亚洲供应链多元化与精细化

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摩根大通私行全球市场策略师:中国已处于或接近价值链尖端位置
Di Yi Cai Jing· 2025-09-24 06:57
Group 1: Supply Chain Dynamics - The Asian supply chain is diversifying and becoming more refined, with China increasing its share of high-end manufactured goods in the value chain [1][2] - The ASEAN countries exhibit significant differences in industrial specialization and development levels, impacting their positions in the value chain [1] Group 2: Trade Relations - ASEAN has effectively replaced the U.S. as China's largest regional export market, with approximately 16% of China's exports directed to ASEAN in 2024, slightly above the 14% share to the U.S. [2] - China has shifted from a trade deficit to a growing surplus with ASEAN in the electronics sector, indicating an enhancement in China's production dominance [2] Group 3: Foreign Direct Investment (FDI) - ASEAN welcomed a record FDI of $230 billion in 2023, with China becoming a major source of investment, particularly in Indonesia, where Chinese FDI reached $8.2 billion in the first half of 2025 [6] - The influx of FDI is expected to boost manufacturing capacity, create jobs, and optimize labor structures in the region [6] Group 4: Economic Resilience and Strategies - The economic ties between China and ASEAN have strengthened since the U.S.-China trade tensions, showcasing resilience despite potential risks from external pressures [3][4] - Companies can enhance regional supply chain resilience by diversifying partnerships and aligning investments with long-term national development goals, particularly in clean energy and digital economy sectors [7]