第一财经正式推出"问海•中企出海新观察"栏目，系统化追踪中企全球化进程。 【问海•中企出海新观察】 全球化发展自2024年开始进入了一个新时期，最显著的变化之一，便是贸易保护主义加剧，一些国家更强调"保护本国"的经贸政策，全球贸易摩擦升级，也 促使关键产业回流本土。与此同时，后疫情时代以来，在地缘政治局势紧张的背景下，主权国家与跨国企业对供应链安全重视度的提升，进一步加速了全球 产业链、供应链的调整，这些都给全球化发展带来更多不确定性。 根据《报告》，中国企业全球化发展进入新常态，呈现出多元化、区域化，且与地缘政治交织的复杂发展状态。贸易方面，以美国为例，在经贸领域推行针 对各个国家的"对等关税"。投资方面，联合国贸发会议（UNCTAD）数据显示，截至2024年底，全球有46个国家设立了专门针对外国直接投资的审查机制， 较十年前（2014年）的水平翻了一倍多，审查范围也从传统的能源、交通基础设施拓展到半导体、数据处理、人工智能等新兴领域。与此同时，科学技术迭 代日益加快，正在快速改变传统生产方式与经营模式，影响着经营主体在全球化方面的决策。 新形势下，中国企业全球化展现出较强韧性。第一财经研究院·中国企业全球 ...

在沙特阿拉伯的阿尔舒巴赫沙漠，一座装机容量2600兆瓦的光伏电站正在源源不断的将阳光转化为电 能。这个中东地区最大的光伏项目背后，是中国能建（601868）的EPC总包能力，不仅集成了中国新能 源产业强大的制造能力、也集成了跨国企业施耐德电气的先进技术方案。在工业制造领域，朗快科技通 过与施耐德电气合作，逐鹿高端机床行业的国际化竞争，并持续推进数字化赋能、项目开拓及海外投 资。 这些全球化项目，折射出"十五五"时期中国企业出海的新图景：从单纯的产品出海走向技术出海、产业 链出海、生态出海。这种跃迁提出了前所未有的挑战，不仅要求中国企业具备全球化和本地化能力，更 要求中国企业将出海从产业"平移"转变为"向上走、向深走"的机会。 在这些挑战面前，越来越多中国企业开始寻找"同行者"，一些企业将视线投向了一批特殊的合作伙伴： 那些既懂中国又通全球的跨国企业。它们不仅拥有覆盖全球的商业网络和成熟的本土化经验，更在中国 市场深耕多年，深刻理解中国产业的优势与特点，能够合作无间。 新出海需要新伙伴，跨国企业成为有力支持 "十五五"即将成为中国企业出海的一个转折点。"十四五"时期，在国际经贸形势变化和供应链挑战的背 景下，许 ...

近年来，世界经贸格局又在经历一场深刻的重塑。伴随贸易保护主义加剧、地缘政治的复杂性上升、担 忧供应链安全性的考量增加，全球经济步入一个与以往大张旗鼓宣扬开放与发展不太一样的新常态中。 叠加当前科技迭代日益加快的背景，对中国企业的全球化发展来说，这是一个与以往不同的发展环境。 我们在观察中发现，中国企业特别是那些在海外有着大量业务的全球化企业，它们的身上也拥有了不一 样的特征。 在2025年轰轰烈烈的全球关税之争中，中国企业展现出强大的韧性。对外贸易方面，2025年上半年，中 国货物出口总额同比增长7.2%至13万亿元。出口结构持续优化，以新能源、工业机器人为代表的新兴 行业正成为出口新引擎。越来越多中国企业致力于从"卖产品"向"建体系、树品牌"进阶；中国对外直接 投资高速增长，2024年度对外直接投资净额为1922亿美元，比上年增长8.4%。其中，我国企业投资规 模持续名列前茅，对外直接投资占全球份额的11.9%，呈现出更注重本地化、合规性与可持续性的特 征。2025年，第一财经研究院·中国企业全球化指数预计同比增长6.1%，为近三年最高增速。 又一年，第一财经研究院撰写的《跨越山海│2025中国企业全球化报 ...

