"走出去"并非因为国内市场竞争激烈而"出逃"。 内地企业赴港上市热潮还在继续。综合Wind统计和港交所公开数据，截至今年12月10日，港股市场共 有104家公司IPO，相比2024年全年增长了近四成。申请中的排队企业同样创下近10年来数量之最。 在政策和市场的驱动下，对于企业而言，除了融资需求，"走出去"与国际化布局是另一重要动因。 "出海"趋势不改 于12月8日在港交所上市的纳芯微电子（02676.HK）的创始人、董事长兼CEO王升杨在当天的媒体沟通 会上表示，公司赴港上市的一个重要目标，就是以香港为平台，更好地经营海外市场。作为国内首家实 现"A+H"两地上市的模拟芯片企业，他们计划到2029年，海外营收占比达20%左右，成为中国市场的重 要补充。 港股上市后，纳芯微的下一步是将香港办公室打造为海外运营和销售总部，除了服务海外客户，还将构 建海外供应链体系。 为了应对挑战，他表示，中企自身能做的首先是尽可能完善自身合规体系，包括建立客户自动筛查系 统，明确禁止合作的客户范围，避免直接或间接与这类客户产生贸易关系，"合规能力本身就是需要建 立的核心能力"。其次，开拓海外市场须采用海外客户能够接受的方式，不能 ...

Core Viewpoint - Tianyouwei plans to acquire 100% of Krämer Automotive Systems GmbH for €1 million, aiming to enhance its presence in the European high-end passenger car market despite Krämer's financial difficulties [1][4]. Group 1: Acquisition Details - The acquisition is intended to leverage Krämer's customer resources and channels to support Tianyouwei's international expansion strategy [4][7]. - Krämer, established in 1974, has previously worked with high-end automotive brands such as Porsche and Mercedes-Benz but has recently faced financial challenges, including filing for bankruptcy due to a lack of significant orders [4][5]. Group 2: Financial Assessment - Krämer's total assets are projected to be ¥12.04 million with a net asset value of -¥4.69 million by December 31, 2024, and -¥6.53 million by June 30, 2025 [5]. - The valuation assessment indicates a shareholder equity value of ¥8.57 million, representing a 231.16% increase compared to its negative net asset value [6]. Group 3: Business Strategy and Performance - Tianyouwei's overseas sales gross margin exceeds 40%, while domestic sales gross margin is just over 20% [8]. - The company aims to strengthen its global market share and is expanding its international operations, including establishing subsidiaries and production bases in Mexico and South Korea [8]. - Tianyouwei's main clients include major automotive groups like Hyundai and BYD, with a significant portion of revenue coming from these partnerships [7].

日前，由中国采购与招标网、中国名企排行网组织开展的"招标代理行业发展45周年纪念暨2025(第19 届)招投标领域年度聚焦活动"，组委会在京正式发布了"2025工程勘察设计行业综合实力百强榜单"。 近年来，中国工程勘察设计行业在党和政府的坚强领导下，坚持以新发展理念为引领，深化改革创新， 取得了举世瞩目的成就。规模效益持续提升，行业营业收入和技术人员数量稳步增长，服务范围覆盖交 通、水利、能源、城市建设等关键领域，有力支撑了国家重大战略和基础设施建设。技术创新成果丰 硕，广泛应用BIM、数字化勘测、人工智能等新技术，推动行业向智能设计、绿色设计转型。参建港珠 澳大桥、北京大兴机场等"超级工程"，突破多项复杂技术难题。主导或参与编制多项国际标准，技术话 语权显著增强。绿色转型成效显著。积极响应"双碳"目标，在新能源工程、生态修复、绿色建筑设计中 形成技术体系，助力可持续发展。国际竞争力持续增强，凭借先进技术和丰富经验，成功开拓"一带一 路"沿线市场，中国勘察设计标准、技术和装备走向世界。行业治理日趋完善，资质管理改革深化，市 场秩序持续规范，诚信体系加快建设，为高质量发展奠定制度基础。 中国工程勘察设计行业作为 ...

