点击图片▲立即查看 " 这次中东不少国家与城市在遭遇前所未有的危机下，表现出的物资管控与人员安抚能力，令不少人感到意外。 " 安国此前是华为外派员工，如今在迪拜公司工作。战火最先波及阿联酋首都阿布扎比，但他认为阿布扎比一直以安全著称，没有在意。 "本身打算多待几天，还要去利雅得。但带着孩子出差，怕孩子太折腾了，就先回去了。"中欧法律基金会（CELF） 联席理事长彭帅庆幸地告诉小巴。 北京时间 2 月 27 日晚 11 点，在迪拜谈好业务之后的彭帅坐上了飞往国内的航班， 2 月 28 日上午 10 点，落地成都天府机场。 下午 2 点，美国与以色列发动对伊朗的攻击，引爆中东战争，战火波及阿联酋、卡塔尔、巴林、科威特、沙特、伊拉克等周边国家的美军基地及大使馆，并不断扩大，中东航空普遍按下暂停键。 3月1日，迪拜国际机场关闭后 硝烟弥漫之中，幸运与不幸交织，毫无章法。 近年来，中东成为中国企业出海热土。 2025 年上半年，中国对中东地区货物出口额同比增长 10.2% ，比重达到 8.0% ，处于过去 10 年里的最高水平。 向外突围与破卷的中国出海人，迎面撞进了一个前所未有的荒诞世界。 文 /巴九灵（微信公众号： ...

出海缩影 。 作者/周佳丽 报道/投资界PEdaily 一个出海I PO来了。 投资界获悉，Ra d v a n c e Ca yma n Limi t e d（简称：TENWAYS）已向港交所主板递交上市申请，冲刺香港"E-Bi k e第一股"。 起家于深圳南山，TENWAYS背后是一位8 5后创始人——梁霄凌。他于2 0 2 1年创办了深圳市十方运动科技有限公司（简称：深圳十 方），短短五年时间，将TENWAYS打造成欧洲电动自行车爆款，还集结了高瓴、腾讯、路威凯腾等一众知名投资方。 TENWAYS的故事，只是中国出海大时代的一缕缩影。目之所及，中国企业正遍布全球，缔造了一个个意想不到的超级I PO。 他把自行车卖到欧洲 要IPO了 从TENWAYS创始人说起。 招股书显示，目前TENWAYS产品涵盖综合品类的电助力自行车系列，包括城市型、混合型与运载型车款，是欧洲少数具备全系列产 品线的品牌之一，满足了欧洲各地广泛的应用场景，包括城市通勤、越野探险、家庭运输及载货。其售价在1 7 9 9欧元与4 9 9 9欧元之 间不等，即 一辆售价区间大约1 4 5 0 0 - 4 0 0 0 0元人民币 。 动辄高 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation industry [2] Core Insights - The demand for international air travel is driven by both leisure and business travel, with a significant correlation to international trade and investment activities. The report highlights a notable increase in outbound investment from China, which is expected to boost international flight offerings [4][5] - The report anticipates that international routes from China will see growth primarily in Europe and Asia, with a gradual recovery in North America, leading to sustained industry optimism [4][5] - The report emphasizes the advantages of major Chinese airlines, particularly China Eastern Airlines, due to their rapid recovery in international routes and increased flight offerings [5][6] Summary by Sections Industry Overview - The total market capitalization of the aviation industry is approximately 716.41 billion yuan, with 12 listed companies [2] - The report notes a significant recovery in international air travel, with domestic airlines leading the recovery compared to foreign airlines [5][6] Investment Activities - China's outbound direct investment is projected to reach 1,245.58 billion yuan in 2025, reflecting a year-on-year growth of 7.4% [4][19] - The report indicates that the number of Chinese companies engaging in overseas investments has increased significantly, with a notable rise in revenue from these activities [4][35] Passenger Flow and Travel Policies - The report highlights the positive impact of visa-free policies on inbound tourism, with a 26% year-on-year increase in foreign visitors to China in 2025 [5][55] - The number of outbound trips by Chinese residents is expected to grow by 15% in 2025, nearing pre-pandemic levels [5][58] Future Trends - The report predicts that Asian routes will dominate international air travel, with significant growth expected in flights to Japan, South Korea, and countries along the Belt and Road Initiative [5][6] - European routes are also expected to see an increase in flight volumes, driven by enhanced trade relations and investment activities [5][6] Investment Recommendations - The report recommends focusing on major airlines, particularly China Eastern Airlines, due to their strong recovery and expansion in international routes [5][6]

