Group 1 - As of September 22, 2025, the performance of Chinese assets has been strong, with the Shanghai Composite Index up 14.23%, the Shenzhen Component Index up 26.34%, the Hang Seng Index up 31.33%, and the Hang Seng Tech Index up 40.06%, outperforming the S&P 500's approximately 13% increase this year [1] - High interest from long-term overseas investors in non-US markets, particularly China, Japan, and Europe, is noted, as US stock valuations are considered high [1] - The recent market rebound is supported by a more balanced participation from domestic institutional investors, including insurance, pension funds, quantitative funds, and public funds, alongside retail investors [1] Group 2 - The focus on "anti-involution" has surpassed discussions on US-China trade negotiations, potentially leading to an annual increase of about 2% in corporate profits over the next few years [2] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, predicting an 8% upside for A-shares and a 3% upside for H-shares over the next 12 months [2] - The firm remains optimistic about sectors such as internet, insurance, and materials, while also monitoring opportunities in AI themes and Chinese companies expanding overseas [2]

人们常说，港口是宏观经济的"晴雨表"。有着多年港口从业经历的孙鼎玮深有体会。 他所供职的山东省港口集团(下称"山东港口")是全球吞吐量最大的港口集团，拥有青岛港（601298）、 日照港（600017）、烟台港、渤海湾港四大港口。2024年，该集团货物吞吐量突破18亿吨。 作为山东港口供应链综合服务中心项目主管，孙鼎玮常年与集装箱、原油、干散货、件杂货四大装卸业 务打交道。目前，山东港口集装箱吞吐量超越4400万标箱，居于全球第二位；原油进口量占全国进口量 的1/3以上；铁矿石进口量占全国进口量近1/4；铝矾土进口量占全国进口量近3/5；粮食进口量占全国进 口量近1/5…… 无论是货种多样性还是货量规模性，山东港口都能对宏观经济提供一个较为完整的镜像。 过去，中国只是"世界加工厂"，处于全球产业链中的一环。港口不同货种的吞吐量变化，更多折射出的 是国内宏观经济——铁矿石下游多为基建、地产，与固定投资息息相关；煤炭主要应用于工业领域，反 映出工业运行状况；原油对应着物流，反映出经济活跃程度；冷链食品的增多则体现出消费水平的提 升…… 如今，中国在全球产业链扮演的角色正在发生深刻的变化——越来越多的企业出海、布局 ...

Core Insights - The forum discussed the differentiated survival strategies for securities asset management in the context of evolving market demands and regulatory changes [1][5][6] - Key industry leaders emphasized the importance of absolute returns and tailored investment products to meet client needs [3][14][16] Group 1: Market Trends and Insights - The market has seen significant institutional investment, particularly from insurance funds, with expectations for new opportunities in the second half of the year [2][26] - The equity market is expected to continue its upward trend, supported by improving liquidity and economic fundamentals [21][26] - Four main investment themes are anticipated to drive market rotation: technology innovation led by AI, high-dividend stable assets, Chinese companies' overseas expansion, and domestic supply-demand reversals [21][22] Group 2: Differentiated Strategies - Securities asset management firms are shifting from a scale-oriented approach to one focused on investor interests, emphasizing research capabilities and long-term investment teams [10][12] - Companies are encouraged to develop unique product lines that provide absolute returns and meet specific investment goals, ensuring long-term viability [3][14] - The integration of quantitative and subjective investment strategies is seen as a way to enhance market understanding and improve investment outcomes [18][19] Group 3: Product Development and Client Focus - Firms are focusing on creating products that deliver value to clients, particularly in absolute return strategies and customized investment solutions [14][16] - The importance of a sales-driven approach in asset management is highlighted, with a need to educate clients on asset allocation and investment strategies [16][17] - The development of innovative financial products, such as ETFs and customized investment vehicles, is crucial for meeting diverse investor needs [12][13] Group 4: Future Outlook - The market is positioned for positive developments, with expectations of increased capital inflows and a favorable economic environment in the coming year [21][26] - Companies are advised to focus on sectors with reasonable valuations and strong competitive positions, particularly in technology and manufacturing [24][26] - The emphasis on long-term investment strategies and the cultivation of specialized research teams will be vital for future growth in the asset management industry [10][12]