超两倍溢价收购背后，天有为瞄上欧洲高端车市：100万欧元买下资不抵债的德国克莱默 标的资不抵债 12月9日晚间，天有为公告称，拟使用100万欧元自有资金购买MS-ONE Holding AG持有的Krämer Automotive Systems GmbH(以下简称"克莱默")100%的股权。天有为表示，本次收购事项符合公司国际 化发展的战略，有利于公司更好开拓欧洲市场客户，特别是高端乘用车客户，有助于提升公司盈利能力 与可持续发展能力，增强公司的市场竞争力与行业地位。 克莱默总部位于德国，是成立于1974年的老牌汽车电子系统制造商。公司早期主要专注于汽车电子和信 息娱乐系统的研发与生产，为欧洲多家车企提供定制化的车载电子解决方案。克莱默曾经与保时捷 (Porsche)、路虎(Land Rover)、捷豹(Jaguar)等高端汽车品牌建立了联系。奔驰也是克莱默的客户之一。 不过根据德国媒体今年8月报道，由于未收到重大订单，克莱默财务出现困难，向当地法院提出了破产 申请。根据媒体报道内容，该公司18名员工的薪资由三个月的破产补助覆盖。 记者｜胥帅 12月9日晚间，4月刚登陆A股的天有为(SH603202，股价9 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 投行业务有望回暖 券商投行在服务实体经济方面担当着至关重要的角色。 本报记者 于 宏 今年以来，在资本市场向好走势带动下，券商业绩表现亮眼。前三季度，43家A股上市券商合计净利润 同比增长62.48%。 在此背景下，基金等金融机构对券商的调研热情攀升。四季度以来截至12月7日，已有28家上市券商接 受机构调研，就国际化布局最新进展、投行业务特色战略等市场关切话题予以回应。 加速国际化布局脚步 当前，国际化市场日益成为中资券商开拓业绩增量的"必争之地"。今年以来，中资券商纷纷加速海外布 局步伐，力求打造新的业绩增长曲线，例如，11月份，国泰海通披露，该公司境外子公司将收购一家印 尼证券公司；10月份，东兴证券向在港子公司东兴香港增资3亿港元；此外，第一创业、西部证券等多 家券商纷纷宣布将在中国香港设立子公司以拓展业务。 在海外布局方面，综合实力雄厚的头部券商已构筑一定先发优势。招商证券国际业务坚持跨境融合发展 导向，采取"短期聚焦、中长期布局"的节奏推进，以做大中国香港市场为第一曲线，做强国际市场为第 二曲线。招商证券表示，未来将加快完善 ...

本报记者于宏 今年以来，在资本市场向好走势带动下，券商业绩表现亮眼。前三季度，43家A股上市券商合计净利润 同比增长62.48%。 在此背景下，基金等金融机构对券商的调研热情攀升。四季度以来截至12月7日，已有28家上市券商接 受机构调研，就国际化布局最新进展、投行业务特色战略等市场关切话题予以回应。 加速国际化布局脚步 当前，国际化市场日益成为中资券商开拓业绩增量的"必争之地"。今年以来，中资券商纷纷加速海外布 局步伐，力求打造新的业绩增长曲线，例如，11月份，国泰海通披露，该公司境外子公司将收购一家印 尼证券公司；10月份，东兴证券向在港子公司东兴香港增资3亿港元；此外，第一创业、西部证券等多 家券商纷纷宣布将在中国香港设立子公司以拓展业务。 在海外布局方面，综合实力雄厚的头部券商已构筑一定先发优势。招商证券国际业务坚持跨境融合发展 导向，采取"短期聚焦、中长期布局"的节奏推进，以做大中国香港市场为第一曲线，做强国际市场为第 二曲线。招商证券表示，未来将加快完善环球交易平台，提升数字化运营能力，打通跨境投资渠道；同 时，在海外布局方面采取差异化策略，推动韩国子公司业务多元化发展，探索切入东南亚市场，构建层 ...

