带动上下游协同进行海外产能布局，例如汽车整车厂与零部件供应商的集体落地。这种模式能 更深地嵌入当地经济，形成更稳固的竞争壁垒。 他坦言，研究出海企业存在天然的高门槛，如信息获取难度大、跨国经营跟踪复杂等。但他认为，这恰 恰为深度研究创造了价值空间。许多优质公司的估值并未充分反映其海外业务的长期成长潜力，这为专 业投资者提供了机会。他倾向于通过适度的行业与区域分散， ...

Core Insights - In 2025, the globalization journey of Chinese enterprises has not shifted due to any single event, but rather has undergone a paradigm evolution through multiple accelerating and intersecting trajectories [1] - The core logic of going abroad is transitioning from a clear path focused on scale and efficiency to a more complex, decentralized reality that is difficult to replicate [1][10] - Success in overseas operations increasingly depends on deep localization capabilities, forward-looking compliance layouts, and technology and system outputs beyond the products themselves [1][10] Overall Changes in 2025 - The industry coverage of Chinese enterprises going abroad has expanded, with sectors such as AI, new energy vehicles, cross-border e-commerce, and cultural consumption accelerating their globalization efforts [2][15] - Southeast Asia remains a stable testing ground, while regions like the Middle East, Latin America, and Africa are emerging as crucial sources of growth, with the European and American markets evolving into high-value, high-barrier strategic competitions [2][15] - The shift in overseas business models is marked by a transition from light to heavy investments, with companies focusing on foundational infrastructure like cloud computing and AI computing power [2][19] Regional Dynamics - The "Global South" has surpassed its role as a mere market supplement, becoming a core area for Chinese enterprises to build strategic depth, leveraging demographic dividends and digital transformation opportunities [2][14] - The Gulf region is notable for its significant investments in data centers and computing clusters, aiming to create a self-sufficient AI industry ecosystem [3][14] - In contrast, competition in the European and American markets has escalated to regulatory and compliance levels, with a shift towards capital control and safety reviews, creating high-cost institutional barriers [3][14] Industry Restructuring - The path for key industries going abroad is fundamentally being restructured, with the AI sector transitioning from a follower to a leader, achieving breakthroughs in open-source model capabilities [4][15] - The automotive industry's focus has shifted from mere export expansion to deep localization, with many companies establishing complete vehicle factories or CKD assembly plants overseas [4][15] - Cross-border e-commerce is experiencing a revolution in fulfillment models, with "overseas warehouses + local fulfillment" becoming mainstream, marking a shift in competition towards backend fulfillment and infrastructure capabilities [4][15] Strategic Evolution - Chinese brands are improving their global reputation, entering a critical window for transitioning from a focus on sales volume to brand premium [5][15] - The first generation of overseas expansion experiences, reliant on platform dividends and low-cost traffic, is systematically failing under increasing competition and high traffic costs [5][15] - The overseas service system is evolving from passive responses to proactive layouts in key regions, expanding service offerings to local and global clients, marking a new phase of "serving globally" [5][15] Conclusion - The landscape of Chinese enterprises going abroad in 2025 indicates that globalization has entered an era requiring greater resilience, where success depends not only on the courage and speed of going out but also on the determination to integrate deeply and build sustainable competitive advantages in complex environments [6][10]

