点击上图▲立即报名 6月19日至6月20日，"生而全球·共融共建"第二届出海全球峰会在新加坡举行。与 会的1300名企业家与20多位来自学界、企业界、海外的嘉宾一起，探讨中国企业出 海的新方向和新路径。 黄兆华老师在论坛上进行了《全球化发展与本地化融合》专题演讲，本文整理了黄兆 华老师演讲的精华部分，分享给大家。 演讲 / 黄兆华 整理 / 巴九灵（微信公众号： 吴晓波频道） 我曾在柳工担任了10年的海外业务负责人，从海外事业部的副总到总经理到上市公司的高管，一直负责海外业务，在一线干了接近10年，而后创 办了北京出海领航。 回看柳工出海的20年历程，从宏观层面，有三点启示：首先，海外市场的机会比我们想象中要大得多。 2006年，我作为一名咨询顾问，带领一个团队，为柳工提供海外业务咨询服务，当时柳工的海外业务收入只有2亿人民币，2024年，这一数字达到 了137亿，接近柳工全部收入的50%，这个数字超远远超出了20年前所有人的想象。 其次，海外之路并不平坦。回望20年的出海之路，没有哪一天是风平浪静的。当你成为一家像柳工一样的全球性经营企业，在100多个国家开展业 务的时候，地球上发生的每个风险事件好像和你都 ...

Core Insights - The public fund industry in China has entered its 17th year of "going global," with the recent approval of a new overseas subsidiary by Xingzheng Global Fund, which has a scale of 650 billion yuan [1] - The industry is focusing on enhancing its capabilities to serve both domestic and international investors, aiming to become a first-class investment institution globally [1] Industry Development - The early stage of the public fund industry primarily focused on "bringing in" foreign investments, but has now shifted towards "going out" to expand overseas operations [1][2] - The first overseas subsidiary was established by Southern Fund in Hong Kong in January 2008, marking the beginning of domestic asset management institutions venturing into international markets [1][2] Regulatory Framework - The regulatory environment for public funds "going global" has been continuously improved, with key policies introduced in 2008, 2018, and 2022 to facilitate overseas operations [3] - As of now, over 20 public fund companies, including Southern Fund and E Fund, have established more than 30 overseas subsidiaries [3] Recent Developments - Xingzheng Global Fund's application to set up a subsidiary in Singapore was recently approved, indicating a continued trend of public funds expanding their international presence [4] - The public fund industry is seen as a crucial participant in promoting high-level financial openness and facilitating the two-way opening of capital markets [4] Product Diversification - The "going global" strategy is becoming essential for public funds, with many institutions forming differentiated strategies, including establishing overseas subsidiaries and expanding QDII (Qualified Domestic Institutional Investor) products [6] - As of June 2025, the total approved QDII quota reached approximately 170.87 billion USD, with 54 public funds having obtained QDII qualifications [6][7] Market Trends - The scale of QDII funds has been steadily increasing, with a total market size of 644.02 billion yuan as of May 2025, reflecting a year-on-year growth rate of 5.35% [7] - The development of QDII products is providing Chinese investors with more diversified investment options and is contributing to the internationalization of China's capital markets [7][8] Future Outlook - Companies are focusing on developing high-quality, low-threshold, and recognizable cross-border products to enhance their global market presence [9] - Xingzheng Global Fund plans to gradually expand its overseas business, including research, investment, and client development in international markets [4][9]

