2025年，全球化发展进入一个新的时期。贸易保护主义加剧，一些国家更加强调"保护本国"的经贸政 策，全球贸易摩擦升级，也促使关键产业回流本土。与此同时，后疫情时代以来，在地缘政治局势紧张 的背景下，主权国家与跨国企业对供应链安全重视度的提升，进一步加速了全球产业链、供应链的调整 优化。这些都给中国企业未来一段时间的全球化发展带来更多不确定性。 面对全球化发展新时期，2025年，第一财经研究院开启新一轮企业全球化研究，分析新情况，洞察新趋 势。基于近年来对企业全球化的跟踪，第一财经研究院结合宏观与企业层面的数据，分析"新形势"下中 国企业全球化的动态趋势，梳理了主要国家和地区的经贸政策、监管规则的变化，研判其对中国企业全 球化发展的影响，并关注国有企业、服务业企业等特定主体的出海现状。 2025年，第一财经研究院从一线调研出发，对更多标志性全球化企业案例开展研究，并进一步完善中国 企业全球化评估模型，更加强调从中国企业当前全球化影响力以及全球化发展潜力两个方面评估企业全 球化表现。在此基础上，第一财经研究院撰写《跨越山海│2025中国企业全球化报告》，希望报告能够 记述企业穿越逆全球化风浪的点滴经验，为更多企业 ...

Core Viewpoint - In 2025, "globalization" has become a high-frequency term in the development strategies of enterprises in the Yangtze River Delta, as companies accelerate their global layout through diversified collaborative paths amid the dual waves of global industrial restructuring and regional economic integration [2] Group 1: Capital and Market Trends - The Yangtze River Delta region has seen a surge in A-share companies planning to list H-shares in Hong Kong, with 47 out of approximately 122 companies (38.5%) coming from this region [2] - Companies like Estun and Huayi Group are preparing for H-share listings to optimize financial structures and expand overseas production capacity [3][4] - Suzhou Naxin Microelectronics successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.096 billion, with 25% allocated for expanding overseas sales networks [4] Group 2: Collaborative Ecosystem Development - The Yangtze River Delta has established various outbound bases and service platforms to support collective development among enterprises, highlighting a "cluster outbound" ecosystem [6] - The G60 Science and Technology Corridor has formed an outbound service alliance to integrate services such as market access and compliance, benefiting over 20,000 enterprises [7] Group 3: Transition from Product to Brand Globalization - Enterprises in the Yangtze River Delta are transitioning from "product export" to "brand export" and "value chain export," focusing on building international brand influence [9] - Companies like Zhongyuan Home and Gujia Home are investing in overseas production bases in Vietnam and Indonesia to enhance supply chain resilience and respond to international trade uncertainties [9] Group 4: Case Studies of Globalization - XCMG Group has evolved from merely exporting machinery to establishing local operations and acquiring global resources, showcasing a deepening commitment to localization [10] - The company has introduced customized products that meet European standards and has established training centers and subsidiaries in Europe to strengthen its local operational capabilities [10]

北京，2025年12月22日——近两年，中国企业的增长重心正从市场层面的"出海"，转向价值链层面的全 球化。企业不再满足于出口产品，而是将研发、供应链、营销与服务体系全面推向海外，构建本地化经 营能力。 然而，价值链全球化的难度在于：企业内部的数字化、智能化基础是否足以支撑跨地域协同、跨系统对 接与跨业务运作。这不只是技术问题，而是企业下一阶段竞争力的决定性变量。 在与众多出海企业的长期接触中，IBM大中华区技术销售总经理、首席技术官翟峰明显感觉到一个趋 势：出海已经不是选择题，而是必答题。这意味着企业需要一套能够跨地域协同、跨系统统筹、跨业务 贯通的数字化底座，而AI，已经成为构建这一底座的核心。 AI构建企业全球化底座 "企业想用好AI，不仅需要模型，还必须把底层数字化基座补齐，包括高质量的数据、安全治理以及集 成。"翟峰回顾IBM近年来的系列战略收购：从webMethods到DataStax，从HashiCorp到最新的 Confluent，这些背后共同指向企业当前最迫切的需求——智能化能力与全球化运营能力的同步构建。在 中国，IBM试图以"咨询+解决方案+平台+基础设施"的全栈方式，为企业提供"智能化 ...

