Core Insights - The article presents a forecast for the financial market in 2026, emphasizing the importance of adjusting investment strategies in light of ongoing market trends and economic conditions [2][4]. Group 1: Investment Philosophy - Emphasis on the unprecedented low interest rate environment and the importance of quality equity investments [3][4]. - Investors are advised to avoid the temptation of quick profits and to extend their investment horizons [5]. - The article highlights the cyclical nature of markets, suggesting that after a prolonged bull market, a period of consolidation or correction is likely [5]. Group 2: Key Trends for 2026 - The end of the global interest rate reduction cycle is anticipated, with varying impacts on stocks, bonds, and currencies [8][20]. - De-globalization remains a dominant trend, with fiscal policies being a common response to this phenomenon [9][30]. - The A-share market is expected to focus on relative value within asset classes, with a significant wave of fixed income products emerging [10][38]. - The Hong Kong stock market is projected to show increasing valuation advantages [11][60]. - The financial industry is expected to experience accelerated differentiation and consolidation [12][68]. - The wealth management sector is entering a new era of diversified asset allocation [13][71]. - The AI sector is entering a phase of significant differentiation, with a focus on who can build effective ecosystems [14][81]. - The trend of "anti-involution" is expected to continue, impacting investment strategies [15][90]. - A new era of outbound investment for Chinese companies is emerging, driven by global supply chain restructuring [16][94]. - Two significant trends are identified: accelerated asset securitization by local governments and societal K-shaped economic divergence [17][101]. Group 3: Market Implications - The anticipated end of the interest rate reduction cycle suggests that the valuation uplift from declining rates will slow, making profit-driven sectors more critical [26][25]. - The article discusses the expected impacts on various asset classes, including U.S. stocks, A-shares, and bonds, highlighting the need for strategic adjustments in investment positions [27][28][29]. - The A-share market is seen as a critical area for investment, with a focus on its relative value compared to other asset classes [43][48]. - The article emphasizes the importance of understanding the core role of the stock market in economic development and its potential as a wealth reservoir [49][50].

Core Viewpoint - The article discusses the challenges and costs faced by Chinese companies operating in Morocco, emphasizing the need for adaptation and strategic planning to succeed in a foreign market while navigating high operational costs and cultural differences [5][10][106]. Group 1: Identity - Chinese companies are establishing operations in Morocco to maintain access to European markets, driven by the "China +1" strategy to mitigate risks associated with sourcing from China [11][12][17]. - The geographical proximity of Morocco to Europe, along with favorable trade policies, makes it an attractive location for manufacturing [14][15]. Group 2: Cost Structure - The construction costs in Morocco can be more than double those in China, with local standards leading to higher material costs [20][23]. - Maintenance and repair costs are significantly higher, with examples showing that simple repairs can cost ten times more than in China [25][27]. - Small components, such as screws, can be exorbitantly priced compared to domestic costs, necessitating the import of parts from China despite longer lead times [28][30]. Group 3: Standards - High levels of automation are being adopted in Moroccan factories to compensate for the lack of skilled labor, with some factories operating with significantly fewer workers than traditional setups [37][40]. - The reliance on machines is not only for efficiency but also to ensure stable production in the face of labor challenges [41][42]. Group 4: Adaptation - There is a notable difference in work ethic and reliability between local labor groups, with a preference for hiring Berber workers over Arab workers due to perceived differences in work attitudes [46][50]. - Companies often adopt a mixed hiring strategy, employing local workers for basic roles while retaining skilled Chinese workers for critical positions [51][52]. Group 5: Time - Training local workers to meet industrial standards requires significant time investment, often exceeding initial expectations [58][59]. - The cultural differences in work processes necessitate a patient approach to training, with a focus on building habits over time [56][58]. Group 6: Communication - Language barriers pose significant challenges in production settings, leading to misunderstandings that can affect product quality [61][62]. - Companies are developing internal codes to bypass language issues, creating a shared understanding among workers [66][67]. Group 7: Beliefs - Local cultural and religious practices significantly influence work schedules and employee availability, with many employees prioritizing personal beliefs over work commitments [70][76]. - Understanding and accommodating these cultural factors is essential for effective management in Morocco [78][80]. Group 8: Market - Despite efforts to develop the electric vehicle market, actual sales remain low, with most production aimed at export rather than local consumption [84][88]. - The disconnect between production capabilities and local market demand highlights the challenges of operating in a "production-isolation" environment [86][91]. Group 9: Management - Traditional management practices from China may not be effective in Morocco, where local employees may prioritize personal circumstances over work incentives [95][98]. - Companies must navigate local labor laws and cultural sensitivities to implement effective management strategies [101][102].