作者 | 兰杰 编辑 | 乔芊 历经4次禁令延期之后，TikTok命运的走向终于明晰。 9月19日晚，中美元首通话之后，据央视新闻报道，中方在TikTok问题上的立场是清楚的，中国政府尊 重企业意愿，乐见企业在符合市场规则基础上做好商业谈判，达成符合中国法律法规、利益平衡的解决 方案。 随后不久，9月20日凌晨，字节跳动发布公告称，字节跳动将按照中国法律要求推进相关工作，让 TikTok美国公司继续服务好广大美国用户。 在为TikTok续命期间，特朗普曾多次声称有买家在竞购TikTok。今年年初，特朗普曾表示过，未来会设 立一家与 TikTok 的合资公司，美国在其中拥有50%的股份。 9月16日，特朗普还在采访中表示，"我们已经有了关于TikTok的协议"、"现在有一批非常大的公司想收 购它。" 据《纽约时报》9月17日报道，两位知情人士透露，字节跳动将把该应用的美国业务剥离为一家新的公 司，一些TikTok的主要投资者将继续持有在美业务的股份，字节跳动还计划引入新的美国投资者，将中 国投资者的持股比例降至20%以下。 另有两位知情人士表示，为TikTok提供云计算服务的甲骨文也有望成为新公司的投资方之一。 ...

Core Viewpoint - The globalization narrative of Chinese companies is shifting from merely exporting products to offering culturally rich experiences and identities, as highlighted in the recent event "Breaking the Circle: Chinese Brand Culture Goes Global" hosted by 36Kr [1] Group 1: Market Trends and Opportunities - Southeast Asia is currently the fastest-growing export region for China, surpassing Europe and the US, driven by factors such as convenient transportation and favorable tariffs [5] - The consumer goods market in North America and Europe accounts for 72% of the global market, indicating that these regions are essential for any company aiming for true globalization [9] - The organic sales growth in Asia is relatively high, with consumers willing to spend more, suggesting potential for market entry and expansion [11][15] Group 2: Successful Case Studies - Wuliangye's export strategy involves collaboration with Michelin to reposition its brand in markets like Singapore and Thailand, successfully targeting younger consumers with new product offerings [6] - Anta's strategy focuses on acquiring mid-to-high-end brands to enhance its market presence, allowing it to operate globally while maintaining local brand identities [7] - Starry Innovation has found success in the niche market of pool cleaning machines in the US, demonstrating that innovative technology can thrive regardless of brand origin [8] Group 3: Consumer Behavior Insights - Southeast Asian consumers prioritize convenience, health, and value for money, with a cultural inclination towards a relaxed lifestyle, which influences their purchasing decisions [14][16] - The local consumer market shows a preference for affordable alternatives, indicating a strong presence of "value-for-money" products [16] - There is a notable difference in consumer concerns between Chinese and Southeast Asian markets, with the latter being more sensitive to food prices and public service costs [14] Group 4: Strategic Recommendations - Companies must adapt their strategies to local markets rather than simply exporting Chinese products, emphasizing the need for localized marketing approaches [20] - Embracing change and actively seeking out opportunities for globalization can help companies secure a competitive edge in the international market [21]