Group 1: Macro Economic Insights - Recent research by McKinsey Global Institute indicates a structural reshaping of global capital flows, with China transitioning from a major recipient of foreign direct investment (FDI) to a key global investor, particularly in Europe, Latin America, and the Middle East and North Africa, with capital deployment growth exceeding two-thirds [3] - Since 2022, China's average annual greenfield investment has decreased by 65% compared to pre-pandemic levels, while outward investment in future-oriented industries and resources has increased by 54% [3][8] Group 2: Automotive Industry - Over the past decade, China's automotive industry has shifted from "market for technology" to "technology going global," with Chinese brands capturing approximately 30% of the domestic market share from multinational joint ventures [9] - By 2030, it is predicted that 3-5 Chinese companies will be among the top ten global automakers, with Chinese brands expected to hold a 10%-20% market share in key overseas markets [9] - In 2025, two Chinese automakers are projected to enter the global top ten in sales, with 2023 expected to see China surpass Japan and Germany as the world's largest automobile exporter [9][15] Group 3: Life Sciences Industry - China's innovative drug development has seen significant growth, with about one-third of global innovative drug pipelines originating from China, including a substantial portion in cutting-edge therapies [18] - Chinese pharmaceutical companies are transitioning from developing globally competitive innovative products to establishing a global presence, with 23 drugs receiving breakthrough therapy designation from the FDA and 11 approved for market entry in the U.S. [24] - To become truly global enterprises, Chinese pharmaceutical companies must upgrade their strategies across three dimensions: talent globalization, decision-making agility, and source innovation [25] Group 4: Industrial Sector - China has evolved from being a "world factory" to an essential strategic market and innovation hub for global advanced industrial enterprises, with leading companies leveraging digitalization, AI, and IoT technologies [27] - The penetration rate of AI in lighthouse factories has increased from approximately 20% to over 80% in the past five years, with generative AI further enhancing technological applications [27] Group 5: Consumer Market - The middle class in China is expected to grow significantly, with high-income households projected to reach 259 million by 2030, accounting for 62% of urban families [34] - Despite challenges, consumer resilience is evident, with retail sales in China growing by 4.6% year-on-year in the first eight months of 2025, driven by strong sales in home appliances and electric vehicles [34][37] - E-commerce platforms are evolving from a fresh-food-centric model to a comprehensive category approach, activating new consumption scenarios and driving industry growth [37] Group 6: Strategic Considerations for Long-term Success - To become a "century-old enterprise," companies must balance operational flexibility with long-term strategic foresight, fostering deep trust and loyalty among stakeholders [41] - Companies need to address succession planning challenges, particularly in China, where reliance on charismatic founders complicates leadership transitions [41] - Businesses must make critical strategic choices to navigate the dual challenges of "breaking through" and "restructuring" in the Chinese market, emphasizing the importance of ecological integration and global perspectives for sustainable development [42]

Core Insights - The "Top 10 Most Loved Chinese Global Brands by Gen Z" list highlights Tencent, Xiaomi, and SHEIN as the leading brands in their respective categories of gaming, 3C electronics, and e-commerce [1][2][3] Group 1: Brand Rankings - Tencent ranks first in the gaming category with a score of 1391, followed by Xiaomi in 3C with 1241, and SHEIN in e-commerce with 1197 [1] - The list indicates a strong preference among Gen Z for Chinese brands, with Tencent, Xiaomi, and SHEIN being the top three [2] Group 2: Gen Z Consumer Behavior - Gen Z, representing about 25% of the global population, is characterized by a global perspective, digital proficiency, and cultural influence, reshaping the global consumer market [2] - The survey covered various markets, revealing that Gen Z consumers are more discerning and have a higher acceptance of Chinese brands compared to other generations [2] Group 3: Tencent's Globalization Strategy - Tencent has accelerated its globalization efforts, with international market revenue from gaming exceeding 30% in Q2, marking a historical high for four consecutive quarters [3] - The brand leverages popular gaming IPs and community engagement to attract Gen Z, enhancing the gaming experience through social media and AR features [3] Group 4: Xiaomi's Competitive Edge - Xiaomi's success among 3C brands is attributed to its value-for-money proposition, innovative focus on Gen Z needs, and the creation of an interconnected smart ecosystem [3] - The brand's ability to offer high-quality products at reasonable prices aligns with Gen Z's preference for value [3] Group 5: SHEIN's Market Disruption - SHEIN stands out in the e-commerce sector with its "on-demand fashion" model, utilizing a flexible supply chain to minimize inventory and respond quickly to market trends [5] - The brand's digital empowerment of suppliers and commitment to sustainability have positioned it as a leader in the fast-fashion industry [5][6] - SHEIN has invested over 15 billion yuan to build a smart supply chain centered in Guangzhou, enhancing the digital transformation of traditional industries [6]

