编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨 境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国 际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出海'进行时"栏目，全景展现中资 券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变 为"规则制定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第五篇，敬请垂注！ 在全球经济格局深刻变革的当下，中国企业"走出去"早已不仅是战略选择，更是生存与发展的必由之路。 企业跨境金融需求日趋多元复杂，中资券商如何精准响应、有效赋能，成为市场关注焦点。面对这一趋势，国 信证券副总裁鲁伟近日接受证券时报记者专访时表示，新一轮中资企业出海对券商提出更高要求，投行需要扮 演资本桥梁、战略顾问、生态构建者等多重角色。 他谈到，国信证券正积极调整和优化海外业务布局，持续开拓创新，帮助企业构建全球资本纽带，以高水准的 跨境金融服务，为中资企业"扬帆出海"提供系统化支持。 从融资中介到价值伙伴 伴随中资企业开启新一轮出海浪潮，证券公 ...

专题：南方财经论坛2025年会 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。渣打银行大湾区行政总裁李海 强出席并演讲。 李海强介绍到，渣打通过以下三方面助力中资企业出海： 第一是通过金融服务创新，支持新经济企业。2021年，渣打正式成立了新经济业务团队，为企业提供全 方位的一站式的服务。去年11月，渣打作为唯一的涉外银行支持小马智行成功在美国纳斯达克上市。 第二，通过跨境人民币业务的创新，增强中资企业的竞争力。 第三，通过金融科技的创新，提升跨境资金管理。 此外，李海强还谈到了大湾区在跨境金融方面的优势。他表示，截至2024年的年底，中国已经在全球 190市场设立了五万多家境外的企业，去年有70%境外企业实现了盈利或持平。 "出海成功之道在于跨境网络和跨境金融连接"，李海强指出，而在这方面，大湾区不仅有优越的地理位 置，还承载了中国的开放战略，凭借独特的技术优势与良好的区内协作，已经构建了中国最有活力的跨 境金融生态。"通过人民币国际化、互联互通等创新的机制，大湾区可以为出海提供更低成 ...

Core Viewpoint - The establishment of a high-quality backbone POP node by Wangsu Technology in São Paulo, Brazil, is a strategic move to enhance cross-border data connectivity for Chinese enterprises in the Latin American market, amidst the backdrop of digital transformation and deepening China-Brazil cooperation [1][3]. Group 1: Market Opportunity - Brazil is emerging as a "new hot land" for Chinese enterprises to expand overseas, given its significant influence in geography, economy, politics, and culture within Latin America [2]. - The digital landscape in Brazil is thriving, with over 200 million people and a continuously increasing internet penetration rate, leading to growing consumer activities online such as shopping, socializing, and entertainment [2]. - There are substantial opportunities for Chinese industries, including manufacturing, construction, technology, and internet sectors, in e-commerce, infrastructure, digital entertainment, and mobile payment in Brazil and the broader Latin American market [2]. Group 2: Network Challenges - Despite the booming digital economy, the network environment poses an invisible bottleneck for Chinese enterprises, with cross-border public network latency between China and Brazil exceeding 500 milliseconds, which is 2-3 times higher than that of Europe and the U.S. [2]. - The high latency affects the efficiency of technical collaboration for companies establishing branches in Latin America, particularly impacting digital businesses like gaming, e-commerce, and social entertainment, leading to slow website loading and frequent failures in mobile payments [2]. Group 3: Company Strategy - Wangsu Technology's new São Paulo POP node addresses the unique demands of the Brazilian market, enhancing local network service capabilities and infrastructure coverage, providing a stable foundation for cross-border business [3]. - The node connects directly to local ISP backbone networks and utilizes global intelligent scheduling, resulting in a significant improvement in network performance, with latency from South America to China reduced [3]. - This initiative is part of Wangsu Technology's global strategy to deepen regional presence and strengthen key hubs, positioning the company as a leading IT service provider globally [3]. - Wangsu Technology has deployed over 2,800 nodes worldwide, with more than 500 high-quality backbone POP nodes covering critical regions including Europe, North America, Asia-Pacific, the Middle East, Africa, and Latin America [3].