公司情报专家《财经涂鸦》获悉，近日，邓白氏发布《迈向高质量全球合作: 投资、供应链与信息流的数据洞察》。 其次，服务能力与专业化提升方面，商业服务与工程、会计、管理及相关服务合计占比17.3%，表明中国企业出海已 从传统制造和资源型投资，逐步迈向输出管理经验、技术解决方案和研发能力。 第三，中国企业在海外控股及投资公司排名第三，占比 9.7%，进一步凸显资本驱动型模式主导——企业倾向于通过设 立或收购控股公司，实现跨国资产配置与税务优化，增强财务灵活性。 此外，在能源与基础设施战略布局上，电力、瓦斯及相关服务占比 6.9%，结合"一带一路"沿线能源合作，显示中国企 业在全 球能源安全和基础设施领域的深度布局。 其中，新加坡在控股投资公司和商业服务上表现强劲，符合"贸易枢纽"定位；欧美部分国家(德国、英国、法国、意大 利、西班牙)在工程、 能源、商业服务等行业有明显集中度。 报告显示，全球资本正持续布局中国，中国香港与离岸路径成为关键枢纽。其中中国香港单一来源对华股权投资占比 高达55.6%，是最重要的对华股权"中转平台"。 在被投资端，服务、渠道、制造三大主引擎驱动企业布局。其中服务类占比最高，商业服务及工程 ...

重要提醒 报告导读： 中国企业正进入大出海时代，并向着全球价值链高端环节进军。全球宽松周期 后半程，海外工业化与基建投资进入上行周期，中国科技制造外需的增长韧性或超预期。 产业出海是制造业国家经济转型的关键一跃，中国正进入出海加速阶段。 中企出海的本质是在全球新一轮产业链转移的背景下，中国产业占领产业链高附加 值环节并走向深度全球化的过程。 历史经验看， 出海既是国家的主动战略规划，也是现实增长约束下的合理选择。在国内要素成本上升、外部市场准入趋严 与本币升值压力下，向价值链高端化转型与推动产业出海是高质量发展的必然要求。海外制造业大国通常在人均 GDP 约 1.5 万美元后进入近十年的出海加速 期，同时伴随着本币的新一轮升值周期。我们认为，走向全球的中国企业可以更好立足国内创新等要素比较优势整合全球低成本资源，并一定程度减少贸易摩 擦与改善国际经贸关系。在"既看 GDP 也看 GNI "的增长目标下，中国经济发展模式正从" GDP 目标 - 投资驱动 - 扩大出口"向" GNI 目标 - 创新驱动 - 出海加速"加快转变。 全球产业竞争优势快速提升，中企走向 2.0 时代体系化出海。 中国近年来贸易竞争力快 ...