2025.07. 04 本文字数：2906，阅读时长大约5分钟 作者 | 第一财经 林春挺 张华荣现常住香港，但他的个人微信"地区"一栏注明是埃塞俄比亚。 2011年，张华荣创办的华坚集团（下称"华坚"）前往埃塞俄比亚设厂。华坚如今在埃塞俄比亚已转型为 建设推动当地工业发展的埃塞华坚国际轻工业园。 2017年，埃塞俄比亚政府授予张华荣"埃塞工业之父"的荣誉称号。 ▲ 华坚在埃塞俄比亚的工厂 企业供图 近日，张华荣在与第一财经记者交流"中企出海"的话题时介绍了华坚经验："中国产业，非洲制造，全球 市场。" 但进军非洲并非一帆风顺。"华坚看起来光彩，其实历经坎坷。"张华荣说。 到非洲去 早在2011年3月，时任世界银行高级副行长兼首席经济学家的林毅夫曾向梅莱斯建议："埃塞俄比亚的畜 牧业发达，有皮革生产能力，可以有针对性地到中国向皮革与制鞋企业招商。" "当时梅莱斯就想要引进服装、鞋帽企业过去。"张华荣回忆，"我们当时见面聊了40分钟，他希望我带领 广东代表团到埃塞俄比亚访问。" 2011年9月，张华荣飞往埃塞俄比亚做了为期一周的考察。当时的埃塞俄比亚是世界上最不发达的国家之 一，人口1亿，GDP只有广东的1/1 ...

广东省网商协会负责人表示，广州拥有不少优势产业带，政府部门积极引导非美市场头部跨境电商平台 进入广州市场，与跨境电商深度合作，通过平台资源加持，可以更精准地帮助广州市服装、箱包、珠宝 等优势产业带对接国际市场，实现品牌出海"快人一步"。 在全球经济版图加速重构的浪潮中，跨境电商成为各国抢占外贸新高地的关键赛道。而广州，这座承载 千年商脉的城市，正以破局者的姿态，上演着一场震撼业界的出海逆袭。短短一年间，非美市场占比从 不足70%跃升至超81%，2025年上半年900亿元的跨境电商进出口贸易额背后，藏着怎样的商业密码？ 跨境电商"联姻"产业带：家门口的全球贸易课堂 当传统工厂主还在为海外订单发愁时，广州的企业家们已在"跨境电商+产业带"活动中找到了破局之 道。继3月12日广州市商务局启动广州"跨境电商+产业带"活动以来，从白云湖畔的美妆日化专场，到花 都皮革城的箱包盛宴，今年以来11场高密度活动，将国际关税解读、平台运营秘籍、物流通关攻略 等"干货"直接送到企业手中。 每场"跨境电商+产业带"活动都有最新的国际关税形势变化分析，邀请跨境电商头部平台、第三方服务 商围绕上线开店、选品推广、物流配送、跨境结汇等环节 ...

Core Insights - Yiwu, known as the world's largest small commodity wholesale market, is expanding its global reach through various overseas initiatives, including markets, warehouses, and exhibitions [4][9] - The Yiwu Selection brand has established a presence in multiple countries, enhancing its international footprint and facilitating cross-border trade [5][9] - The city aims to create a collaborative business environment, promoting the idea of "doing business with the world" [8] Group 1: Global Expansion - Yiwu has sold over 2.1 million types of products to more than 230 countries and regions, attracting over 20,000 foreign merchants and nearly 9,000 foreign entities [1] - The first overseas market in Osaka, Japan, opened recently, covering an area of 5,000 square meters and hosting nearly 100 businesses [4] - Since September 2023, Yiwu has launched 60 brand export projects globally, including 2 overseas markets and 10 overseas warehouses [9] Group 2: Brand Development - The Yiwu Selection brand operates stores on all five continents, focusing on exporting entire stores rather than just products [5] - Each store features multi-language product descriptions and merchant business cards, attracting foreign merchants for potential collaboration [6] - The Yiwu China Small Commodity City is actively exploring opportunities in Russia, Australia, and France for future store openings [8] Group 3: Trade Facilitation - The Yiwu China Small Commodity City is building a broad trade platform to support cross-border business for domestic and international merchants [8] - The Dubai Yiwu China Small Commodity City, covering 200,000 square meters with an investment of approximately 1.06 billion yuan, has become a popular destination for local and regional traders [8] - The initiative aims to connect Chinese manufacturing with global customers, enhancing accessibility and trade efficiency [4][8]