Group 1: Global Expansion of Chinese Manufacturing - The trend of Chinese manufacturing companies expanding globally is accelerating, particularly in tariff-sensitive sectors such as automotive, consumer electronics, and machinery, which are relocating production to countries with lower tariffs or favorable policies to reduce costs and mitigate trade risks [2][3] - Chinese manufacturers are diversifying their global supply chains by exploring emerging markets in Latin America, the Middle East, and Africa, thereby enhancing supply chain stability and risk resilience [2][3] - The implementation of regional economic cooperation mechanisms and free trade agreements, such as RCEP, is creating a more favorable policy environment for the globalization of Chinese manufacturing [3] Group 2: Overseas Mergers and Acquisitions - Chinese manufacturing companies are leveraging overseas mergers and acquisitions to transition from OEMs to self-owned brands, gaining market share, sales channels, and high-end brand images [3][4] - The focus of these acquisitions is shifting towards strategic alignment in brand, market, technology, and supply chain integration, enhancing global competitiveness [3][4] - Companies like Haier exemplify this trend by achieving breakthroughs in the European and American markets through acquisitions, thereby strengthening their global competitive advantage [3][4] Group 3: Labor-Intensive Industries and Cost Migration - Labor-intensive industries are increasingly relocating to low-cost regions such as Southeast Asia and South Asia, benefiting from local labor advantages and policy support [4][5] - The trend of regional industrial clusters is forming as companies seek to reduce costs and improve response efficiency through localized production [4][5] - The global supply chain is becoming more regionalized, with multinational companies establishing collaborative industrial clusters in emerging regions to enhance supply chain resilience [4][5] Group 4: Resource Sector Globalization - Chinese resource companies are accelerating their global expansion by constructing complete industrial chains from mining to processing and application, enhancing their control and influence in the global resource sector [6][7] - The focus is shifting from merely acquiring resources to deep integration of upstream and downstream operations, utilizing diverse cooperation methods such as equity investments and joint ventures [6][7] - Notable examples include the acquisition of cobalt mines in the Democratic Republic of Congo and lithium companies in Australia, showcasing the strategic foresight of Chinese enterprises [6][7] Group 5: Digital Transformation and Brand Value - Chinese companies are transitioning from low-cost manufacturing to brand value creation, utilizing digitalization to enhance brand building and global competitiveness [9][10] - Companies like Anker and Xiaomi are leveraging localized operations and digital marketing to establish strong brand identities and achieve significant sales growth [9][10] - The focus on digital transformation is enabling companies to create differentiated brand matrices and improve supply chain management, enhancing market competitiveness [9][10] Group 6: Compliance and Localization - Compliance and localized operations are becoming core competitive advantages for Chinese enterprises in international markets, with a focus on establishing robust global compliance systems [11][12] - Companies are actively building global compliance monitoring systems to ensure adherence to regulations in areas such as data security and environmental standards [11][12] - The ability to navigate compliance challenges is increasingly seen as integral to brand value and international market acceptance [11][12] Group 7: Policy Support for Globalization - Recent policy initiatives from the Chinese government are creating unprecedented opportunities for enterprises to expand internationally, emphasizing high-level openness and integration into the global economy [13][14] - The focus on developing new production capabilities and promoting the integration of the real economy with the digital economy is expected to provide clear guidance for companies in the new round of global competition [13][14] - Structural monetary policies are anticipated to offer targeted financial support to foreign trade enterprises, aiding their internationalization efforts [14] Group 8: Cultural and Ideological Export - Chinese enterprises are increasingly integrating cultural content with brand ideology to enhance cultural soft power and global brand value [18][19] - The growth of cultural consumption globally is driving the export of diverse cultural products, including games and films, with significant revenue growth reported [18][19] - The focus on building a robust IP ecosystem and localizing content production is crucial for enhancing global appeal and emotional resonance with audiences [18][19]

品牌出海、供应链出海、跨境电商……路径众多，却从无一份放之四 海而皆准的答案；北美、东南亚、中东、拉美……市场广阔，也各有 风浪挑战。每一段远征背后，都是中国企业躬身入局的探索；每一个 遥远海岸线上，正涌现更多来自中国的身影。 每个星期，都会有14架航班往返于北京与乌兹别克斯坦首都塔什干。在这条距离4000公里的航线上，胡 海几乎是过去2年来最频繁出现的乘客之一。 "飞乌兹别克斯坦的航班永远都是爆满。不止我们看好中亚市场，去做商务考察的企业也越来越多。"胡 海是华立集团的海外副总裁、乌兹别克华塔（中亚）工业园开发有限公司负责人。从2005年参与建设华 立在泰国的泰中罗勇工业园，到2015年在墨西哥荒漠中从零开始开发华富山工业园，再到如今开拓乌兹 别克斯坦市场，胡海的职业生涯几乎与中国制造业出海的大潮同步。 虽然已经有20多年海外工作经验，但胡海还是觉得，每一个接手的新项目都意味着一次从零到一的创 业，没有现成的经验可以简单复制。 "你们的海外园区是怎么做起来的？""中国企业走出去，真的那么难吗？"是胡海被问到最多的问题。但 对他来说，企业出海的宏大叙事之下，是"工厂怎么通电通水""员工吃不惯当地饭菜""怎么交 ...