新华社上海9月19日电 题：从"投资中国"到"扎根中国"，在这里感受外资企业坚定信心 新华社记者周蕊、杨洋 "我们刚在中国投入了全球研发中心""我们对中国经济信心不改""要依托中国的发展而发展"……伴随着"活力中国调研行"采访团在上海的脚 步，一家家在华外资企业热切讲述着自己的"中国故事"——与中国同行，就是与机遇同行。 夏日的上海乐高乐园度假区内，游人如织。这是中国第一座乐高乐园，也是全球开园规模最大的乐高乐园，开业以来迅速成为文旅新地标。 "从动工到开业，仅用时18个月，在建设过程中，我们感受到了政府提供的全方位支持，上海优质的营商环境让乐高乐园的建设跑出了'中国 速度'。"上海乐高乐园度假区总经理陈洁说。 "中国是非常成功的快速发展的经济体，我们不能错过这样的机遇。"德硕管理咨询（上海）有限公司大中华区董事长中野洋辅说，近年来德 硕在华的业务增长迅猛，"我们的业务最开始主要聚焦于支持日本企业在中国发展，现在，我们还帮助中国企业走向东南亚、非洲等地，向全 球'出海'。" "联营办公室的政策打破了以往的服务贸易限制，使我们能够在中外律所合作的基础上，为客户提供跨法域、一站式的高质量法律服务，更好 满足中国企 ...

Group 1 - The 42nd World Conference of the International Association of Science Parks (IASP) was held in Beijing from September 16 to 19, 2025, with participation from emerging market partners and representatives from universities, research institutions, and innovative enterprises [1] - The Middle East is becoming a new blue ocean for Chinese enterprises in manufacturing, digital economy, and local life sectors, with 90% of Chinese companies planning to expand their business in the region, and 44% having formal plans [1] - Sharjah, as a key economic hub in the Gulf region, presents extensive investment opportunities, hosting over 700 Chinese enterprises, with 472 located in the mainland and 245 in free zones [1] Group 2 - Chinese companies looking to enter the Sharjah market are advised to understand the investor-friendly legislative and investment policy environment, and to actively participate in forums and events to build partnerships and reach commercial agreements [3] - The Sharjah Chamber of Commerce is willing to provide services to Chinese investors, including support for business establishment, organization of special business meetings, training development, issuance of certificates of origin, and facilitation of exhibitions [3] - Sharjah welcomes core industries with significant competitive advantages, such as culture, tourism, education, logistics, healthcare, renewable energy, human capital and innovation technology, advanced manufacturing, and agricultural and food technology [3] Group 3 - Companies in the Middle East are seeking advanced partners in greenhouse technology and hydroponics due to the region's complex climate, which requires flexibility between traditional farming and modern cultivation techniques [3] - The CEO of WAHATALFAW highlighted the need for seasonal adaptability in agriculture, using traditional methods from October to March and modern techniques during the hot months from June to September [3] - Ahmed Salim Saeed Alshaiba Almheiri is actively seeking partnerships in China, particularly interested in core planting technologies, and has been participating in organic agriculture exchange meetings during his visits [5]

Core Insights - The article highlights the transformation of Transsion Holdings from exporting smartphones to providing comprehensive digital solutions in emerging markets, reflecting a strategic shift from product export to ecosystem building [2][7]. Group 1: Market Opportunity - Transsion identified a significant opportunity in the African market, characterized by a large, young population and a growing demand for mobile communication [3]. - The company developed specific features tailored to local needs, such as deep skin tone photography and multi-language support, which allowed it to capture structural opportunities in Africa's digitalization process [3][4]. Group 2: Localization Strategy - Transsion's localization strategy includes establishing training academies and production bases in countries like Nigeria and Ethiopia, which enhances local employment and skill development [5][6]. - The ISMARTU factory in Bangladesh represents a significant investment of approximately $22 million, creating over 2,000 local jobs and improving local manufacturing standards [6]. Group 3: Ecosystem Development - Transsion is building a digital ecosystem that integrates smart devices and mobile internet services, moving beyond mere product sales to create a comprehensive service platform [7][8]. - The company has developed various software services, including Boomplay and Phoenix, which have over 10 million active users, showcasing its commitment to a robust digital service framework [7][8]. Group 4: AI Integration - Transsion is integrating AI services tailored to local languages in Africa and South Asia, enhancing the functionality of its diverse product range, including smartphones and wearables [8]. - This integration aims to create a sustainable development model that supports local market growth while advancing Transsion's global presence [8].