Group 1 - The "2025 Globalization Forum" hosted by EqualOcean concluded in Shenzhen, focusing on the theme of embracing the golden decade of Chinese brand globalization, gathering global business leaders, investors, and industry experts to discuss opportunities and challenges for Chinese brands in the globalization process [1] - YCloud was awarded the title of "Top 50 Globalization Brand Service Providers 2025," highlighting its status as a leader in the outbound market [1] Group 2 - YCloud provides comprehensive support for Chinese enterprises' globalization efforts, transitioning from merely selling products to building ecosystems, emphasizing the importance of full-chain service providers in this process [7] - As an AI-driven WhatsApp solution provider, YCloud offers a complete support system for enterprises, facilitating seamless connections through WhatsApp API and enhancing operational efficiency [7][11] Group 3 - The release of the "Top 50 Globalization Brand Service Providers 2025" list by EqualOcean indicates that the service provider ecosystem has become a crucial infrastructure network for Chinese enterprises' globalization [8] - YCloud assists companies in building a stable and efficient globalization ecosystem through systematic services and localized acceleration, providing robust support for Chinese brands' global expansion [8] Group 4 - YCloud aims to innovate and collaborate with more service providers to seize opportunities in the globalization wave, promoting the international development layout of outbound enterprises [9] - The recognition in the "Top 50 Globalization Brand Service Providers 2025" list reflects YCloud's excellence in service and technological innovation [9] Group 5 - YCloud is recognized as a top Business Solution Provider (BSP) by Meta, facilitating efficient and secure customer communication globally through its AI-driven WhatsApp solutions [11][12] - The company offers a range of services including WhatsApp API, Click-to-WhatsApp Ads, automated messaging, AI customer support, and a comprehensive e-commerce solution, tailored for various industries to enhance customer experience and drive business growth [11]

Group 1: Global Economic Landscape - The global economic landscape is undergoing profound changes, characterized by rule restructuring, geopolitical tensions, and technological revolutions, leading to a reconfiguration of trade orders [1] - The rise of trade protectionism is increasing operational costs and uncertainties for enterprises, necessitating a reshaping of layouts and a focus on technological innovation and brand building for Chinese companies [1] Group 2: Financial System and Digital Technology - Digital technology is becoming a core force in reshaping the financial system, with accelerated development of central bank digital currencies and improved regulation of private digital currencies impacting cross-border payments and financial security [2] - The evolution of stablecoins presents a historic opportunity for establishing a fairer international trade payment system, requiring strategic planning and a globally recognized regulatory framework for safe cross-chain circulation [2] Group 3: Investment Opportunities - There is a growing focus among global investors on whether the Chinese market is entering a new growth cycle amid the restructuring of global capital flows and the upgrading of the Chinese economy [2] - Predictions indicate that more supportive policies will be introduced in China in Q4, enhancing market participation, with expectations of a gradual recovery in the commodity market and upstream deflation [2]

