Core Insights - The article discusses the challenges and strategies for companies to navigate the complexities of global changes, supply chain restructuring, and geopolitical conflicts, emphasizing the importance of identifying suitable nodes in the global network for sustainable growth [1][2]. Event Details - The 43rd Chengze Forum will be held on October 14, 2025, organized by Peking University's National School of Development and CITIC Publishing Group, featuring discussions on corporate growth in the context of global changes [2]. - The forum will include a keynote speech by Professor Zhou Qiren, author of the book "Seeking the Path," and a roundtable discussion with various experts, including CFOs and market directors from prominent companies [2]. About the Book - "Seeking the Path" is a compilation of articles and speeches by Professor Zhou Qiren, focusing on the positioning and sustainable growth of enterprises amid global changes and supply chain transformations [7]. - The book addresses topics such as global changes, supply chain restructuring, corporate globalization strategies, and internal management practices, making complex concepts accessible [7]. About the National School of Development - The National School of Development at Peking University is a multidisciplinary institution founded in 1994, focusing on economics and policy research, and has evolved into a leading think tank in China [4]. - The school emphasizes a combination of teaching, research, and policy advisory roles, contributing significantly to public discourse and policy recommendations [4].

Core Insights - In August 2025, China's exports totaled $321.81 billion, a year-on-year increase of 4.40%, which was below market expectations of 5.92% [1][2] - Imports in August reached $219.48 billion, showing a year-on-year growth of 1.30%, down 2.80 percentage points from the previous month, and also below market expectations of 3.26% [1][2] - The trade surplus for August was recorded at $102.33 billion, an increase of 11.77% year-on-year, with the trade surplus for the first eight months of 2025 exceeding 28% year-on-year, surpassing the full-year trade surplus growth of 20.74% in 2024 [1][2] Export Performance - The main driver of export growth in August was the electromechanical products category, contributing 4.51 percentage points to the overall export growth [2] - Key products such as integrated circuits, automobiles and chassis, LCD panels, and ships significantly boosted export growth [2] - Fertilizer and integrated circuits saw both volume and price increases, with fertilizer export volume rising over 21% year-on-year and average prices increasing by 6.6% [3] Market Dynamics - Exports to ASEAN, the EU, and Africa were the top contributors to China's export growth in August, with contributions of 3.40%, 1.58%, and 1.24% respectively [3] - Exports to the U.S. continued to decline for five consecutive months, with a negative contribution of -5.08% to overall exports in August [3] - ASEAN emerged as the largest export destination for China in the first eight months of 2025, with cumulative exports reaching $434.07 billion [3] Economic Context - The overall export growth in August was affected by a combination of domestic economic policies and weakening global demand [4] - The decline in exports to the U.S. was attributed to the expiration of the "rush export effect" from previous tariff delays and ongoing high tariffs imposed by the U.S. [4] - The import demand was also impacted by the slowdown in export growth, reflecting a still unstable recovery in domestic demand [4] Long-term Challenges - The core challenge for China's exports lies in the dual pressures from the U.S., including high tariffs and systematic containment policies that undermine price competitiveness and create supply chain exclusions [5] - The shift from cyclical fluctuations to structural challenges in foreign trade may significantly impact export industries, particularly those heavily reliant on the U.S. market [5]

Core Insights - India's manufacturing sector has declined from 16.5% of GDP in 2014 to 14.1% in 2024, indicating a regression in industrialization efforts over the past decade [1] - Infrastructure projects, such as the high-speed rail line, have faced significant delays due to land acquisition issues, with only 10 kilometers completed by 2024, originally scheduled for completion in 2022 [1][3] - The reliance on landowners and the lack of government authority to enforce land acquisition have hindered infrastructure development [3] Education and Workforce Challenges - The quality of education in India is poor, with 2022 data showing that third-grade students struggle to read first-grade texts, and 40% of sixth graders cannot perform basic arithmetic [3] - The definition of literacy in India is overly simplistic, with "being able to write one's name" counted as literacy, raising concerns about the quality of the workforce [3] - There is a preference among the youth for software jobs over low-end manufacturing, leading to a shortage of skilled workers in the manufacturing sector [3][4] Manufacturing Sector Limitations - India's manufacturing industry lacks a robust heavy industry base, resulting in reliance on imports for equipment and raw materials, contributing to a projected trade deficit of $189 billion for 2024-2025, with a $99.2 billion deficit against China alone [4] - The failure of Modi's $23 billion initiative to boost manufacturing is attributed to over-reliance on external factors, such as U.S. efforts to restructure supply chains, which have not materialized as expected [6] - Systemic issues, including land reform challenges, inadequate education, incomplete supply chains, and policy reliance on external support, are significant barriers to India's industrial growth [6]

二期基金继续获得来自博世集团的基石出资，并获得顶尖机构投资人的高比例复投。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 事实上， 博原资本 今年已迎来了一定的收获期 ——成长期投资的黑芝麻智能于8月8日正式登陆港 交所，成为"智能汽车AI芯片第一股"；而同样在成长期投资的佑驾创新MINIEYE日前亦已通过港交 所聆讯，或不久后就将正式在港挂牌上市。 同时， 博原资本 还在积极参与 产业链重组带来的投资机会 ——譬如，由福田新能源的商用车板块 剥离而来的卡文新能源，实则为福田和博世二者决定成立的合资公司，博原一期基金和博世创投均共 同参与了对卡文新能源的投资；2023年10月，上市公司中芯集成公告成立芯联动力，专注于车规级 碳化硅制造和模组封装一站式方案，除上市公司本身外，芯联动力还引入了十几家新能源产业方和车 企作为创始股东，其中就包括了博原一期基金。 博原资本管理合伙人兼董事长蒋红权博士表示："在当前市场环境下，绿色智能出行、半导体、AI结 合制造和新能源等领域展现出了巨大的增长潜力和战略意义，这不仅是科技创新的前沿阵地，更是推 动经济发展和产业升级的关键力量。 ...