"中国资产已经当仁不让地回到全球投资者布局的舞台。"摩根士丹利中国首席经济学家邢自强11月25日 表示，"对于全球的企业家和投资人来说，中国已经不存在'能不能投'的问题，中国市场一定值得投， 现在大家更关心的是，应该采取什么样的态度和方法去聪明地投。" 中国证券报记者近日从多家外资资产管理机构了解到，2026年可能成为国际资本重新审视并布局中国的 重要时间窗口。在利率下行、美元走弱、人工智能（AI）技术革命等多重因素共同推动下，全球资产 配置正步入新阶段，越来越多的外资机构看好中国市场在2026年的投资机会。 "中国企业正在向价值链上游移动，但仍被全球市场低估。""中国市场更大范围的上涨信号已经出 现。"多位外资机构人士表示，科技创新、出海产业链、估值修复三条主线，是外资看好的重点方向。 AI科技创新凝聚共识 富达国际全球多元资产主管Matthew Quaife在2025富达中国投资论坛上表示："中国在AI领域的突破， 推动离岸和在岸科技股今年以来表现亮眼。中国自主的AI生态系统、庞大的国内市场、政策利好以及 技术消费群体的扩大，将加速AI更广泛地应用，为中国科技股在2026年及未来的表现提供支撑。" 富达国 ...

"十五五"规划即将开局，如何理解"新质牛"？如何看待本轮反内卷政策？未来中国企业出海路在何 方？如何看待2026年资本市场走势？日前，在第十届复旦首席经济学家论坛主题为"新质牛：反内卷、 出海和未来产业"的圆桌讨论上，来自证券、基金等金融行业的嘉宾发表了真知灼见。 市场流动性和叙事转变 在当前国内外经济环境下，"新质牛"有何新内涵？ 在中加基金首席投资官、首席经济学家邓海清看来，中国股市走强源于自上而下的思维革命，近年 来监管层的资本市场思维有了进一步提升。 "反内卷、出海和未来产业是从三个侧面对本轮新质生产力驱动的股市行情进行画像：反内卷侧重 于供给侧角度、出海侧重于市场需求端角度、未来产业则更侧重于创新端角度。"邓海清指出，"股市走 强的根基在哪里？结合以上三个方面来看，今年两轮千点以上涨幅的行情在底层逻辑上有一个共同点， 即信心的恢复，DeepSeek的火爆使中国股市的增长模式从过去的生产要素驱动型向创新驱动型转变， 以AI为代表的未来产业则成为股市行情演绎的主题。" 麦格理集团中国首席经济学家胡伟俊指出，市场一般由两个因素决定：一是基本面，二是流动性和 叙事。"今年基本面没有发生变化，但流动性和叙事发 ...

Group 1 - The WISE 2025 Business Conference will take place on November 27-28 in Beijing, focusing on the integration of technology and business in 2025, highlighting the strengths of Chinese brands and technology on the global stage [2][3] - The conference will feature a new format using "tech short dramas" to illustrate how disruptive innovations are reshaping the Chinese business landscape, with a focus on AI, overseas expansion, and branding [2][3] - Keynote speeches will include discussions on the role of hardware as a medium connecting people to the world, the evolution of robotics, and the potential of AI in enhancing human lifespan and life sciences [5][11][13] Group 2 - The conference will address the challenges and opportunities presented by the technological wave, emphasizing the transformation of devices into intelligent partners and the implications for user relationships [38][40] - Discussions will explore how AI can redefine logistics and the automotive finance industry, focusing on the shift from single-point technology competition to collaborative ecosystem development [61][66] - The event will also feature deep talks on the future of embodied intelligence and its impact on various industries, including logistics and manufacturing [56][64] Group 3 - The conference aims to foster a dialogue on the future of Chinese innovation and entrepreneurship, encouraging participants to rethink what types of companies will attract long-term capital investment in today's innovation environment [69][70] - The event will highlight the importance of building a robust entrepreneurial ecosystem to drive China's economic growth, leveraging technology as a foundation for consumer expansion [48][54] - The conference will conclude with insights on how to navigate the complexities of AI implementation in industries, aiming to bridge the gap between technology concepts and practical applications [51][66]

