·篇首语 锚定中国的世界新坐标 ·世界竞合崭新起点 专访 刘世锦 刘元春 邢自强 罗伯特·恩格尔 迈克尔·斯宾塞 托马斯·萨金特 ·中国制造大出海 领军者说 TCL李东生：将中国制造产业优势扩展到全球 协鑫集团朱共山：跨海越洋有助破局"内卷" 专访 百利天恒朱义：原始创新执掌全球话语权 中金公司王曙光：中国投行竞逐全球定价权 ·消费觉醒 专访 尹艳林：多措并举提振消费，关键要稳定居民收入增长预期 阅文集团侯晓楠：网文出海迈向共创期 携程集团王韦：入境游红利，推动文旅市场三重"变革" 2025消费关键词 2026年电商期待打开新蓝海 ·新旧动能转换方略 章俊、田轩、郑永年 ·中国产业的升维之路 领军者说 优必选周剑：人形机器人要进工厂干实事 云天励飞陈宁：打造"中国版TPU" 先导智能王燕清：我们是在定义下一代技术 京东方姜幸群、隆基绿能徐希翔与国盾量子唐世彪的深度答卷 2025，商业航天驶入新纪元 责任编辑｜骆一帆 张伟贤 包芳鸣 巫燕玲 张明艳 梁信 陆跃玲 周亦洋 谭咏 车市告别"顺风时代" 中国创新药授权交易从"爆发"迈向"长红" 新兴产业"未来已来"，中国科技创新如何"惊艳"世界 ·21世纪年度好书 ...

（文/观察者网 张志峰） 日前举办的2025年拼多多股东大会现场，一项重磅组织革新与宏大战略目标同步揭晓：平台正式建立联席董事长制度，以组织架构优化为支撑，联席董事长 兼联席CEO赵佳臻掷地有声地提出"未来三年再造一个拼多多"战略宣言。 这一目标的底气，源自其跨境电商平台Temu交出的亮眼成绩单——2025年第三季度，平台GMV突破1680亿元，同比增长42%，累计下载量超12亿次，月活 用户达5.3亿。 拼多多联席董事长兼联席CEO陈磊在会上透露，Temu已在不同国家具有一定的市场规模，仅用3年就完成了拼多多国内主站10年发展体量的惊人跨越。 在电商行业告别流量红利、存量竞争加剧的当下，拼多多的组织革新与战略升级形成共振，标志着这家以Temu为核心载体的电商巨头，已在全球市场站稳 脚跟，正式开启以供应链为核心的新征程。 从组织层面的联席董事长制度建立，到战略层面的供应链聚焦，拼多多正通过制度与业务的双重协同，为"再造一个拼多多"的目标构建坚实支撑，也为中国 电商与制造业的深度融合出海提供了全新范本。 价值跃迁：从代工贴牌到自主品牌 "以前做代工，订单利润薄如纸，现在有了自己的品牌，售价和利润都提升了近50% ...

Core Insights - The article discusses the entry of a Chinese electric low-speed vehicle company, Taotao Automotive, into the U.S. market, highlighting its successful transformation from a stigmatized product in China to a popular choice in the U.S. [1][4][11] Group 1: Company Performance - Taotao Automotive submitted an H-share listing application to the Hong Kong Stock Exchange, indicating its growth ambitions [1] - The company reported a net profit of 342 million yuan in the first half of the year, outperforming 8 out of 17 listed passenger car companies in A and H shares [1] - The net profit growth rate of 88.04% year-on-year is second only to Leap Motor, showcasing strong growth potential [1] Group 2: Market Dynamics - The U.S. market has shown a rising demand for affordable transportation options due to increasing car prices, creating a favorable environment for Taotao's products [6][9] - The average transaction price of new cars in the U.S. has surpassed $50,000, with used car prices also rising significantly, leading to a scarcity of low-priced options [7][9] - The global golf cart market is projected to reach $2.6 billion in 2024, with an expected compound annual growth rate of 8% from 2025 to 2034, indicating a growing market for electric golf carts [9] Group 3: Product Positioning - In the U.S., Taotao's vehicles are marketed as community commuting tools, allowing them to bypass traditional automotive competition and trade barriers [11] - The product's appeal is enhanced by its low price compared to conventional vehicles and its legal operation in many states without registration [9][11] - The adaptability of Chinese manufacturing to market demands is highlighted as a key factor in Taotao's success in the U.S. [11]