中东"遍地是黄金"，但黄金"埋得很深"。 第一次去到中东的外国人，或多或少会对这里经常满座的咖啡馆感到奇怪。深夜十一点，走进沙特利雅得的商场，中庭咖啡区依然人声鼎沸，头巾裹发、长 袍及地的当地人三五一桌聚在这里，什么也不做，只为了聊天。 "只要咖啡馆开门，晚上基本满座。"常驻迪拜的Chainbridge CTO李伟发现，中东人对于聊天的热情远远超乎外来者的想象，他们经常和家族以及朋友在晚 上聚在一起聊天。也有当地从业者感慨，这里的线下实体店，如果不带点社交属性都不好做生意。 炎热的气候塑造了这里独特的作息。夏季白天温度可达四五十度，当地人一般在日落才外出活动，晚上九点至十二点是商场、咖啡馆最热闹的时段。由于宗 教文化影响，线下娱乐选择有限，聚会聊天成了最主流的社交方式。 大约十年前，一些中国企业敏锐地捕捉到中东北非（MENA）地区这种旺盛的社交需求，并将其迁移至线上，打造出语音房、游戏社交等产品，构筑起社交 娱乐帝国。雅乐(YALA.US)和赤子城（09911.HK）是做得较大的两家。 "遍地是黄金"是中东市场广为人知的标签，但赤子城科技高级副总裁宋朋亮认为，这里的"黄金埋得很深"，对于习惯高举高打、追求速成 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：一观大势 核心观点：中国企业正进入大出海时代，并向着全球价值链高端环节进军。全球宽松周期后半程，海外 工业化与基建投资进入上行周期，中国科技制造外需的增长韧性或超预期。 摘要 ▶产业出海是制造业国家经济转型的关键一跃，中国正进入出海加速阶段。中企出海的本质是在全球新 一轮产业链转移的背景下，中国产业占领产业链高附加值环节并走向深度全球化的过程。历史经验看， 出海既是国家的主动战略规划，也是现实增长约束下的合理选择。在国内要素成本上升、外部市场准入 趋严与本币升值压力下，向价值链高端化转型与推动产业出海是高质量发展的必然要求。海外制造业大 国通常在人均GDP约1.5万美元后进入近十年的出海加速期，同时伴随着本币的新一轮升值周期。我们 认为，走向全球的中国企业可以更好立足国内创新等要素比较优势整合全球低成本资源，并一定程度减 少贸易摩擦与改善国际经贸关系。在"既看GDP也看GNI"的增长目标下，中国经济发展模式正从"GDP 目标-投资驱动-扩大出口"向"GNI目标-创新驱动-出海加速"加快转变。 ▶全球产业竞争优势快速提升，中企走向2 ...

北京商报讯（记者 徐慧）近年来，伴随着中国企业海外拓展，各种跨境商业纠纷也显著增多。如何做好事前防范、事中处理，少踩坑甚至不踩坑？在12月 23日举办的中国国际服务贸易交易会"服贸大咖谈"之行业篇——商务服务法律专题活动上，来自中国国际经济贸易仲裁委员会、北京市方圆公证处、君合律 师事务所、北京德恒律师事务所、炜衡律师事务所、万商天勤律师事务所、北京周泰律师事务所的专家围绕"法律服务助力中国企业出海"的主题，分享了各 自观点和实战经验。 手段 2017-02-01 CIFTIS COMMENTRE 法律服务助力中国企业出海 ter and the comment of A nam II 00 2 4 TH BAL HA LEA LEAR - 中国国际经济贸易仲裁委员会（以下简称"贸仲"）事业发展处处长、欧洲仲裁中心秘书长陆菲表示，随着全球服务贸易规模持续扩大、合作形态不断创新， 商业往来中不可避免的争议问题也随之凸显。而高效、公正、具有全球执行力的争议解决机制，正是消除合作壁垒、筑牢互信基础、推动全球服务贸易持续 健康发展的核心保障。 近年来，仲裁案件各项业务指标再创新高。以2024年为例，新受理案件6013 ...