Group 1 - The report highlights that innovative drugs are leading the pharmaceutical sector's market trends, with valuations expected to continue recovering [3][7][10] - The trend of innovative drugs going overseas is accelerating, which is likely to sustain the main market momentum [3][28] - The report indicates that the overall performance of the pharmaceutical sector faced pressure in Q1 2025, with a year-on-year revenue decline of 4.34% and a net profit drop of 8.87% [4][5] Group 2 - The report notes that the commercialization of domestic biotech innovative drug companies is entering a stable phase, with a significant revenue increase of 36% year-on-year in 2024, reaching 92.43 billion yuan [29][57] - It is projected that the domestic market for innovative drugs could reach 446 billion yuan by 2030, assuming a compound annual growth rate of 30% over the next six years [57][61] - The report emphasizes that the existing overseas licensing deals could yield a sales share of approximately 14.5 billion USD, based on conservative estimates of project success [61][62] Group 3 - The report suggests that there are opportunities for gradual recovery in various sub-sectors, including CXO, traditional Chinese medicine, and retail pharmacies, as operational improvements are expected [3][28] - The report identifies a significant increase in the holdings of innovative drug stocks by public funds, with a notable rise in the proportion of biotech innovative drug holdings [14][24] - The report outlines that the innovative drug sector is expected to benefit from breakthroughs in medical technology, including surgical robots and AI in healthcare [3][4][28]

今年 6 月创新药及其产业链的调整主要是由于资金面的变化。特别是之前一些 TMT 资金涌入后，整体需要进行主题回归。然而，支撑本轮行情的三大逻辑 ——政策、产业和业绩，目前没有任何一个被证伪。因此，我们预期今年下半 年整个出海行情会提速。 为什么认为今年下半年创新药出海会提速？ 我们认为今年下半年创新药出海会提速有几个原因。首先，与产业界交流发现， 不论是投行、律师还是 FA，他们目前在手项目相比去年同期有显著提升，比今 年上半年还要多一些。这些项目通常需要两个季度来消化，因此我们预期下半 年出海会加快。其次，今年年初的 AACR 大会和 ASCO 大会上，中国企业参会 数量以及临床数据读出的数量相比过去两三年都有两三倍增长，这表明中国分 创新药&创新药产业链更新 20250703 摘要 中国创新药企出海提速，得益于投行项目增加、AACR/ASCO 大会数据 认可及工程师红利，二代 IO 市场潜力巨大，预计达 2000 亿美元，中国 占比约 40%且研发进度领先。 创新药企通过"借船出海"模式盈利，包括首付款、研发里程碑付款、 商业化里程碑付款及销售分成，为企业提供清晰的估值锚，并可用 DCF 方法计算现金流 ...

公司依赖市场大模型，接入垂直模型降低 TOKEN 消耗，实现海报制作 自动化，减少沟通成本。基于多年数据积累，将定制化服务标准化，为 中小广告主提供高效经济服务，降低人员成本，提升服务能力。 出海营销业务结构中，游戏类客户占比 42%，电商类客户体量显著增加， 如希音、拼多多。阿里加大品牌出海投入，短剧出海趋势火热。今年上 半年互联网及应用工具类收入增量主要来自短剧出海。 出海营销毛利率稳定在 1.6%-1.8%，源于收入规模效应。未来提升毛 利率关键在于加大与腰部媒体合作，提高返点差，并通过生成式工具为 中小客户提供创意服务。与高返点媒体如 TikTok 和 Twitter 合作也能提 高毛利率。 蓝色光标 20250703 摘要 蓝色光标客户主要为游戏、电商、互联网及应用类，约 80%收入来自出 海业务，游戏类占比 42%-43%，电商类约 30%。国内游戏合规趋严推 动出海，电商跨境业务快速增长，但中美贸易摩擦可能带来影响，尤其 关注美国对中小包裹征税政策变化。 公司全球市场布局集中在东南亚及中东（45%-50%），北美占 30%。 疫情期间布局稳定，东南亚因文化、地域及物流优势成首选。出海业务 整体乐 ...