Core Insights - The report by IDC indicates that the total market size for MES solutions in China's manufacturing industry will reach 15.91 billion RMB in 2024, with a year-on-year growth rate of 11.4% [1][5] - The MES software market alone is projected to reach 6.29 billion RMB, growing at a rate of 16.3%, although this represents a slight decline in growth speed [1][5] - The competitive landscape in the MES software market is dominated by Baoxin Software, Heihuke Technology, and Siemens, with Siemens experiencing a drop in market share from 7.5% to 6.3% [1][5] Market Segmentation - The public cloud SaaS MES software market in China is expected to reach 1.005 billion RMB in 2024, accounting for 16.0% of the overall MES software market, with a year-on-year growth of 15.2% [3] - The core competitive advantage of SaaS is shifting from "low cost and rapid replication" to "multi-factory and cross-organization collaborative management," enhancing its connection to the supply chain [3] - The report highlights significant growth in specific sectors such as high-tech electronics, shipbuilding, automotive parts, and equipment manufacturing, driven by digital transformation and large-scale industrial equipment updates [5][13] Industry Trends - The report notes that AI is increasingly integrated into MES and various industrial software, moving from concept validation to large-scale implementation, which is expected to drive a new wave of growth and structural change in the MES market [13] - The competition in the MES market is intense, with many local manufacturers breaking the long-standing market structure through advancements in industry depth and product breadth [13] - The report emphasizes the importance of cash flow management, deepening AI technology integration, and focusing on industry-specific solutions as key strategies for technology service providers [13]

Core Insights - China's exports to Africa have surged by 25.9% year-on-year, significantly outpacing other regions, with total exports expected to exceed $200 billion in 2023 [1][2] - The increase in exports is driven by strategic policy changes, strong demand, and China's competitive manufacturing advantages [2][3] Group 1: Policy and Trade Dynamics - Strategic policy initiatives, such as the implementation of a 100% zero-tariff policy on goods from 53 African countries, have opened new trade opportunities [2][5] - The restructuring of global trade dynamics, particularly in contrast to U.S. tariffs on African trade partners, has positioned China favorably in the African market [2][6] Group 2: Market Potential and Demand - Africa's significant market potential, characterized by a young population and a growing demand for infrastructure, has made China an essential partner in the continent's industrialization [3][4] - Key import categories from China include machinery, electrical equipment, and vehicles, which account for approximately 55% of imports, driving export growth [3][4] Group 3: Competitive Advantages - China's manufacturing sector benefits from a complete industrial chain, allowing for cost-effective production and competitive pricing in the African market [3][4] - The depreciation of the offshore RMB has further enhanced the price competitiveness of Chinese goods in Africa [4][5] Group 4: Structural Challenges and Risks - Despite the growth potential, Africa's economic and political risks, including varying levels of stability across countries, pose challenges for sustained trade [6][7] - The continent's weak industrial base, with manufacturing contributing only 10%-11% to GDP, indicates a reliance on primary product exports, making it vulnerable to global commodity price fluctuations [7][10] Group 5: Strategic Recommendations - Companies should adopt a long-term strategy focused on deepening cooperation and establishing a strong market presence rather than seeking quick profits [8][9] - Emphasizing core product categories, particularly in infrastructure and renewable energy, will be crucial for capturing growth opportunities in Africa [9][10]

Core Viewpoint - The company, Lingong Heavy Machinery, is set to go public on the Hong Kong Stock Exchange, positioning itself as a "dual leader" in both mining and aerial work equipment sectors, which may spark a listing frenzy in the Hong Kong market [1][4]. Company Overview - Lingong Heavy Machinery, established in 2012, specializes in the research, design, manufacturing, sales, and service of machinery for mining, aerial work, and material handling [1]. - The company ranks third among domestic enterprises in the global mining transportation equipment and excavator market, and first in the domestic market for new energy mining transportation equipment as of 2024 [1][2]. Financial Performance - Revenue figures for Lingong Heavy Machinery from 2022 to 2024 are as follows: 10.529 billion yuan, 9.897 billion yuan, and 12.028 billion yuan, with a slight decline in 2023 followed by a recovery in 2024 [3]. - The company achieved a net profit of 0.954 billion yuan, 0.974 billion yuan, 1 billion yuan, and 0.635 billion yuan from 2022 to the first half of 2025, indicating a steady growth trend [3]. - The gross profit margin improved from 17.7% in 2022 to 22.4% in the first half of 2025, driven by increased sales of high-margin products and a decrease in raw material prices [3]. Market Position and Strategy - Lingong Heavy Machinery has expanded its global footprint, reaching over 100 countries and increasing its overseas revenue share from 26.8% in 2022 to 44% in the first half of 2025 [2]. - The company has diversified its product lines, focusing on high-altitude work machinery, wide-body dump trucks, drilling rigs, and special machinery, while also leading in the electrification and automation of mining equipment [2]. Industry Growth Potential - The global engineering machinery market is projected to grow from 1.5372 trillion yuan in 2024 to 2.1319 trillion yuan by 2030, with a compound annual growth rate (CAGR) of approximately 5.6% [5]. - The aerial work equipment market is expected to grow from 62.6 billion yuan in 2020 to 136.6 billion yuan in 2024, with a CAGR of 21.5% [5]. - The mining equipment market is forecasted to expand from 736.7 billion yuan in 2024 to 1,025.6 billion yuan by 2030, with a CAGR of 5.7% [6]. Competitive Landscape - The engineering machinery industry is becoming increasingly competitive, with major players like XCMG and SANY accelerating their overseas expansion [7]. - Lingong Heavy Machinery faces significant competition in the aerial work equipment sector, where its revenue is projected to decline by 57% in 2024, highlighting the challenges posed by domestic competitors [7].