Group 1 - The core focus of broker research in November has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock this month is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, each with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - Among the 398 stocks, 220 have seen price increases, with the highest increase being 189.46% for Huasheng Lithium Battery [1] - In terms of broker participation, CITIC Securities led with 102 research sessions, followed by Guotai Junan and Changjiang Securities with 99 and 77 sessions respectively [2] - The overseas expansion of Chinese companies has been a key topic during broker inquiries, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] Group 3 - The trend of Chinese companies going global is expected to significantly enhance their profit growth potential, as indicated by the performance of some representative companies exceeding market expectations [3] - The active research by brokers not only aids in value discovery and risk warning but also helps in understanding the cross-border financial needs of Chinese companies [3]

Group 1 - The core focus of broker research this month has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, both with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - A total of 98 brokerage firms conducted research this month, with CITIC Securities leading with 102 surveys, followed by Guotai Junan and Changjiang Securities [2] - High-frequency questions during the research sessions indicate a strong interest in the overseas expansion of Chinese companies, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] - Tongyu Communication revealed that its overseas revenue has surpassed domestic revenue for the first time, becoming a key driver of growth [2] Group 3 - The trend of Chinese companies expanding overseas is seen as a significant market opportunity, attracting investor attention and guiding capital towards companies with global development prospects [3] - Some representative companies have exceeded market expectations in their overseas performance this year, indicating substantial profit potential [3]

Core Insights - The article emphasizes the significance of Vietnam as a key economic partner for China and a focal point for Chinese enterprises looking to expand into Southeast Asia [2][3]. Group 1: Event Overview - The "Vietnam Investment Forum" is scheduled for October 21, 2025, in Shanghai, aimed at exploring investment opportunities in Vietnam [2]. - The forum will feature prominent speakers from various sectors, including finance, manufacturing, and law, to discuss collaboration and future prospects [2][3]. Group 2: Key Topics and Speakers - The forum will cover topics such as Vietnam's macroeconomic outlook and investment prospects, presented by Liang Wentao, a former Deputy Director of the Ministry of Commerce [3]. - Discussions will include the current status and trends of Chinese enterprises investing in Vietnam, led by Yuan Yuzhu, a lawyer specializing in Sino-Vietnamese affairs [3]. - The event will also address the challenges and opportunities in the Vietnamese snack market, presented by Zheng Xiaodong, General Manager of Kisnac Vietnam [3].

Core Insights - Chinese enterprises are currently presented with a favorable window for investment in Africa, particularly in Ghana, which offers a stable political environment and supportive policies for foreign investment [1][4]. Company Overview - Senda Group is engaged in the research and production of various products, including ceramics, sanitary ware, household chemicals, personal care items, and hardware, operating 32 factories across 13 countries, with 11 located in Africa [3]. - In Ghana, Senda Group has established 9 factories focusing on products such as tiles, sanitary ware, baby diapers, laundry powder, soap, sanitary napkins, hardware, and cartons [3]. Market Position - The brand Softcare, under Senda Group, ranks first in Africa's baby diaper and sanitary napkin markets with market shares of 20.3% and 15.6%, respectively, based on projected 2024 sales [3]. - In terms of revenue for 2024, Softcare ranks second in the baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [3]. Strategic Importance - The Belt and Road Initiative serves as a crucial foundation for cooperation between Chinese enterprises and Africa, with significant contributions to Africa's economic development over the past decade [4]. - Senda Group's operations have positively impacted local livelihoods and contributed to the industrialization and modernization efforts in Africa, receiving high recognition from the Ghanaian government and its citizens [4].

Core Viewpoint - The article highlights the successful secondary listing of Kangzheng Pharmaceutical Holdings Limited on the Singapore Exchange, facilitated by China Galaxy Securities, marking a significant milestone for the company and reflecting the growing trend of Chinese enterprises seeking opportunities in Southeast Asia amid complex international market conditions [2][5][6]. Group 1: Market Context - The international capital market environment has become increasingly complex, with geopolitical and regulatory uncertainties posing significant challenges for some Chinese concept stocks [3]. - Southeast Asia has emerged as a preferred destination for Chinese enterprises to expand overseas, driven by strong economic growth, market potential, and geographical advantages [3]. - The strategic value of capital markets is becoming more pronounced as Chinese companies transition from "product export" to "industrial chain export," leading to increased demand for cross-border financing and M&A services [3]. Group 2: Kangzheng Pharmaceutical's Strategy - Kangzheng Pharmaceutical aims to leverage its secondary listing in Singapore as a strategic pivot to deepen its presence in Southeast Asia [4]. - The company has established differentiated advantages in various therapeutic areas, including cardiovascular, central nervous system, digestive, skin, and ophthalmology since its initial listing in Hong Kong in 2010 [4]. - The listing is viewed as a critical milestone in the company's history, intended to accelerate its internationalization strategy and enhance its global footprint [5]. Group 3: Role of China Galaxy Securities - China Galaxy Securities has played a pivotal role in facilitating the secondary listing of Kangzheng Pharmaceutical, showcasing its capabilities in navigating complex regulatory environments and providing tailored financial services [6][7]. - The firm has a significant local presence in Southeast Asia, with over 2,000 employees and more than 70 researchers, enabling it to understand market nuances and regulatory requirements effectively [7]. - The successful listing of Kangzheng Pharmaceutical follows the previous success of another company, Helen's, indicating a replicable and sustainable model for supporting Chinese enterprises in their international expansion [8]. Group 4: Broader Financial Services - China Galaxy Securities has extended its services beyond IPOs and the Singapore Exchange, successfully assisting various companies in cross-border financing, mergers, and acquisitions [9][10]. - The firm has facilitated significant projects for diverse industries, demonstrating its comprehensive service capabilities in addressing complex financial needs for both Chinese and Southeast Asian enterprises [10]. - As the internationalization of Chinese enterprises accelerates, China Galaxy Securities is positioned to continue playing a crucial role in connecting these companies with global opportunities [11].

