海南自贸港即将迎来全岛封关运作。面对新一轮开放机遇，上市公司正抢先"跑步入场"。 在此背景下，每日经济新闻与海南国际经济发展局联合主办的"2025第十四届上市公司发展年会暨海南自贸港开放机遇交流大会"将于12月11日至13日在海口 举办。届时，将有超过400家上市公司和20多家机构参会，共话封关新局下的政策路径、全球化机遇。 作为本次系列活动的首场重要活动，"2025第九届上市公司董秘年会暨海南自由贸易港政策沟通会"将于12月11日举行。本次董秘年会以"共享机遇·链接全 球"为主题，将吸引政府机构、投资机构、有意向出海的企业和众多中国上市公司董秘及高管齐聚一堂，共话出海新机遇。 为何上市公司如此"看重"海南？一个原因是，伴随全岛封关，海南自贸港正在建设成为引领我国新时代对外开放的重要门户。对于不断从"走出去"向"走进 去"深入的出海企业，海南无疑成为重要"桥头堡"。 中企出海，3.0时代来了 今年10月，高盛中国发布一篇名为《中国战略：走向世界》的报告。报告估计，MSCI中国指数成分股公司中，目前约15%的销售额来自海外，这一比例已 经高于2018年的11%，其中汽车、零售和资本货物业务的增长尤为突出。而到2 ...

Core Insights - The global economic landscape is undergoing profound changes, with supply chain and industrial layout being restructured amid challenges. Many Chinese companies are seeking to explore new growth avenues through international expansion, with Hong Kong emerging as a key hub for this strategy [2][4]. Group 1: Event Overview - The "EY Entrepreneur Of The Year 2025" award ceremony brought together past awardees, business leaders, and policymakers in Hong Kong to discuss how enterprises can navigate cycles and expand internationally [2]. - The event served as a platform for leaders to share insights on the future and the importance of entrepreneurship in driving sustainable development [4]. Group 2: Hong Kong's Role - Hong Kong possesses unique advantages under the "One Country, Two Systems" framework, acting as a dual platform for "bringing in" and "going out" [6]. - The Hong Kong government has established a dedicated team to assist mainland enterprises in deploying overseas supply chains, enhancing its role as a facilitator for international business [6]. Group 3: Challenges and Opportunities for Enterprises - Discussions highlighted the differing international expansion strategies between large and small enterprises, with smaller firms facing greater challenges in financing and trade settlement [9]. - Establishing smoother funding channels is crucial for Chinese companies looking to expand globally, necessitating the development of resilient supply chains, funding chains, and talent networks [9]. Group 4: Leveraging Hong Kong's Advantages - Experts discussed how Hong Kong's international advantages in finance, law, and professional services can empower Chinese enterprises in their globalization efforts [11]. - Companies are encouraged to utilize Hong Kong's expertise in IP compliance and regulatory matters to safeguard their international operations [11]. Group 5: EY Entrepreneur Of The Year Award - The EY Entrepreneur Of The Year award is recognized as one of the most prestigious international business awards, celebrating visionary entrepreneurs and promoting high-quality economic development [11].

作为"南方财经论坛2025年会"的重要专题会议之一，本届科技年会以"创新无界 智见未来"为主题。 12月5日，由南方财经全媒体集团指导，21世纪经济报道和渣打银行联合主办，由广东省机器人协会支 持的"粤港澳大湾区新经济发展论坛暨21世纪科技年会"在广州南方财经大厦举行。 21世纪经济报道记者骆轶琪 广州报道 在"中企出海的机会与挑战"为主题的圆桌探讨环节，渣打中国企业及投资银行业务华南区企业金融部主 管李书放分享了作为一家已出海170年的国际银行，渣打如何借力其全球网络与本地化智慧，助力中国 企业扎实、健康、持久地走向世界。 回顾过去一年来的趋势，李书放指出，中国企业出海正进入一个"多元纵深"的新阶段。如今的出海行动 已从早期的建立贸易或生产平台，演变为全方位、系统性的全球化布局。 "我们接触发现，所有出海企业的海外业务收入占比都比前几年高，这证明中资企业出海是真的在落 地，并且转变成公司的收入和利润。"她感慨。 李书放指出，在服务层面，渣打在海外组建能讲中文的本地团队，让企业感受到无缝衔接的支持体验； 在核心的金融赋能上，渣打创新推出"全球统一授信"机制，依托对中国企业的深入了解，使其信用能够 顺畅延伸至海 ...