Core Viewpoint - The article discusses the economic situation in Egypt, focusing on the significance of the inexpensive staple food, "baladi bread," as a reflection of the country's broader economic challenges and opportunities for foreign investment, particularly from Chinese companies [8][10][86]. Group 1: Economic Context - The price of "baladi bread" has increased from 0.05 EGP to 0.2 EGP, which seems minimal but represents a significant burden for many families in Egypt [12][14]. - The average Egyptian household spends a substantial portion of their income on bread, with some families potentially spending 10% of their income just to meet basic food needs [15][14]. - The economic landscape is characterized by limited job opportunities and low income levels, leading many Egyptians to seek work abroad, particularly in wealthier Gulf countries [16][17]. Group 2: Talent and Human Capital - Despite low GDP per capita, Egypt is referred to as the "brain warehouse" of the Middle East, with many Egyptians holding high positions in various sectors across the region [20][22]. - The cultural and linguistic advantages of Egyptians make them valuable in the Arab world, as they are often preferred for roles in management and legal professions [25][30]. - Companies looking to invest in Egypt can benefit from the local talent pool, which is often well-educated and skilled, particularly in sectors like law and education [20][24]. Group 3: Investment Opportunities - Egypt offers 100% permanent land ownership to foreign companies, which is a significant incentive for long-term investment [40][46]. - The rental policies in Egypt typically range from 30 to 50 years, but the option for permanent ownership encourages companies to invest in infrastructure and local talent development [41][47]. - Companies like ElSewedy are taking proactive steps to address the skills gap by establishing technical schools to train local talent, ensuring a workforce that meets industry needs [51][54]. Group 4: Cultural Considerations - Understanding and respecting local customs, such as the five daily prayers of Muslims, is crucial for foreign companies operating in Egypt [56][61]. - Successful companies in Egypt integrate cultural practices into their operations, such as accommodating prayer times in work schedules, which fosters employee loyalty and respect [64][66]. - The article emphasizes that cross-cultural management and respect for local traditions can lead to better business outcomes and stronger relationships with local employees [66][68]. Group 5: Strategic Approach for Companies - The article outlines three stages of international expansion for companies: selling products, building systems, and integrating into the local economy [69][70]. - Companies that merely sell products are seen as temporary players, while those that build systems become essential tools for local development [81]. - The ultimate goal for companies should be to become integral parts of the local economy, contributing to social and economic stability while ensuring their own long-term success [78][82].

专题：第二十二届中国国际金融论坛 "无论你在上海做离岸金融，或在大湾区和海南，不可能脱离中国的外汇监管来做自己的规则。无论企 业出去到哪里或者是做离岸金融，一定要了解中国的外汇监管，中国外汇监管规则是非常复杂的。" 他还提到，如果有争议解决的话，"你的资产在哪里，就在哪里解决问题"。"比如我到俄罗斯投资，我 的争议解决就可以选俄罗斯的法院或者是俄罗斯的仲裁机构解决。到香港仲裁或到新加坡仲裁可以吗？ 可以，但是后面会碰到很大的问题。" 谈及中国企业"出海"，刘江谈到，大家讲"不出海就出局"。"在平时路演中，我们也会引用老外对中资 企业出海的一句经典评价，'要么是在餐桌上，要么在菜单里'（If you are not on the table， you are on the menu）。" 他表示，希望中资企业出海的时候能够更加主动、更加审慎的应对所的金融风险。让金融风险无论是汇 率、利率、大宗商品、信用、天气所有的金融风险，或者说所有能够用金融衍生品对冲的风险，都能够 管理得驾轻就熟。这样企业只要聚焦自己的产品和销售，出海就能游刃有余。 "离岸可能就是最好的承载金融衍生品、金融风险管理职能的桥头堡和前线阵地。" ...

专题：第七届"中国造隐形冠军"长青恳谈会 第七届" 中国造隐形冠军"长青恳谈会于12 月18日-19 日在北京举行，主题为金融强国与隐形冠军强链。 海尔智家股份有限公司副总裁、全球采购总经理李洋出席并演讲。 李洋指出，目前是中国企业出海最好的机遇。"我们在东南亚，如泰国、越南，甚至在很多国家，都看 到大批中国企业出海。只要在国内有竞争力的企业，出海后基本上都是降维打击。做过海外生意的都能 体会到这一点。所以，现在是最好的机遇。" 李洋表示，因此，海尔智家对伙伴提出了三个30%的目标要求：第一个30%，针对愿意跟着海尔一起出 海的伙伴，给予30%的订单支持；第二个30%，在海外市场承诺每年的增幅不低于30%；第三个30%， 希望与其他生态合作伙伴一起共创。如果有新方案，海尔愿意拿出30%的增值与伙伴分享。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 专题：第七届"中国造隐形冠军"长青恳谈会 第七届" 中国造隐形冠军"长青恳谈会于12 月18日-19 日在北京举行，主题为金融强国与隐形冠军强链。 海尔智家股份有限公司副总裁、全 ...