站在 历史与未 来的交 汇 点 ，中 国 企业 的出 海之 路， 道阻 且长 ，但 行 则将 至。愿各位企业家能抓住这波时代浪潮，在全球市场的舞台上，找到属于 自己的位置，也为中国经济的全球布局，添上属于我们这一代人的一笔。 国家经济发展有迹可循，我们站在关键跃迁点 放眼世界经济发展的历程，任何一个国家从落后走向发达，其经济发展都遵循着清晰的四阶规律：劳务输出、商品输出、资本输出，最终走向文化和品牌 输出。这一规律的底层，离不开经济学最基础的分工逻辑 —— 人类社会的经济行为源于分工，分工造就专业化，专业化催生交换，交换又牵动着价格形 成与资源配置的核心，这也是亚当・斯密分工理论的核心要义。 文/ 中国人民大学经济研究所联席所长、教授、中诚信国际首席经济学家 毛振华 从英美等发达国家的发展轨迹来看，皆是从最初的劳动力跨境流动，到依托本土产能实现商品全球流通，再到拿着积累的资本去全球找机会投资，最终以 自身的文化和品牌占据全球价值链的顶端。而当下的中国，正稳稳站在商品输出向资本输出过渡的关键节点，这不是偶然，而是中国经济数十年实力积累 的必然结果，也为我们企业的全球化布局定下了清晰的时代基调。 我们过去长期依靠 ...

当全球产业系统重构，当数智浪潮席卷而来，中国企业出海的航图正在被重新绘制。 这不仅仅是一次市场的转移，而是一场关于"中国能力"的全球迁徙。 五大核心市场，谁又是你的应许之地？ 在这份《2026一站式出海地图》中，我们不仅标注了坐标风口，更解析了航行逻辑： 从"卖货"到"建生态"，从"走出去"到"扎进去"。 2026，让我们在一起，跨越山海，共赴全球。 01 行业篇：从"中国制造"到"全球品牌"的战略升维 （一）泛娱乐出海：告别国内模式海外复制，转向AI赋能与文化共融 从新能源汽车的欧洲腹地突围，到AI短剧的北美文化破圈； 从新茶饮的东南亚街巷烟火，到Labubu点燃全球消费热情。 跨境电商、泛互联网、人工智能、新能源，四大热门赛道百舸争流。 北美、欧洲、东南亚、中东、拉美… 2026年，泛娱乐出海的核心驱动力已从单纯的商业模式输出转向"AI+文化"的深度赋能。以短剧和漫剧为例，国内市场2025年规模已达677.9亿元，同比增 长34.4%，而海外市场增速更加迅猛，规模预计达210.7亿美元，增长145.7%。随着可灵等AI视频模型的成熟，漫剧凭借低成本、高产能和强视觉冲击力， 正接棒成为内容增量的主力军。在区 ...

Group 1: Tourism Growth and Trends - In 2025, 3.1 million Chinese tourists are expected to visit Singapore, maintaining the highest number among all visitor sources [1] - The number of Chinese tourists increased by approximately 20% during the recent Lunar New Year holiday, although the growth rate compared to 2024 is only 1% [1] - Singapore's tourism market is mature, making significant growth in visitor numbers challenging [1] Group 2: MICE Industry Development - Singapore aims to enhance its MICE (Meetings, Incentives, Conferences, and Exhibitions) industry, with MICE travelers spending twice as much as leisure travelers [1] - The Singapore Tourism Board has plans to develop the MICE sector as part of its "Tourism 2040" strategy [1] - A new convention center is planned in the city center to strengthen Singapore's position in the regional MICE industry [4] Group 3: China-Singapore Cooperation - The collaboration between Chinese enterprises and Singapore in the MICE sector is growing, with many Chinese companies choosing Singapore for international events due to its geographical proximity and cultural similarities [3] - A memorandum was signed to deepen cooperation in the exhibition industry, focusing on sectors like precision manufacturing, AI, healthcare, and digital technology [4] - Singapore recognizes China's advanced practices in sustainable agriculture and aims to explore collaboration in agricultural development [5] Group 4: Future Market Potential - The business travel market in the Asia-Pacific region is projected to grow by 1.5 to 2 times in the next decade, with Singapore expected to triple its MICE industry size within 15 years [5] - Chinese enterprises show a higher maturity level in international exhibition participation compared to other Asian countries, indicating strong potential for collaboration [6] - The complementary strengths of Chinese enterprises and Singapore's platform create vast opportunities for future cooperation in the MICE and trade sectors [6]