中国力量席卷全球: 绿色赋能地产先行 掀起全球制造出海新浪潮 本白皮书系统梳理中国企业出海的发展现状，路径、挑战及全球化 新机遇，重点纳入企业海外房地产布局的核心逻辑与实践路径。 莱坊 2026年1月15日 "字体颜色"(Font Colour) 的下方 与您并肩同行的地产伙伴 knightfrank.com/research 使用滴管工具(eyedropper tool )可选择所需颜色。滴 管工具位于"形状填 充"(Shape Fill)、"形状 轮廓"(Shape Outline)或 如何调整或删除目录标题的数量: 1.点击视图(View) >母版(Slide Master) 2.删除不需要的目录标题及下划线 3.点击"关闭母版视图"(Close Master View) 可返回原始目录页 目录 中国力量席卷全球：绿色赋能地产先行 掀起全球制造出海新浪潮 目录 | 01 | 前言 | 03 | | | --- | --- | --- | --- | | 02 | 中国企业出海现状分析 | 04 - | 08 | | 03 | 出海目的国 | 09 - | 11 | | 04 | 出海行业领域 | 12 ...

Core Insights - Chinese enterprises are transitioning from "product export" to "global operational system export" in their international expansion efforts, with discussions at the Shanghai Two Sessions highlighting the importance of compliance and mutual benefits in global operations [1][3] Group 1: Market Trends and Data - By 2025, Shanghai's total foreign trade import and export volume is projected to reach 4.51 trillion yuan, a year-on-year increase of 5.6%, with actual foreign investment expected to hit 16.06 billion USD [1] - There is a notable acceleration in the establishment of regional headquarters and foreign research and development centers by multinational companies in Shanghai, indicating a positive trend in trade diversification, particularly with ASEAN and Belt and Road Initiative countries, which saw import and export growth of 10.4% and 12.1% respectively [1] Group 2: Collaborative Strategies - The concept of "mutual benefits" is emphasized as a core principle for Chinese enterprises going global, illustrated by a case where Chinese tech companies collaborated to address food security issues in the UAE through innovative agricultural solutions [3] - The importance of leading enterprises in organizing collaborative efforts among different companies to transform products, services, and technologies into comprehensive solutions is highlighted [3] Group 3: Recommendations for Improvement - Suggestions for enhancing cross-border operations include deepening cooperation between Shanghai and Hong Kong, leveraging capital and professional services to facilitate joint ventures [4] - The establishment of a "big model" for enterprises going global, integrating experiences and information resources to empower cross-border services, is recommended [4] - A call for expanding Shanghai's overseas office network to strengthen its role as a hub for the Belt and Road Initiative, providing comprehensive support for enterprises [4] Group 4: Professional Service Development - The demand for specialized services in cross-border investment and risk management is increasing as enterprises in the Yangtze River Delta enter a new phase of high-quality development [6] - Recommendations for building a professional service system include improving government service efficiency, standardizing professional services, and developing compliance technology solutions [6] - The creation of an open and collaborative professional service ecosystem is encouraged, with local firms supporting enterprises in their international ventures [6]

Core Insights - The 2026 China Enterprise Reform and Development Research Association annual conference was held in Beijing, focusing on the theme "New Journey, New Mission, New Responsibility" [2] - The conference featured the release of ten key research topics aimed at guiding enterprises in navigating complex internal and external environments [4] Group 1 - The research topics were selected based on forward-looking, practical, and strategic principles, addressing key areas and core needs of Chinese enterprise reform and development [4] - The ten research topics include: 1. Research on the integration of party building and production operations in state-owned enterprises 2. Research on improving the modern enterprise system with Chinese characteristics 3. Research on cultivating the entrepreneur team and promoting entrepreneurial spirit 4. Research on the deep integration of industrial innovation and technological innovation 5. Research on the coordinated development of state-owned and private economies 6. Research on lean digitalization theory and practice 7. Research on AI-native enterprise development models 8. Research on supply chain ESG management 9. Research on the vitality and value contribution of talent in state-owned enterprises 10. Research on Chinese enterprises going global [4]

