多元市场格局加速形成，新兴市场成增量主战场 当前，中国出口正从单一的终端消费品出口，转向资本品、中间品以及整体解决方案的综合输出， 新兴市场在这一结构调整中扮演着愈发重要的角色。共建"一带一路"国家、中东、中亚、拉美、非洲等 地区，不仅是中国商品的重要出口目的地，更是中国技术、标准与产业链整体"走出去"的关键承载地。 MIC国际站总裁曹睿指出，在全球政治经济格局加速演变的背景下，新兴市场日益成为外贸增长的 重要动力，多元市场格局正在加速形成。 对大量中小外贸企业而言，欧美等传统市场竞争激烈、获客成本高，且叠加关税及合规等不确定因 素；而新兴市场潜力巨大，却普遍存在信息不对称、试错成本高、隐性成本多等现实问题。企业想"换 赛道"、更想"少踩坑"，亟需更体系化、更专业、更具性价比的市场开拓方案。 围绕这些痛点，MIC国际站近几年持续加码全球化布局。2025年4月推出的"新航海计划"，以多元 化国际市场布局为核心，通过加大平台资源投入、深耕重点区域市场、扶持轻工行业出海等举措，帮助 企业巩固传统市场、拓展新兴市场。 12月8日，MIC国际站正式发布以"出海（Going Global）"为主题的"2026线下推广计划 ...

Core Insights - Vietnam's trade surplus with the United States reached a record high of $121.6 billion in the first 11 months of 2025, marking a 27.5% increase year-on-year [3][4] - Despite a 20% import tariff imposed by the U.S. since August, Vietnam's exports to the U.S. continued to grow, with a total export value of $138.6 billion, up 27.3% year-on-year [4][5] - Vietnam's actual foreign direct investment (FDI) utilization reached $23.6 billion, an 8.9% increase year-on-year, the highest in five years [4][11] Trade Relations - The U.S. remains Vietnam's largest export market, with exports valued at $119.6 billion in 2024, resulting in a trade surplus of $104.6 billion, a 25.6% increase [6] - Vietnam's exports in November 2025 grew by 15.1% year-on-year to $39.1 billion, although this was below economists' expectations [6] - The U.S. and Vietnam are negotiating a bilateral trade agreement, with a framework established in late October 2025 [5][8] Foreign Direct Investment - Manufacturing and processing sectors attracted $19.56 billion in FDI, accounting for 82.9% of the total, while the real estate sector attracted $1.67 billion [11] - Singapore is the largest investor in Vietnam, with $4.29 billion, followed by China and Japan [12] - The industrial base in Vietnam is strengthening, with a significant shift towards high-value industries such as electronics and semiconductors [12] Economic Outlook - Emerging markets, including Vietnam, are expected to show resilience in exports despite tariff barriers, with GDP growth forecasts adjusted upward [8][9] - The demand for AI-related products is anticipated to drive exports in technology sectors, particularly in Vietnam, Malaysia, and Thailand [9] - The year 2026 is projected to be pivotal for Vietnam's industrial market, with improvements in production prospects and investment environments [12]

全球资管巨头景顺最新发布2026年全球投资展望。景顺认为，当前人工智能并未处于典型泡沫状态， 2026年新兴市场有望跑赢发达市场。在新兴市场中，中国股市尤其是中国科技股具有显著的吸引力。 数据显示，截至今年9月底，景顺管理资产规模为2.1万亿美元，约合人民币14.8万亿元。 "当前并不处于AI泡沫中" 近日，关于人工智能（AI）"泡沫论"的激辩愈演愈烈。对此，景顺亚太区全球市场策略师赵耀庭表示， 市场参与者认为AI存在泡沫并非没有理由。过去几年，AI对标普500指数总回报的贡献比例很高，导致 相关企业在指数中的权重持续上升，目前已占约28%至29%。 但赵耀庭并不认为当前正处于AI泡沫之中。他表示，与20世纪90年代末互联网泡沫时期纳斯达克指数 巨大涨幅相比，目前的上涨幅度仍然较小。此外，互联网泡沫时期股票的估值多基于收入，而当前AI 相关企业的估值则更多建立在盈利之上。这意味着未来的上涨空间仍将取决于盈利是否持续增长。因 此，美国AI股票能否再次上涨将更多由盈利驱动，而非估值扩张。 "不过，市场中的确出现了一些值得关注的、类似泡沫的行为，尤其是在数据中心建设领域。过去，数 据中心的投资主要来自企业自身的现金 ...