企业跨境金融需求日趋多元复杂，中资券商如何精准响应、有效赋能，成为市场关注焦点。面对这一趋势，国信 证券副总裁鲁伟近日接受证券时报记者专访时表示，新一轮中资企业出海对券商提出更高要求，投行需要扮演资 本桥梁、战略顾问、生态构建者等多重角色。 他谈到，国信证券正积极调整和优化海外业务布局，持续开拓创新，帮助企业构建全球资本纽带，以高水准的跨 境金融服务，为中资企业"扬帆出海"提供系统化支持。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券时报记者 谭楚丹 在全球经济格局深刻变革的当下，中国企业"走出去"早已不仅是战略选择，更是生存与发展的必由之路。 鲁伟告诉证券时报记者，中企出海面临的首要挑战是适应不同国家和地区制度、文化、政治环境差异化问题。他 以科创板上市公司埃夫特为例，国信证券曾协助该公司对敏感商业信息、技术信息进行信息披露豁免，以规避海 外政治风险。同时，埃夫特通过海外并购布局的巴西子公司也曾遭遇当地政府更迭、主要汽车主机厂对当地固定 资产投资出现波动等影响，国信证券通过协助其降低对巴西子公司投资比例，有效缓解相关风险。 中企出海另一个突出挑战是如何由同质化价格竞争转向差异化价值竞争。鲁伟表示： ...

Summary of Key Points from the Conference Call Industry Overview - The A-share market is transitioning from domestic-focused companies to global multinational corporations, indicating a shift from an emerging market to a mature market. This transformation is expected to enhance pricing power for Chinese companies in the global value chain during the "14th Five-Year Plan" period [4][5][6]. Core Insights 1. **Global Exposure of A-Share Companies**: - The overseas business exposure of A-share companies has significantly increased, with the share of overseas revenue for the top 30 manufacturing companies rising from 7% in 2005 to 45% in 2025H1. This high exposure contributes 39% of profits and 35% of market capitalization for the entire A-share non-financial sector [5][19][20]. - The correlation between A-share companies' performance and domestic economic indicators is decreasing, indicating a shift towards global economic cycles [5][23]. 2. **Impact of US-China Relations**: - The dynamics of US-China relations are crucial for market trends, with two key events in 2026 (the signing of a trade agreement and the US midterm elections) expected to segment the market into three phases: pre-agreement, post-agreement to midterm elections, and post-midterm elections [6][35]. 3. **Market Liquidity and Investment Trends**: - The influx of capital is primarily from absolute return-focused funds, leading to a long-term decline in market volatility. Traditional subjective long-only funds are seeing limited net inflows compared to tool-based products [7][9][11]. - The shift towards tool-based investment products, such as thematic ETFs, is evident, with significant net inflows into these products compared to broad-based ETFs [9][20]. Industry Configuration 1. **Manufacturing Sector Upgrades**: - The traditional manufacturing sector is focusing on upgrading quality and converting market share advantages into pricing power. The goal is to increase the profit share of Chinese manufacturing in the global market [12][19]. - Key sectors to watch include non-ferrous metals, chemicals, and new energy [12]. 2. **Chinese Enterprises Going Global**: - The trend of Chinese companies expanding overseas is expected to continue, with significant potential for profit growth in sectors like machinery, innovative pharmaceuticals, and electric equipment [13][19]. - The current overseas penetration rates for various sectors indicate that many industries are still in the early stages of international expansion [13]. 3. **AI and Technology Sector**: - The continuation of the technology market is dependent on new applications that broaden the commercial landscape for AI. The market is currently anxious about the sustainability of AI investments [14][19]. - Key sectors include semiconductors, computing power, and AI applications, which are expected to drive future growth [14]. 4. **Consumer Sector Opportunities**: - The consumer sector is currently underperforming relative to external demand, but there is potential for recovery driven by policy changes and macroeconomic shifts [14][19]. Risk Factors - Potential risks include escalating tensions in technology, trade, and finance between the US and China, domestic policy effectiveness, macroeconomic liquidity tightening, and geopolitical conflicts [14][19]. Investment Strategy for 2026 - Four key investment portfolios have been proposed for 2026: - **Manufacturing Upgrade 30**: Focused on traditional manufacturing leaders with significant market share advantages. - **Chinese Enterprises Going Global 30**: Targeting companies with strong global competitiveness. - **China AI 35**: Concentrating on firms in the semiconductor and AI application sectors. - **New Consumption 15**: Emphasizing companies with strong brands and service-oriented consumer offerings [14][19]. This comprehensive analysis highlights the evolving landscape of the A-share market, driven by global exposure, US-China relations, and sector-specific trends, while also addressing potential risks and strategic investment opportunities.

Core Insights - Deloitte's report highlights that Chinese enterprises' overseas expansion has evolved from "product export" to "value chain export" [1] - The report emphasizes the establishment of a comprehensive industrial chain collaboration, technological innovation, and advantages in large-scale management [1] Group 1: Trends in Overseas Expansion - Chinese companies are now focusing on three major trends: new markets, new capabilities, and new patterns [1] - Emerging industries such as new materials, pharmaceuticals, and e-commerce are accelerating their international presence [1] Group 2: Key Sectors - The report identifies key sectors for overseas expansion, including digital economy, green energy, and artificial intelligence [1]

【时间】2025年12月5日14:00-18:00 本场盛会汇聚商学大咖，聚焦金融赋能产业、AI融合应用等核心议题。从金融与产业创新交汇，到机 器人、大模型等AI技术落地，再到中企出海新机遇探讨，18位重磅嘉宾+两场深度圆桌+案例发布，全 程直击科技前沿与产业变革，和我们一起见证新经济的澎湃动能！ ...