Core Viewpoint - The company, Lingong Heavy Machinery, is set to go public on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the mining and aerial work equipment sectors, which are characterized as "dual leading" segments in the industry [1][7]. Company Overview - Lingong Heavy Machinery was established in 2012 and specializes in the research, design, manufacturing, sales, and service of machinery for mining, aerial work, and material handling [1]. - The company ranks third among domestic enterprises in the global mining transportation equipment and excavator market, and first in the domestic market for new energy mining transportation equipment as of 2024 [1][2]. Financial Performance - Revenue figures for Lingong Heavy Machinery from 2022 to 2024 are as follows: 10.529 billion yuan, 9.897 billion yuan, and 12.028 billion yuan, with a slight decline in 2023 followed by a recovery in 2024 [3]. - The company achieved a net profit of 0.954 billion yuan, 0.974 billion yuan, 1 billion yuan, and 0.635 billion yuan from 2022 to the first half of 2025, indicating a steady growth trend [3]. Market Position and Growth - Lingong Heavy Machinery has expanded its sales footprint to over 100 countries, with overseas revenue increasing from 26.8% in 2022 to 44% in the first half of 2025 [2]. - The company has positioned itself as a leader in the electric and intelligent transformation of construction machinery, having sold approximately 1,600 new energy mining transportation devices by mid-2025 [2]. Industry Trends - The global engineering machinery market is projected to grow from 1.5372 trillion yuan in 2024 to 2.1319 trillion yuan by 2030, with a compound annual growth rate (CAGR) of approximately 5.6% [5]. - The aerial work equipment market is expected to grow from 62.6 billion yuan in 2020 to 136.6 billion yuan in 2024, with a CAGR of 21.5% [5]. Competitive Landscape - The engineering machinery industry is characterized by increasing competition, with major players like XCMG and SANY expanding aggressively in overseas markets [7]. - Lingong Heavy Machinery faces challenges in maintaining its market position, particularly in the aerial work equipment sector, where it experienced a 57% revenue decline in 2024 [7].

Core Viewpoint - The 138th China Import and Export Fair (Canton Fair) showcases the innovative vitality of Chinese manufacturing, with a focus on facilitating transactions and meeting actual business needs [1]. Group 1: Company Overview - Since its establishment in 1995, the company has adhered to the principle of "quality first, customer foremost," continuously advancing in the construction materials sector, particularly in specialized waterproof materials and green building technologies [3]. - The company has established a competitive advantage through core technology, enabling it to seize opportunities in the global economic landscape and set a benchmark for Chinese construction material enterprises going international [5]. Group 2: Product and Market Strategy - At the Canton Fair, the company highlighted a diverse range of innovative products, including waterproof membranes, coatings, hardware accessories, adhesives, wall finishes, and piping systems, which received significant attention and praise from attendees [3]. - The company has expanded its business to over 150 countries and regions worldwide, demonstrating its commitment to deepening its global presence [5]. Group 3: Global Expansion and Localization - The company is making significant strides in overseas capacity expansion, with plans to establish operations in Houston, Saudi Arabia, Malaysia, and Canada by 2024-2025, and aims to enter the South American market through the acquisition of a 100% stake in Chilean building materials supermarket Construmart by 2025 [6]. - The company is focused on not just "going out" but also "going in," establishing local offices in countries like Vietnam, Malaysia, and the United States to facilitate localized operations [6]. Group 4: Brand and Value Proposition - The company's international strategy encompasses not only the export of products and technology but also the global dissemination of brand value and corporate philosophy [7]. - In the first half of 2025, the company achieved overseas revenue of 576 million yuan, reflecting a year-on-year growth of 42.16%, indicating a robust growth trajectory [7].