景顺方面认为，各国央行政策分化令美元走弱。美元走软叠加全球增长改善、新兴市场通胀压力减轻， 有望利好明年新兴市场资产表现。此外，美联储2026年预期降息也将为新兴市场央行创造进一步降息的 空间，从而刺激内需，提振股市。 在赵耀庭看来，在今年早些时候，已经出现了新兴市场表现超越发达市场的情况，但后面很快又被逆 转。这主要是因为美国的AI叙事特别火爆。此外，在"对等关税"后推出的关税措施也造成了趋势的逆 转。 赵耀庭看好中国股票。"中国及其他亚洲市场在2025年已展现强劲表现，多项资产类别有望在2026年延 续这一势头。在政策支持利好、基本面持续改善的背景下，亚洲市场为投资者提供了具吸引力的多元化 配置和再平衡部署的投资机会。"赵耀庭说。 中经记者 谭志娟 北京报道 赵耀庭还指出，在2025年的大部分时间里，我们都持续看好中国股市。而且中国股市在过去18个月里大 幅上涨。明年，可能不会出现这么大幅度的上升，但是外国投资者对中国股市的兴趣依然非常浓厚。所 以外国投资者对中国股票的需求和兴趣都在上升。 "预计2026年美联储还会降息三次，再加上今年12月的降息，四次共计降息100个基点。"12月4日，景顺 亚太区全球 ...

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," is seeking to shed this label by applying for an H-share listing on the Hong Kong Stock Exchange, aiming to diversify its revenue streams beyond mobile phones [1]. Group 1: Market Position and Performance - Transsion Holdings has achieved a global smartphone shipment of 28.6 million units in Q3, ranking fourth globally with a year-on-year growth of 12% [1]. - The company's revenue for the first three quarters of this year was 49.543 billion yuan, a decrease of 3.33% year-on-year, with net profit dropping by 44.97% [6]. - The stock price of Transsion Holdings has fallen by 30% since reaching a peak of 104.9 yuan in September, closing at 68.62 yuan on December 3 [3][1]. Group 2: Competitive Landscape - Domestic smartphone manufacturers are increasingly targeting emerging markets, intensifying competition for Transsion [6]. - Xiaomi, Honor, and OPPO are notable competitors, with Xiaomi's market share in Africa growing by 34% year-on-year, while Honor's shipments increased by 158% [6][7]. - Omdia forecasts a 6% decline in the African smartphone market by 2026 due to rising BOM costs and supply chain pressures [7]. Group 3: New Growth Areas - Transsion is exploring new growth avenues, including energy storage and electric two-wheeled vehicles, with IoT products and other revenues reaching 2.568 billion yuan, accounting for 8.8% of total revenue [4][11]. - The company has launched energy storage products under the DYQUE Energy brand, targeting both high-end and budget markets [9][11]. - The REVOO brand for electric two-wheeled vehicles was established in 2022, with plans for expansion into South Asia and Latin America [12].

美国GDP增速将高于市场预期 来源：金十 美国银行全球研究部预测，全球经济将在2026年以比投资者预想中更猛的势头向前推进。他们预计美国 和中国的增长都会更强劲，人工智能（AI）驱动的投资将持续发力，而且市场领跑者的地位也将发生 轮换。 在美股和国际市场经历了2025年的强劲上涨后，投资者普遍开始疑惑：这波牛市到底还能走多远？ 美银全球研究部负责人坎迪斯·布朗宁（Candace Browning）表示："尽管当前担忧声不断，但我们团队 对全球经济和AI的发展依旧持乐观态度。" 对于2026年的美国经济，美银的态度比绝大多数市场人士都要积极得多。 她认为，关于人工智能泡沫即将破裂的担忧"言过其实了"，并预计2026年美国和中国的GDP增速将超出 市场普遍预期。 以下是美银对2026年的10项核心预测： 美银高级经济学家阿迪蒂亚·巴夫（Aditya Bhave）预测，美国年化GDP将增长2.4%。这背后的主要推力 包括《大而美的法案》带来的财政支持、重新恢复的《减税与就业法案》激励措施、更友好的贸易政 策、持续强劲的商业投资，以及美联储降息政策的滞后效应。 在美银看来，宏观经济的基本面并没有许多投资者想象的那么疲 ...

Core Viewpoint - Transsion Holdings, a leading provider of smart terminal products and mobile internet services, has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, while its stock has seen a decline of over 20% this year [1][2] Group 1: Company Overview - Transsion Holdings focuses on the design, research and development, production, sales, and brand operation of smart terminal products, primarily smartphones [1] - The company has established a strong brand presence in emerging markets, particularly in Africa, where it is known as the "King of Africa" in the mobile industry [1] - Transsion's smartphone brands include TECNO for mid-to-high-end consumers, Infinix targeting younger consumers, and itel for the mass market emphasizing cost-effectiveness and reliability [1] Group 2: Market Position and Performance - According to a Frost & Sullivan report, Transsion Holdings ranks first in smartphone sales in Africa with a market share of 61.5% as of 2024 [1] - The company has set up manufacturing centers in Ethiopia, India, and Bangladesh, and its products are available in over 70 countries and regions [2] - In the global emerging markets, Transsion's smartphone market share is 24.1%, with leading positions in Africa (15.4%), emerging Asia-Pacific (22.8%), and the Middle East [2] Group 3: Future Projections - IDC data indicates that Transsion Holdings is projected to have a global smartphone market share of 8.6% in 2024, ranking fourth overall [2] - The company is expected to sell 201.4 million smartphones in 2024, with the mobile internet penetration rate in emerging markets anticipated to rise from 46% in 2024 to 53% by 2029 [2] - The revenue of the emerging market smartphone sector is forecasted to grow from $134.4 billion in 2020 to $171.1 billion in 2024, reaching $236.7 billion by 2029 [2]