2026年开局，中国企业出海的航图上，风浪与灯塔并存。从"产品走出去"到"品牌走进去"，从"单点突破"到"系统扎根"，这一年的出海故事有了全新的变 化。 随着2026年的日历悄然翻开，中国企业出海的叙事逻辑已经彻底改变。在全球供应链重构、AI技术爆发、地缘政治博弈的大背景下，中国企业的"大航海 时代"迎来了分水岭。 根据最新行业观察，我们梳理了2026年中企出海十二大核心趋势，带你一文看懂这场从"浅海"驶向"深蓝"的征程。 01 趋势一：中国出口重心加速转移至新兴市场，未来增长极将由高端智造全面主导 2025年，中国外贸交出了一份让很多人都意想不到的成绩单——进出口总额超过45万亿元，不仅创下历史新高，还稳坐在全球货物贸易第一大国交椅。 值得细看的是，这笔账的"含金量"变了。 以前说起出口，大家的第一反应可能是"又卖了多少衣服、多少玩具"。但2025年的增长逻辑完全换了样——最大的增量来自新能源汽车、工业机器人和锂 电池这"新三样"。新能源车出口上涨70%，连续三年全球第一。 除了"卖什么"变了，"卖给谁"也在变。对美出口占比降至11.1%，但对东盟、拉美、非洲的生意越做越火。尤其是"一带一路"沿线国家，第一 ...

Core Viewpoint - In 2025, China's economy demonstrated resilience with a GDP growth rate of 5%, outperforming global averages and indicating a strong recovery despite a "non-symmetric recovery" characterized by concentrated growth engines and a need for enhanced internal momentum [1][2]. Economic Performance and Structure - The 5% growth rate in 2025 is significantly higher than the global average of 2.7%, with developed economies at 1.7% and developing countries (excluding China) at 3.7% [2]. - Estimated per capita GDP for 2025 is approximately $13,900, nearing the high-income threshold set by the World Bank [2]. Growth Dynamics - Economic growth in 2025 was primarily driven by exports and equipment upgrades, with exports increasing by 5.5% and investment in equipment rising by 11.8% [3]. - Other sectors such as fixed asset investment, consumption, real estate, and traditional manufacturing showed insufficient performance, highlighting current economic weaknesses [3]. Transition to Balanced Growth - The shift from a "two-wheel drive" model (focused on exports and new technologies) to a "four-wheel drive" model in 2026 is anticipated, aiming for more balanced economic growth [4]. - Key areas for policy focus include: - Fixed asset investment, which saw a decline of 3.8% in 2025, is expected to recover [4]. - Service consumption, with an emphasis on unlocking its potential [4]. - Real estate stability, focusing on inventory reduction and market health [4]. - Traditional manufacturing improvements to enhance competition and supply-demand balance [5]. Key Observational Windows - Investors should monitor three critical time points: - Early March for the National People's Congress, which will set economic growth targets and policy directions [6]. - Late March for initial local investment trends, particularly in construction and industrial sectors [6]. - The second quarter for consumer spending indicators, as policies to stimulate consumption will be implemented [7]. Service Consumption Focus - Service consumption is identified as a key area for growth, with potential policy support in five directions: - Fiscal resources directed towards service consumption [8]. - Implementation of staggered paid leave to enhance consumer experience [8]. - Expansion of inbound consumption, with significant market potential [8]. - Utilization of new technologies like AI to create innovative service scenarios [9]. - Income improvements through pension reforms to boost consumer spending [9]. Long-term Growth Opportunities - Key long-term opportunities include: - Accelerated industrialization in developing countries, enhancing demand for Chinese exports [11]. - Globalization of Chinese enterprises, with a focus on cross-border supply chain management [11]. - AI application across various sectors, creating new business models and industries [11]. - Increased consumer spending rates, with potential reforms in income distribution [12]. Market Dynamics - The stock market is expected to transition from a phase of pricing based on expectations to one based on actual economic fundamentals, indicating a shift in investment logic [12][13].