Core Insights - The nutrition and health industry is currently in an adjustment phase, with declines in infant formula, intensified competition in adult nutrition, and structural differentiation in the pet segment. Despite this, the company achieved a revenue of 10.805 billion yuan in the first three quarters, reflecting a year-on-year growth of 12.3%, indicating stability [1] Group 1: Company Growth Strategy - The core value of the company lies not in a single product explosion but in the establishment of a "whole family nutrition health ecosystem" across infant, adult, and pet segments, extending the consumer lifecycle [1] - The company leverages maternal and infant channels, content marketing, and a comprehensive domestic and international e-commerce system to create a wide-reaching touchpoint network [1] - In the adult segment, Swisse has established clear positioning through a high-end and youthful product matrix across multiple subcategories [1] Group 2: International Market Structure - The company's international layout consists of three layers: - Core driving market (China) accounts for over 70% and remains the growth engine [2] - Mature markets (Australia and New Zealand) show stable growth, with Swisse maintaining a leading position and achieving an 8.9% growth [2] - Expanding markets (Southeast Asia, Middle East, Italy, etc.) are experiencing double-digit growth, representing potential future waves over the next three to five years [3] Group 3: Supply Chain and Operational Resilience - The company's supply chain system is crucial for supporting multi-market operations, with six R&D centers and multiple production bases facilitating resource sharing and raw material interchange [3] - The resilience of the supply chain allows the company to maintain stable gross margins during cost fluctuations and ensures product quality consistency within a global traceability system [3] Group 4: Long-term Investment Value - The company possesses three long-term value points: - A multi-category structure that reduces cyclical risks [4] - A multi-regional layout that enhances growth elasticity [4] - A high-end product mix that improves profitability and brand barriers [4] - As the industry transitions from an expansion phase to a refined competition phase, the company's systemic competitiveness in supply chain, internationalization, and brand matrix will be key to its sustained growth capability [4]

公告指出，本次H股发行的认购对象仅限于符合相应条件的境外投资者，以及依据中国相关法律法规有权进行境外证券投资管理的境内证券经营机构、合 格境内机构投资者及其他符合监管规定的投资者。 本次募资所得款项净额将按照既定规划投入多个方向。其中约18%拟用于提升底层技术能力及工艺平台，约22%用于丰富产品组合并重点扩大汽车电子应 用领域，约25%用于扩展海外销售网络及市场推广，另有约25%将用于战略投资及并购以实现长期增长，剩余约10%用作营运资金及一般企业用途。公司 称，通过上述投入将进一步夯实技术与产品基础、加快国际化布局。 12月5日，纳芯微发布公告，明确公司境外发行股份（H股）的最终公开发行价格为每股116港元（不包括1%经纪佣金、0.0027%香港证券及期货事务监察 委员会交易征费、0.00565%香港联交所交易费及0.00015%香港会计及财务汇报局交易征费），本次H股预计于2025年12月8日在香港联合交易所有限公司 （以下简称"香港联交所"）主板挂牌并开始上市交易。 据悉，纳芯微于2025年11月28日正式启动香港上市招股程序，此次全球发售计划发行约1906.84万股H股，其中香港公开发售约190.69 ...

Core Insights - Zhou Hei Ya (01458) has officially opened its first overseas store in Port Klang, Malaysia, marking a significant step in its international expansion strategy [1] - The store features a "front store and back kitchen, open display" model, offering signature products such as marinated duck legs and baby octopus, while also introducing a vegetarian series and small seafood items to cater to local tastes [1] - This move signifies a new phase in the company's expansion into the Southeast Asian market, with plans to adopt a "store + channel" dual strategy for comprehensive market coverage [1] Company Strategy - Zhou Hei Ya aims to promote Chinese marinated food culture globally through its international expansion efforts [1] - The company plans to steadily expand its overseas market presence by implementing a dual-channel strategy [1]

Core Insights - Zhou Hei Ya (01458) opened its first overseas store in Port Klang, Malaysia on December 5, 2025, marking a significant step in its international expansion strategy [1] - The store features a "front store and back kitchen, open display cooking" model, offering signature products such as marinated duck legs and octopus, while also retaining classic items like marinated duck necks and duck spine [1] - The company has introduced a new range of vegetarian dishes and small seafood items to cater to local tastes, while maintaining the classic flavors of Zhou Hei Ya [1] Company Strategy - This opening signifies a new phase in Zhou Hei Ya's expansion into the Southeast Asian market, indicating a strategic move towards international growth [1] - The company plans to implement a "store + channel" dual strategy for overseas operations, aiming for comprehensive channel coverage and steady market expansion [1] - The initiative is part of a broader effort to promote Chinese marinated food culture globally [1]