Core Insights - Babycare, a Chinese maternal and infant brand, has announced its entry into the Japanese market, aiming to establish its brand through product exports rather than traditional retail expansion [2][3] - The company faces significant challenges in gaining consumer trust in Japan, a market known for its high standards and preference for local brands [2][6] - Babycare's strategy appears to be a response to stagnation in its domestic market, seeking to enhance its brand image and prepare for an upcoming IPO [3][26] Market Positioning - Babycare's flagship product, the purple cover wet wipes, has been introduced in 8,000 stores across Japan, including major retail chains like 7-ELEVEn [2][6] - The Japanese maternal and infant market is valued at 12 trillion yen, making it a critical target for Babycare's growth strategy [6] - The company aims to leverage its product's physical attributes, such as thickness and liquid absorption, to differentiate itself in a competitive market [6][10] Challenges and Risks - Babycare's reliance on an outsourcing model for production has raised concerns about quality control, especially given past controversies regarding product safety [11][16] - The Japanese market has stringent compliance requirements, and any quality issues could lead to significant repercussions for Babycare's brand reputation [16][22] - The company must navigate a complex landscape of established competitors, including local brands with strong market presence and consumer loyalty [27][28] Strategic Insights - Babycare's approach to product design and marketing may not fully align with Japanese consumer expectations, which prioritize safety and durability over mere aesthetic appeal [22][30] - The brand's previous controversies and shifting market positioning could hinder its ability to establish a clear identity in Japan [28][30] - The case of Babycare highlights the need for Chinese brands to focus on genuine product innovation and quality assurance rather than superficial marketing strategies [30][31]

Core Viewpoint - The successful FDA approval of ZEGFROVY (舒沃替尼片) marks a significant milestone for the company as it becomes the first independently developed innovative drug from China to enter the global market, with expectations of reaching over 10 billion yuan in global sales peak [4][6]. Group 1: Product Approval and Market Potential - ZEGFROVY has received accelerated approval from the FDA for treating adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with EGFR exon 20 insertion mutations [4]. - The drug is expected to achieve a global market sales peak of approximately 12.954 billion yuan, with the U.S. market presenting a higher pricing potential compared to China [6]. - The incidence of EGFR exon 20 insertion mutations in NSCLC patients is estimated to be around 4.8% to 5.1% in China, while in the U.S., it ranges from 9% to 12% [5][6]. Group 2: Commercial Strategy and Market Expansion - The company aims to maximize its long-term interests and shareholder returns by actively evaluating various overseas market expansion models, with a focus on the U.S. and European markets due to their stronger payment capabilities [6][11]. - The domestic market remains crucial, but the overseas market is anticipated to become a second growth curve for the company [6][11]. - The company has a commercial team nearing 500 members to enhance market coverage for its products [6]. Group 3: Research and Development Pipeline - The company has a robust pipeline with seven products in international multi-center clinical stages, including ZEGFROVY and three other drugs [7][9]. - ZEGFROVY has shown a confirmed objective response rate (ORR) of 78.6% in treating EGFR exon 20 insertion NSCLC, with a median progression-free survival (mPFS) of 12.4 months [9]. - The company is also developing DZD6008, a selective EGFR TKI, which aims to address unmet clinical needs in NSCLC [9][10]. Group 4: Financial Performance and Funding - The company reported a net loss of approximately 850 million yuan in 2024, a 24% reduction year-on-year, and a net loss of about 190 million yuan in Q1 2025, a 14% decrease [14]. - The company successfully completed a nearly 1.8 billion yuan private placement to support its R&D projects, particularly for ZEGFROVY, Golixty (高瑞哲), and DZD8586 [14][15]. - The annual R&D investment from 2020 to 2024 has shown a consistent increase, indicating a commitment to sustaining product pipeline development [13].