Core Insights - The forum "Going Global: New Opportunities" emphasizes the necessity for Chinese enterprises to integrate deeply into global industrial and innovation chains, moving from simple product exports to high-end manufacturing and service capabilities [2][17] - The concept of globalization for Chinese companies is framed as a "must-answer question," highlighting the urgency of adapting to the evolving global landscape [2][4] Group 1: Globalization Strategies - Future strategies for Chinese enterprises should focus on overcoming technical barriers, legal discrepancies, and preventing supply chain disruptions, with an emphasis on collaborative ecosystem building rather than mere resource accumulation [2][4] - The transition from "product export" to "intelligent manufacturing export" signifies a shift towards leveraging digital technology and green innovation as core components of global competitiveness [2][10] Group 2: Challenges and Adjustments - Experts highlight the need for deep adjustments in internationalization strategies due to factors such as U.S. tariff uncertainties, geopolitical conflicts, and the necessity for green transformation [7][10] - Companies are encouraged to restructure their operational models, enhance risk management, and diversify supply chains while accelerating digital and intelligent transformations [7][10] Group 3: International Cooperation - The launch of the "China Enterprises Going Global Chain Integration Global Service Partner Program" aims to provide comprehensive support for enterprises venturing abroad, emphasizing the importance of a collaborative network involving government, enterprises, and service platforms [10][16] - The forum underscores the significance of mutual empowerment and ecological co-construction in achieving win-win cooperation, with a focus on localizing operations and respecting local cultures [16][17] Group 4: Case Studies and Innovations - Companies like Jinzhengdai Group and Zhejiang Jiaxing's Puyuan Town are showcased for their innovative approaches in agricultural technology and digital trade, respectively, demonstrating successful models of globalization that integrate technology and local production [12][10] - The emphasis on cultural integration and brand internationalization reflects a broader strategy where Chinese brands not only export products but also promote cultural values and narratives [12][13]

Core Insights - The State Council meeting on September 12 emphasized the need to improve the overseas comprehensive service system to support Chinese enterprises in international cooperation and competition [1][2] - China's outbound direct investment flow is projected to reach $192.2 billion in 2024, marking an 8.4% increase from 2023, and maintaining a global share of 11.9% [1] - The total stock of China's outbound direct investment is expected to reach $3.14 trillion by the end of 2024, continuing to rank among the top three globally for eight consecutive years [1] Investment Trends - The 2024 China Outbound Direct Investment Statistical Bulletin indicates a high level of investment willingness among Chinese enterprises, despite facing uncertainties [1] - The China Enterprises Outbound Investment Activity Index shows that the overall investment intent remains robust in the first half of the year [1] Service System Development - The Central Economic Work Conference proposed enhancing the overseas comprehensive service system, with local governments actively exploring solutions [2] - Various regions, including Shanghai, Guangdong, Zhejiang, and Shenzhen, are developing service platforms to meet the needs of enterprises going abroad [2][3] - The Shanghai Hongqiao Overseas Development Service Center integrates over 30 professional service institutions covering finance, law, arbitration, and intellectual property [2] Addressing Challenges - Legal, financial, and logistical services are identified as critical areas where Chinese enterprises need improvement when expanding overseas [4][5] - The lack of understanding of foreign laws poses significant risks for Chinese companies, as they may face high compliance costs or legal challenges [4] - Financial institutions' slow international expansion has led to challenges in financing for outbound enterprises, particularly for private companies [5] Logistics and Supply Chain - The complexity of cross-border logistics, influenced by customs policies and global supply chain restructuring, necessitates enhanced international logistics cooperation [5] - Efficient logistics networks are crucial for resource allocation, cost control, and supply chain efficiency for enterprises operating abroad [5]