Core Insights - The "lipstick effect" is still prevalent in Southeast Asia, with a projected growth rate of 4%-5% for the cosmetics market by 2025 despite economic slowdowns in the region [1] - Chinese beauty brands are leveraging their cost-performance advantage to penetrate the Southeast Asian market, adapting their products to local preferences and trends [1][2] Group 1: Market Dynamics - Southeast Asian consumers are becoming more savvy, utilizing refillable skincare products and lower-priced sample sets, while also engaging in cross-platform price comparisons [1] - The beauty market in Southeast Asia is primarily dominated by international brands from Europe, America, and Japan, creating opportunities for Chinese brands to fill existing gaps by tailoring products to local tastes [2][3] Group 2: Operational Strategies - The initial approach for Chinese brands entering Southeast Asia was through cross-border e-commerce, but there is a need for local presence to understand consumer preferences better [2] - Local teams in Southeast Asia are crucial for success, with a focus on hiring local talent to ensure effective execution of strategies [4][5] Group 3: Supply Chain and Brand Development - Supply chain management poses unique challenges in Southeast Asia, requiring brands to anticipate stock needs well in advance due to longer supply cycles [5] - Building brand recognition and consumer loyalty in Southeast Asia is essential for long-term success, with a focus on localizing marketing efforts [5][9] Group 4: Financial Considerations - Currency fluctuations, particularly the depreciation of the Vietnamese dong against the RMB, can significantly impact profitability for companies operating in Southeast Asia [6] - Companies are advised to adopt financial strategies such as forward contracts to manage currency risks effectively [6][10] Group 5: Future Outlook - The beauty market is expected to consolidate, with only a few leading brands surviving the competitive landscape, emphasizing the importance of strong operational capabilities [9] - Southeast Asia is viewed as a more favorable market for expansion compared to developed markets like the US and Europe, which are seen as riskier for new entrants [8][9]

Core Viewpoint - Leap Motor (09863) has seen a significant increase in stock price following its inclusion in the Hang Seng Technology Index, which is expected to enhance market visibility and diversify its investor base [1] Group 1: Stock Performance - Leap Motor's stock rose over 4%, reaching HKD 49.14, with a trading volume of HKD 61.47 million [1] Group 2: Index Inclusion - The inclusion in the Hang Seng Technology Index will take effect after market close on December 5, 2025, and will be effective from December 8, 2025 [1] - The company believes that being part of the index will increase its attention in the secondary market and potentially lead to a more diverse investor structure [1] Group 3: Analyst Outlook - Huaxing Securities has expressed optimism regarding Leap Motor's rapid sales growth driven by high-cost performance models, predicting a profitability turning point in 2025 [1] - The company effectively controls costs through its self-developed technology platform and is expanding its overseas market presence in collaboration with Stellantis, showcasing significant advantages in international expansion [1]

立足于内：稳住国内根基，拥抱创新与整合。①政策展望：改革进入深水区，高质量增长成为常态。 2025年下半年我们重点关注的是药品和耗材集采政策优化、多元化支付及医疗服务价格改革。②制药产 业链：集采优化、积极创新转型，关注供应链安全。③器械：看好进口替代和并购整合机会，积极关注 AI和脑机接口等新技术方向。④关注中药、药店、流通、医疗服务及疫苗等行业经营触底回升节奏及 长期转型升级方向。 开拓于外：把握节奏与路径，积极开拓海外市场。①创新药：中国创新闪耀国际舞台，产业趋势持续强 化。②制药上游及生命科学：积极开拓海外市场，寻求第二增长曲线。③原料药：关税扰动短期有限， 关注行业转型机遇。④器械国际化：坚定看好出海趋势，关注部分创新器械自主销售和BD机会。⑤血 制品出海：静丙赋予血制品出海契机，血制品海外注册持续推进。⑥疫苗出海：模式趋于多元，进度有 望加速。 全球视角：外部挑战加剧，中国医药产业竞争力持续提升。从国际比较优势看，中国具备人口与内需优 势、制造与供应链优势，同时创新能力快速提升，中国资产出海数量也持续提升。美国在创新与早期研 发方面优势明显，同时具有高定价的内需市场。虽然外部挑战加大，但海外市场仍 ...