Core Insights - Chinese companies are increasingly viewing international expansion as a necessity rather than an option, with a focus on capturing larger market shares globally [1] - The diversification of export destinations and product types is a significant trend, with emerging markets in Africa, ASEAN, and Latin America becoming key targets [1][2] - International investors are showing heightened interest in the global competitiveness of Chinese companies, driven by improved product quality and competitive pricing [3] Group 1: International Expansion Trends - The shift towards a more diversified approach in overseas markets is evident, with companies moving beyond traditional markets in Europe and the US [1] - The evolution of product types from low-end goods to high-tech products reflects the increasing sophistication of Chinese manufacturing [1][2] - Companies are adopting strategies such as relocating assembly operations to regions like ASEAN to optimize costs and mitigate global uncertainties [1] Group 2: Competitive Advantages - Chinese companies have significantly improved their cost-performance ratio, combining competitive production costs with enhanced product quality [2] - Continuous investment in R&D has led to systematic improvements in product competitiveness, enabling better market penetration [2] - The unique functionalities of products developed for the vast Chinese market provide a competitive edge in global markets [2] Group 3: International Investor Interest - International investors are increasingly evaluating the global competitiveness of Chinese firms, influenced by the visibility of Chinese brands in global markets [3] - The rising share of overseas revenue and profits for Chinese companies over the past two decades has attracted investor attention [3] - Companies with strong market positions, technological advantages, and established overseas operations are particularly favored by international investors [3] Group 4: Localization Strategies - The primary challenge for Chinese companies in international markets is deciding on overseas production capacity and locations [4] - Deep localization and partnerships with local firms are recommended strategies to mitigate operational risks [4] - Successful collaboration with local governments and businesses can enhance support and reduce risks associated with international operations [4] Group 5: Future Outlook - By 2026, the trend of diversification in export markets and product structures is expected to strengthen, supported by the improved quality and reputation of Chinese manufacturing [5]

来源：环球网 面对国内市场的激烈竞争，优秀的中国企业开始将目光投向更为广阔的海外市场，以寻求新的发展方向 和业绩增长点。 一方面，全球经济一体化加速了资源和市场的全球配置，为企业提供了更广阔的发展空间。中国企业通 过出海，不仅能够拓展国际市场，还能通过国际竞争提升自身实力，实现业务的多元化和国际化发展。 另一方面，中国零售数智化企业具有技术优势和业务模式先进性特征，在全球零售市场数智化转型的浪 潮中迎来了出海良机。 多点数智作为亚洲领先的零售数智化解决方案服务商，秉持 "中国智慧，全球赋能" 理念，深入布局国 际市场，通过与中国零售龙头企业及国际大型零售企业合作，不断提升品牌知名度和影响力，推进全球 零售数智化转型。截至目前，多点数智在包括香港和澳门的中国城市全面布局，海外业务已覆盖新加 坡、柬埔寨、菲律宾、马来西亚、印度尼西亚、文莱等国家和地区。 中国零售数智化企业出海的挑战 复杂的法规与政策环境。不同国家和地区有着各自独特的法律法规和政策标准，涵盖数据隐私保护、网 络安全、软件合规性等多个方面，不同国家对软件的准入、知识产权保护、网络安全要求等方面有着不 同的规定，企业需要花费大量的时间和精力去了解和遵守 ...

Group 1 - The recent adjustment in the A-share market saw the Shanghai Composite Index drop nearly 4% in a week, with the ChiNext Index falling over 6%, affecting more than 4,900 stocks [1][3] - External factors such as the cooling of interest rate cut expectations from the Federal Reserve, renewed debates over the AI bubble, and geopolitical tensions have contributed to the market downturn, impacting global risk assets [3] - Despite the market's decline, institutional investors have been actively buying, with over 70 billion yuan net inflow into stock ETFs in the past week, indicating confidence among smart money [3] Group 2 - Current valuation of the Shanghai Composite Index is around 13.6 times, approaching a "reasonable" level, suggesting that further declines could present buying opportunities [3] - Market sentiment indicators have dropped to yearly lows, and the financing guarantee ratio has returned to early August levels, indicating that panic selling may have subsided [3] - Long-term investors are advised to focus on undervalued assets, particularly in sectors like domestic computing power, innovative pharmaceuticals, and industries benefiting from supply-demand improvements due to "anti-involution" policies [4] Group 3 - Companies that can leverage China's manufacturing advantages for global pricing power are expected to thrive, with predictions that 2026 will be a significant year for Chinese enterprises going global [4] - High-dividend assets are recommended as a stabilizing force in a volatile market, with attention on cyclical dividends (coal, chemicals) and potential dividends (railways, environmental protection) [4] - Analysts predict a "low volatility slow bull" market for A-shares in 2026, with Goldman Sachs estimating a 30% upside for the Chinese stock market by 2027 [4]