Group 1 - The "New Pattern New Path - Phoenix Bay Area Financial Forum 2025" was successfully held in Guangzhou on September 23-24, 2025, gathering government officials, consuls, business leaders, and financial experts to explore new development opportunities amidst global changes [1][3] - The forum included the "2025 Phoenix Star Listed Company Awards" ceremony on September 23 and a series of discussions on global trade, corporate globalization, digital economy, and artificial intelligence on September 24 [3] Group 2 - The chairman of Phoenix TV, Xu Wei, emphasized Guangzhou's historical significance as a commercial hub and the importance of the forum in navigating the current complex global landscape [5][6] - Keynote speeches addressed the profound changes in the global economic and trade landscape, highlighting the rise of protectionism and the need for Chinese companies to adapt their strategies [8][10] Group 3 - Discussions on corporate globalization revealed a shift from mere expansion to a focus on value creation, with emphasis on local operations and compliance [17][21] - The forum featured insights from various industry leaders on the importance of integrating local production and research in global strategies [19][23] Group 4 - The role of digital technology in reshaping financial systems was highlighted, with discussions on the development of central bank digital currencies and regulatory frameworks for private digital currencies [25][28] - Experts discussed the strategic opportunities presented by stablecoins and the need for a globally accepted regulatory framework for secure cross-chain transactions [30][31] Group 5 - The forum concluded with discussions on the potential for a new growth cycle in the Chinese market, with expectations for supportive policies to attract investment [38][40] - The "2025 Phoenix Star Listed Company Awards" recognized outstanding companies, showcasing their ability to innovate and collaborate internationally [48]

Core Insights - The 2025 International Investment Forum titled "New Cooperation, New Opportunities - Investment Cooperation Matching Activities among BRICS Countries" was successfully held in Xiamen, organized by the Xiamen Municipal Government and the New Development Bank of BRICS [1][2] - The event attracted representatives from over 20 countries, including BRICS member states and partner countries, creating a platform for international and professional exchanges [5] Group 1: Event Overview - The forum featured speeches from officials of the Xiamen Municipal Government, the New Development Bank of BRICS, and the Ministry of Commerce's Investment Promotion Bureau [2] - Notable attendees included the Chairperson of the Durban City Council from South Africa and the Chief Director of Investment Promotion from the South African Department of Trade, Industry and Competition [2] Group 2: Trade Index and Reports - The General Administration of Customs released the "Trade Index between China and Other BRICS Member Countries," which aims to objectively reflect trade achievements and promote economic cooperation among BRICS nations [4] - A report titled "Cooperation and Development Prospects of New Energy among BRICS Countries" was presented by Zhao Changwen, Director of the Strategic Advisory Committee of the New Industrial Revolution Partnership [4] Group 3: Discussions and Collaborations - Discussions included topics such as the new momentum for globalization of Chinese enterprises and the empowerment of Chinese companies through the "BRICS+" outbound service platform [4] - Representatives from various organizations, including the New Development Bank of BRICS and Didi Chuxing, shared successful practices and practical suggestions for high-quality development of BRICS cooperation [4]

Group 1 - The launch of the Hong Kong and US stock performance meeting roadshow channel by Panorama Network provides a new platform for Chinese companies to communicate with global investors, enhancing the globalization of Chinese enterprises [1][4] - The China Securities Regulatory Commission has introduced five measures to support leading domestic companies in listing and financing in Hong Kong, significantly boosting the activity of the Hong Kong market as a bridge for mainland enterprises to "go global" [2][3] - The Hang Seng Index has shown a year-to-date increase of 27.10% as of September 2, 2025, indicating enhanced market confidence and sustained capital inflow [2] Group 2 - The IPO market in Hong Kong has performed exceptionally well, with total fundraising reaching 138.275 billion HKD as of September 2, 2025, surpassing the total for the entire year of 2024 [2][3] - Notable companies such as CATL and Heng Rui Pharmaceutical have emphasized internationalization as a strategic focus, with CATL planning to allocate approximately 90% of its raised funds for projects in Hungary [3] - The US stock market has shown steady performance, with the Nasdaq index increasing by 10.20% year-to-date as of September 2, 2025, driven by the technology sector [3] Group 3 - The Panorama Network's new channel allows investors to access real-time performance explanations, strategic interpretations, and major updates from Chinese companies listed overseas, thereby reducing information asymmetry and improving decision-making quality [4][6] - Since 2017, the Hong Kong Stock Exchange has utilized Panorama Network for live broadcasts of annual and interim performance meetings, completing 12 roadshows to date [4] - The Panorama Network has established a strong market presence, with over 3,500 listed companies on its service platform, achieving a market coverage rate of 66% [5]