Core Insights - The article highlights the increasing international presence of Chinese companies in various sectors, particularly in drone technology, electric vehicles, AI, and 3D printing, showcasing significant partnerships and market expansions. Group 1: Drone Technology - Chinese drone manufacturers showcased their products at the Dubai Airshow, with companies like United Aircraft Group demonstrating delivery drones capable of carrying 5 kg and adapting to high-temperature environments [4] - EHang completed the first urban air mobility flight in Qatar, reducing travel time from 30 minutes to 8 minutes, marking a significant milestone for eVTOL technology in the Middle East [4] Group 2: AI and Digital Solutions - Epoint and Alibaba Cloud announced a framework cooperation agreement for AI comic series, aiming to create a comprehensive solution for overseas expansion in this emerging market [4] - Alibaba International Station launched AI Mode to automate cross-border e-commerce procurement processes for SMEs, enhancing decision-making and operational efficiency [5][6] Group 3: Electric Vehicles - Didi's 99 platform in Brazil expanded its electric vehicle services to five major cities, with over 30,000 electric and hybrid vehicles registered, significantly reducing carbon emissions [7] - NIO's Firefly right-hand drive model began mass production, with the first batch set for Singapore, indicating rapid global market penetration [8] Group 4: Market Expansion and Financing - Blue Dot Touch completed over 100 million C-round financing to enhance global market expansion, focusing on robotics sensor hardware [10] - Elegoo announced a strategic financing round, with a global shipment exceeding one million units, indicating strong growth in the 3D printing market [11] Group 5: Emerging Markets - Southeast Asia, Africa, and the Middle East are identified as key growth markets for Chinese companies over the next three years, with optimism in sectors like construction, healthcare, and IT [13] - China has become the largest trading partner in the Gulf region, surpassing the combined trade of the US, UK, and Eurozone, with trade expected to grow significantly by 2028 [13]

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFlytek, and AI hardware companies like Hikvision, Hongsoft Technology, and Hesai, as well as companies like Maifushi that can enhance paid rates and ARPU values [3] Core Insights - The report highlights the launch of Alibaba's "Qianwen APP," a personal AI assistant that integrates the Tongyi Qianwen large model capabilities, and Google's release of the Gemini 3 series, which excels in multimodal reasoning tasks [5][13] - The report notes a weak performance in the computer sector in November, attributed to external pressures such as geopolitical conflicts and internal factors like weak revenue growth and profit-taking by institutional investors [13] - It anticipates a rebound in the sector after a three-month decline, suggesting that demand is shifting towards overseas markets, AI industry chains, and domestic substitution policies [13] Summary by Sections Industry Perspective - The report discusses the recent advancements in AI applications and models, including Alibaba's Qianwen APP and Google's Gemini 3 series, which have shown strong performance in various benchmarks [5][13] - It emphasizes the need for investors to consider the current geopolitical climate and its impact on market sentiment, as well as the potential for a spring rebound in the sector [13] Subsector Insights - High-growth areas identified include AI computing power and lidar technology, while sectors like industrial software and medical IT are facing pressure [11][14] - The report categorizes various subsectors based on their growth potential, with AI software and financial IT expected to accelerate upward, while sectors like education IT and cybersecurity are at turning points [11][14] Market Review - From November 17 to November 21, 2025, the computer industry index decreased by 2.74%, outperforming the CSI 300 index by 1.03 percentage points [15] - The report lists the top-performing companies in the sector during this period, indicating a mixed performance landscape [16] Upcoming Events - The report highlights key upcoming events, including the 2025 World Intelligent Manufacturing Conference and the "Artificial Intelligence +" Industry Ecosystem Conference, which may present investment opportunities [25][26]

②传统主业四年CAGR11%稳增、芯片业务增速66.6%，手握近30亿现金（10亿存量+18.6亿定 增）增加码布局芯片+外骨骼机器人赛道，64倍PE贵不贵？ 点击付费阅读，解锁市场最强音，把握投资机会！ 【今日速览】 ①出海已成"必选赛道"！机构：海外净利率显著优于国内，7家龙头全球布局路径曝光； 前言 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].