Core Viewpoint - In 2025, China's economy demonstrated strong resilience with a GDP growth rate of 5%, achieving major expected targets despite a complex external environment. However, the "asymmetric recovery" highlighted concentrated growth engines and the need for enhanced internal momentum [2][3]. Economic Performance in 2025 - China's GDP growth of 5% remains significantly higher than the global average, with the World Bank projecting a global growth of 2.7% for 2025. Developed economies are expected to grow at 1.7%, while developing countries (excluding China) are projected to grow at 3.7% [3]. - A notable structural highlight is the increase in per capita GDP, estimated to reach approximately $13,900, nearing the World Bank's high-income country threshold [3]. - Growth drivers in 2025 were primarily concentrated in exports and equipment upgrades, with exports increasing by 5.5% year-on-year and investment in equipment and tools rising by 11.8% [3]. Transition to Balanced Growth in 2026 - The economic growth model is expected to shift from a "two-wheel drive" (focused on exports and equipment upgrades) to a "four-wheel drive" in 2026, indicating a more balanced growth structure [4]. - Key areas for policy focus include fixed asset investment, service consumption, real estate, and traditional manufacturing, aimed at addressing existing shortfalls in these sectors [5][6]. Key Policy Observation Windows - Investors should monitor three critical time points in 2026: 1. Early March during the National People's Congress, where economic growth targets and major policy allocations will be set [8]. 2. Mid to late March, when local investment conditions will become clearer, particularly in the industrial and construction sectors [8]. 3. The second quarter, which will be crucial for observing consumer behavior and the effectiveness of consumption policies [8]. Focus on Service Consumption - Service consumption is identified as a key area for growth, with potential policy support in five directions: 1. Fiscal resources directed towards service consumption [9]. 2. Implementation of paid staggered vacations to enhance service consumption experiences [10]. 3. Expansion of inbound consumption, with significant potential for growth [10]. 4. Utilization of new technologies, such as AI, to create innovative service consumption scenarios [10]. 5. Improvement of income levels through pension reforms, which could boost service consumption [10]. Mid-term Growth Opportunities - Key mid-term opportunities include: 1. Accelerated industrialization in Southern countries, with increasing demand for Chinese exports [11]. 2. The second wave of globalization for Chinese enterprises, focusing on overseas capacity [11]. 3. The application of AI in various sectors, presenting significant growth potential [11]. 4. Increased consumption rates, with room for improvement in the consumption-to-GDP ratio [12]. Investment Logic Shift - The A-share market is expected to transition from a "pricing expectation" phase to a "pricing fundamental" phase in 2026, indicating a shift from valuation-driven to earnings-driven market dynamics [13][14]. - Improvement in corporate profitability is linked to the recovery of the Producer Price Index (PPI), with projections suggesting a potential increase in industrial enterprise profit growth to 6%-7% if PPI growth rebounds to -0.6% [15]. Global Narrative Changes - The global investment landscape is influenced by five major narratives, including the weakening of dollar credit and the reshaping of global supply chains. However, signs of a shift in these narratives may impact asset performance in 2026 [16][17]. Overall Asset Allocation Strategy - The overarching investment strategy for 2026 is characterized by a focus on stability and progress, aligning with the central economic work conference's emphasis on "stability while seeking progress" [18].

以下文章来源于暗涌Waves ，作者屈田 暗涌Waves . 钱的流向，人的沉浮。36氪旗下投资报道账号。 从来都不是一场短跑。 文 ｜ ATM Capital 屈田 来源｜ 暗涌Waves（ID：waves36kr） 封面来源 ｜ IC Photo 作为中国第一代互联网产品经理，屈田2007年开始投资移动互联网，也是美团、UC Web等项目的早期投资人。2017年开始肉身出海，扎根印尼雅加 达，在几乎无人看清方向的时刻，押注东南亚与中国企业的全球化。 很多人把出海理解为一道选择题：留在中国，还是去更远的地方。但对屈田来说，那更像一场漫长的对时：与趋势对时，与耐心对时，也与自我对时。不 是比谁更快，而是比谁的表针与时代咬合得更准。 那时，极兔还只是一个模糊的物流构想，印尼街头的电商包裹远未像今天这样密集。他亲历了这家公司从东南亚、到中国、再到全球的三次生死突围。 外界后来喜欢用"前瞻"解释这一切。但在他自己的表达里，更真实的词是"忍"：在浪真正到来之前，必须先学会独自站在岸边、承受漫长的曝光。 九年间，屈田见过太多企业把出海只是当成"多开一家分公司"，也见过太多人在受挫后折返。他对这些失败的总结是，缺乏深度本 ...