Core Viewpoint - The article highlights the strategic transformation of Shanghai Mingzhi Electric Co., Ltd. from a "China-leading" to a "global-leading" enterprise by establishing an overseas manufacturing base in Vietnam, optimizing the global supply chain [1] Group 1: Company Expansion and Challenges - Mingzhi Electric's overseas expansion began several years ago, driven by increasing international market competition and global customer demand, making the establishment of overseas production bases a necessity [4] - The company faces various challenges in cross-border investment compliance, efficient capital allocation, and building an overseas operational system [3][4] Group 2: Financial Institution's Role - Financial institutions are evolving from traditional fund providers to partners that accompany enterprises in their cross-border operations, offering comprehensive solutions rather than just transaction services [5][8] - China Construction Bank (CCB) has partnered with Mingzhi Electric, providing tailored services such as policy interpretation and local account setup to ensure smooth capital flow [5][6] Group 3: Local Insights and Global Network - CCB's approach combines global network capabilities with local market insights, addressing challenges posed by changing policies, such as Vietnam's foreign exchange management adjustments in 2023 [6] - The bank's global financial service center in Shanghai enhances its ability to provide integrated cross-border financial services, ensuring that enterprises can navigate local regulations effectively [6][7] Group 4: Systematic Financial Services - The case of Mingzhi Electric is representative of a broader trend where Chinese companies are shifting from product exports to more complex global operations, prompting financial institutions to deepen their service offerings [7] - CCB has launched the "Shan Jian Hang Yuan" cross-border financial service brand, aiming to create a comprehensive financial service ecosystem that supports enterprises throughout their global operations [7][8] Group 5: Future Outlook - The article emphasizes that Chinese enterprises' overseas ventures have entered a new phase, requiring financial services to adapt to a more systematic support model [8] - CCB aims to enhance its global service capabilities to support more enterprises in their international endeavors, contributing to the narrative of Chinese manufacturing on the world stage [8]

Core Insights - The shift of Chinese companies going abroad has evolved from an optional strategy to a necessity for long-term development, particularly in Southeast Asia, which is becoming a core area for globalization efforts due to its economic growth and strong trade ties with China [1] Group 1: Trends in Chinese Companies Going Abroad - The current trend of Chinese companies going abroad shows a clear upgrade, with a focus on brand establishment, technology cooperation, and long-term market share rather than just short-term orders [2] - The modes of going abroad have diversified from primarily goods trade to include greenfield investments, cross-border mergers and acquisitions, and localized R&D and operations [2] - Factors driving this transformation include domestic industrial upgrades, the Belt and Road Initiative, and investment incentives from Southeast Asian countries [2] Group 2: Opportunities and Challenges in Southeast Asia - Southeast Asia presents a diverse opportunity landscape, with different countries offering unique entry points for various types of businesses, such as manufacturing hubs in Vietnam, Thailand, and Indonesia, and digital innovation centers in Singapore and Indonesia [3] - However, challenges such as increased compliance requirements, geopolitical risks, and difficulties in local integration must be addressed [4] Group 3: Systematic Approach for Successful Expansion - A successful overseas expansion requires a systematic approach involving five key stages: research and site selection, investment and structural planning, operational model design, implementation, and ongoing compliance and risk management [5][6] - The Overseas Direct Investment (ODI) filing is a critical legal prerequisite for initiating overseas actions, and professional assistance can significantly streamline this process [6] Group 4: Building Resilience Against Uncertainties - Companies need to build resilience by prioritizing compliance, diversifying supply chains and markets, utilizing policy financial tools, and cultivating local leadership [7] Group 5: Future Outlook - Southeast Asia is expected to remain a vibrant testing ground and growth engine for Chinese companies' globalization efforts, with successful companies adopting a long-term mindset and viewing overseas expansion as an organizational capability upgrade [8]