Group 1: Guangzhou Real Estate Market - The Guangzhou real estate market is showing signs of recovery driven by policy guidance, industrial innovation, and consumption upgrades, creating significant opportunities for global enterprises and investors [1] - In the first half of 2025, the Guangzhou Grade A office market is expected to see an increase of 98,000 square meters in new supply, raising total stock to 7.603 million square meters [1][3] - The retail sector anticipates an additional 398,000 square meters of supply in the second half of the year, with experiential consumption and leisure brands expected to drive growth [1][5] Group 2: Corporate Expansion and Investment Trends - Chinese enterprises are actively expanding overseas, particularly in the manufacturing sector, marking a shift from product exports to a more systematic industrial layout [2] - Key drivers for this trend include excess capacity, rising costs, trade barriers, policy support, and diverse market demands [2] - Southeast Asia is emerging as a focal point for Chinese manufacturing investments due to its strong economic growth, youthful population, and rising middle-class consumption [2] Group 3: Office Market Dynamics - In the first half of 2025, Guangzhou's Grade A office market saw a total supply increase of 323,000 square meters, with total stock reaching 7.506 million square meters, a year-on-year growth of 6.1% [3] - The International Financial City and Pazhou areas are leading in absorption, with a combined net absorption of 54,000 square meters [3] - The financial, media, entertainment, retail, and trade sectors are performing well, contributing over half of the market transactions [3] Group 4: Retail Market Developments - The retail market in Guangzhou experienced a slight expansion of 1.0% in total stock, reaching 7.632 million square meters in the first half of 2025 [5] - Brand expansion has slowed, with a focus on optimizing existing projects and introducing new brands through diverse promotional activities [5] - By the end of 2025, total retail stock is expected to exceed 8 million square meters, driven by consumer preferences for quality and experiential value [5]

Group 1: Market Overview - The Guangzhou real estate market is showing signs of recovery, driven by high-quality development goals and the "12218" modern industrial system, which injects new momentum into the market [2][4] - The market is experiencing a structural adjustment with limited new demand for office spaces, leading to an increase in vacancy rates [4][8] - The retail sector is seeing a slowdown in brand expansion, with property owners diversifying promotional strategies to attract customers [5][8] Group 2: Office Market Insights - In the first half of 2025, eight new office projects were delivered, adding a total of 323,000 square meters to the market, with total Grade A office stock reaching 7.506 million square meters, a year-on-year increase of 6.1% [4] - The net absorption of office space recorded 37,000 square meters, a decline of 21.2% compared to the same period last year, resulting in an average vacancy rate of 22.6% [4][8] - Emerging business districts like the International Financial City and Pazhou are leading the market in absorption, contributing significantly to the overall demand [4] Group 3: Retail Market Trends - The retail market's total stock increased by 1.0% to 7.632 million square meters, with a new shopping center opening in the second quarter [8] - The average vacancy rate in retail spaces showed slight fluctuations, ending the second quarter at 12.7% [8] - The rental index for retail spaces remained stable compared to the first quarter, with an average rent of RMB 619.1 per square meter per month [8] Group 4: Residential Market Dynamics - The supply of new residential projects decreased by 0.5% year-on-year, with a total of 2.087 million square meters supplied in the first half of 2025 [6][8] - The second quarter saw a significant rebound in transaction volume, with a 35.8% increase in sales area, totaling 1.623 million square meters [8] - The average price for new residential properties reached RMB 44,494 per square meter, reflecting an 18.4% increase from the previous quarter [8] Group 5: Future Outlook and Opportunities - The Guangzhou real estate market is expected to see an influx of 398,000 square meters of new supply in the second half of 2025, pushing total stock to over 8 million square meters by year-end [8] - The trend of consumer preferences is shifting towards experiential and value-driven purchases, indicating potential growth in sectors like leisure and cultural brands [8] - The report on Chinese enterprises going global highlights the significant role of manufacturing in shaping global industrial patterns, with Southeast Asia emerging as a key investment destination [9]