Group 1: Overview of Manufacturing Developments in Thailand - The Haier air conditioning industrial park in Chonburi, Thailand, officially commenced production on September 23, with an annual planned capacity of 6 million units [1] - Hisense's HHA smart manufacturing industrial park is set to be completed by 2030, with an expected annual production capacity of 2.6 million units [1] - The Thai Investment Promotion Committee approved a 3 billion THB investment for Oma's refrigerator production base, aiming for an annual output of 1.7 million units primarily for the European market [1] Group 2: Chinese Automotive Industry Expansion - Chinese automotive brands have significantly increased their presence in Thailand, with companies like BYD, Changan, and Foton embedding deeply into the local automotive supply chain [2] - In 2024, Thailand is projected to be the fourth largest export market for China's new energy vehicles, with exports expected to reach 178,000 units, a 35% increase year-on-year [2] - By the end of 2024, seven Chinese car manufacturers will have established operations in Thailand, achieving a full cycle from planning to production and sales [2] Group 3: Thailand's Strategic Advantages - Thailand's geographical location and political stability make it an attractive manufacturing hub, connecting to major Southeast Asian markets [4] - The rise of Laem Chabang Port as Southeast Asia's second-largest container port enhances Thailand's manufacturing competitiveness by facilitating international trade [4] - Labor costs in Thailand are lower than in China, with the minimum monthly wage in Thailand being approximately 77% of that in China, making it appealing for foreign investment [4] Group 4: Market Dynamics and Consumer Demand - Thailand's automotive production accounts for 45% of ASEAN's total, positioning it as a key player in the Southeast Asian automotive industry [6] - The local production model has allowed Chinese car manufacturers to rapidly capture market share, especially in the electric vehicle segment [6] - The demand for home appliances in Southeast Asia is growing, with a projected annual growth rate of 5%-10% in the region's appliance market [8][9] Group 5: Chinese Home Appliance Industry Trends - The influx of Japanese home appliance companies into Thailand has inspired Chinese firms to follow suit, capitalizing on the growing demand for appliances [8] - Thailand is now the largest white goods manufacturing country in Southeast Asia, benefiting from the restructuring of the global white goods manufacturing industry [9] - Trade agreements like RCEP and favorable local policies have further incentivized Chinese appliance manufacturers to establish production facilities in Thailand [12][14] Group 6: Evolution of Chinese Manufacturing Strategy - The evolution of Chinese manufacturing overseas can be categorized into three phases: product export, brand export, and capability export [15] - Chinese companies are increasingly focusing on localizing their operations, including R&D and marketing, to better meet local consumer needs [16] - The market share of Chinese brands in Thailand's appliance sector has grown significantly, with Chinese brands capturing two spots in the top five air conditioning brands by 2024 [17] Group 7: Long-term Implications of Manufacturing Shifts - The successful "Thailand model" in the automotive sector is likely to influence other industries, including consumer electronics and renewable energy equipment [18] - The ongoing migration of manufacturing capabilities from China to Southeast Asia is part of a broader trend of global supply chain restructuring [19] - Thailand is positioned as a critical hub for Chinese manufacturing expansion, with the potential for continued growth and investment in the region [19]

Investment Rating - The report maintains a "Recommendation" rating for COSCO SHIPPING Specialized (600428) [1] Core Views - The company shows steady growth in Q3 performance, with a focus on the potential demand in the automotive and wind power sectors [1][6] - The company is expected to benefit from the expansion of its fleet and stable freight rates, leading to robust profitability growth in the short term [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 16.6 billion yuan, a year-on-year increase of 37.9%, and a net profit attributable to shareholders of 1.33 billion yuan, up 10.5% year-on-year [6] - In Q3 2025, the company reported revenue of 5.84 billion yuan, a 27.9% increase year-on-year, and a net profit of 500 million yuan, a 6.6% increase year-on-year [6] - The company plans to deliver 53 new ships in 2025, increasing its capacity to 9.16 million deadweight tons, a 49% year-on-year growth [6] Revenue and Profit Forecast - Projected total revenue for 2024A is 16.78 billion yuan, with expected growth rates of 39.8% in 2024, 29.7% in 2025, 14.5% in 2026, and 6.8% in 2027 [2] - The forecasted net profit attributable to shareholders for 2024A is 1.53 billion yuan, with growth rates of 43.8% in 2024, 22.1% in 2025, 14.5% in 2026, and 9.3% in 2027 [2] Market Position and Demand Drivers - The company is positioned as a leader in specialized shipping, benefiting from the growth in marine economy and structural demand in downstream sectors such as new energy vehicles and wind power [6] - The report highlights the expected CAGR of 8.8% for global wind power installations from 2024 to 2030, with even higher growth rates for offshore wind [6] Valuation and Target Price - The target price for the company is set at 8.84 yuan, representing a potential upside of 22% from the current price of 7.22 yuan [2][6] - The report maintains profit forecasts for 2025-2027 at 1.87 billion yuan, 2.14 billion yuan, and 2.34 billion yuan respectively, corresponding to PE ratios of 11, 9, and 8 times [6]