景顺提及，货币方面，随着美联储减息，美元或会走软，这有利于日元及英镑等发达国家市场货币，以 及拥有正面利差且基本因素向好的新兴市场货币。 景顺亚太区环球市场策略师赵耀庭表示，中国及其他亚洲市场在2025年已展现强劲表现，多个资产类别 有望在2026年延续这一势头。在政策支持利好、基本面持续改善的背景下，亚洲市场为投资者提供了具 吸引力的多元化配置及调整组合部署的投资机会。 景顺指出，股票方面，近来数年，全球股市回报一直由人工智能主导。随着集中度达致数十年来高位， 该行倾向于调整组合部署，于市场上寻求有望受惠于全球增长改善的相关机会。受全球增长回暖及盈利 前景向好支持，美国以外的已发展市场提供更具吸引力的估值及更大的市盈率扩张潜力。纵观各个地 区，新兴市场估值最具吸引力，但表现将出现显著差异。该行亦重点关注其他估值更具吸引力的AI机 会，尤其是中国科技股。 景顺今日发布《2026年投资展望》，景顺首席环球市场策略师Brian Levitt表示，相信全球股市在2026年 有望继续上涨。他指，当前宏观经济环境支持偏重非美国资产，相信美国利率下降，以及欧洲、日本和 中国扩大政府支出，应有助提振全球经济，带领全球经济走 ...

Company Overview - Transsion Holdings Limited (传音控股) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company is a leading provider of smart terminal products and mobile internet services, primarily focusing on the design, research and development, production, sales, and brand operation of mobile phones [4][7] - Since its establishment in 2013, the company has focused on emerging markets, particularly in Africa, where it has established a strong brand presence and is known as the "King of Africa" in the mobile phone industry [4][8] Market Position - According to Frost & Sullivan, Transsion Holdings ranks first in the global emerging markets for mobile phone sales in 2024, with a market share of 24.1% [1] - In Africa, the company holds a dominant position with a market share of 61.5% in mobile phone sales, benefiting from the transition from feature phones to smartphones [8] - The company also ranks first in the emerging Asia-Pacific and Middle East markets, with market shares of 15.4% and 22.8%, respectively [8] Financial Performance - The company reported revenues of RMB 46.60 billion, RMB 62.29 billion, RMB 68.72 billion, and RMB 29.08 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [10] - Gross profits for the same periods were RMB 9.25 billion, RMB 14.44 billion, RMB 14.34 billion, and RMB 5.53 billion, with corresponding gross profit margins of 19.9%, 23.2%, 20.9%, and 19.0% [11] - The net profits for the years 2022, 2023, 2024, and the first half of 2025 were RMB 2.47 billion, RMB 5.59 billion, RMB 5.60 billion, and RMB 1.24 billion, respectively [12] Industry Overview - The global mobile phone market has shown strong growth since 2010, with a market size of USD 0.5 trillion in 2024, projected to reach USD 0.6 trillion by 2029, reflecting a compound annual growth rate (CAGR) of 4.6% [13] - The mobile internet services market is expected to grow from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [14] - Emerging markets are experiencing a significant increase in mobile internet penetration, expected to rise from 46% in 2024 to 53% by 2029, indicating substantial growth potential in the smartphone and mobile internet services sectors [15] Emerging Market Dynamics - The smartphone market in emerging markets is projected to grow from USD 134.4 billion in 2020 to USD 171.1 billion in 2024, with a CAGR of 6.2% [17] - The number of smartphones sold in emerging markets is expected to increase from 624.6 million units in 2020 to 648.5 million units in 2024, with a CAGR of 0.9% [22] - The IoT products market in emerging markets is anticipated to grow from USD 81 billion in 2020 to USD 135.5 billion in 2024, with a CAGR of 13.7% [26]

Shenzhen Transsion Holdings Co., Ltd. 深圳傳音控股股份有限公司 (於中華人民共和國成立的股份有限公司) 智通财经APP获悉，据港交所12月2日披露，深圳传音控股股份有限公司(简称：传音控股，688036.SH) 递表港交所主板，中信证券为其独家保荐人。招股书显示，传音控股是全球领先的智能终端产品和移动 互联网服务提供商。公司主要从事以手机为核心的智能终端产品的设计、研发、生产、销售和品牌运 营。自2013年成立以来，传音控股即深耕以非洲为代表的新兴市场。凭借着领先的市场占有率和广泛的 品牌影响力，公司在手机行业内有着"非洲之王"的美誉。 [編纂] Iranssion 獨家保薦人、[編纂]·[編纂]及[編纂] 財務顧問 J.P.Morgan 摩 根 火 通 [編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]及[編纂]行使 與否而定) [編纂]數目 … [編纂]股H股(可予[編纂]及視乎[編纂] 行使與否而定) [編纂]股H股(可予[編纂]及視乎[編纂] [編纂]數目 .. 及[编纂]行使與否而定) 最高[編纂] : 每股[編纂][編纂]港元,另加1.0% 經紀佣金 · ...