温佩麟强调："真正的全球化从来不是市场复制，而是深度本地化。"基于这一理念，安客尔在各重点市场均建立由资深本地 顾问组成的专业团队，他们不仅熟悉当地语言文化，更具备丰富的监管沟通经验与政企资源网络。在新加坡，团队帮助中国 互联网企业适配最新的数据合规法案；在印尼，则为制造业客户设计符合当地劳动法与清真要求的用工及运营方案。这种"全 球视野，本地智慧"的服务模式，使安客尔在多次客户满意度调查中获得高度评价。 在全球经济格局深刻变革的背景下，中国企业正加速从"贸易出海"向"系统性全球化"转型。作为跨境企业服务领域的先行 者，安客尔集团以香港为战略总部，构建起覆盖上海、迪拜、新加坡等关键市场的服务网络，为中国企业出海提供全周期、 本地化的专业支持。集团首席执行官温佩麟先生表示："我们不做简单的服务中介，而是致力于成为企业全球化进程中的战略 伙伴，帮助客户在复杂多变的国际环境中实现合规运营和长期发展。" 深耕跨境服务，破解企业出海难题 安客尔的核心竞争力在于其独特的"核心节点+动态扩展"战略布局。针对中国企业出海面临的政策合规、税务筹划、人力资源 等痛点，集团打造了模块化服务体系：从公司注册、架构设计到本地化运营，提 ...

哈喽，大家好，小圆这篇国际评论，主要来分析最近的一个热点：多家中国连锁餐饮品牌扎堆进军美国 市场，一口气开了几十上百家门店，有意思的是，这事儿发生在中美"贸易休战"刚满一年的节点上，休 战确实给经贸往来松了松绑。 但中资企业在美经营的深层次压力其实没减反增，在这种一半是海水，一半是火焰的环境里，中企还敢 迎浪而上，这背后的逻辑、遇到的难题，以及和美国本地经济的互动，恰恰是观察中美经济关系的最佳 微观样本，也直接印证了标题里说的那种耦合韧性。 中企"闯美" 中企这会儿往美国市场砸钱，绝不是头脑发热的跟风，而是憋着一股跨越红海的战略劲儿，最核心的动 力，是中国企业的全球化已经到了向上突破的阶段，以前咱们出海，多是做贸易、找资源，现在不一样 了，大家都想拿到技术话语权、品牌影响力。 甚至参与制定行业标准，就像人工智能企业忙着搞开源生态跟全球高手过招，高端医疗设备商挤破头进 耶鲁大学这样的顶尖机构做验证，餐饮业看似是小生意，其实也是想把国内验证成功的模式推向全球， 跻身价值链高端，国内市场的竞争压力也是重要推手。 像喜茶、奈雪的茶这些品牌，在国内已经把模式跑通了，但内卷也越来越厉害，想找新的增长空间，美 国这个全球最 ...

开辟新增长极也是应对竞争压力不断增加的又一动因。为寻找更广阔的成长空间，喜茶、奈雪的茶等在 国内完成模式验证的品牌，将目光投向美国这一全球规模最大、消费层级最丰富的市场之一，也是希望 实现品牌的全球化跃升，建立第二增长曲线。在此过程中，中企出海正从成本优势转向模式与效率优势 的输出。这种基于完整产业链和数字创新能力的商业模式，使中企具备了在发达市场进行"系统性竞 争"的底气。 近来，多家中国连锁餐饮品牌进军美国市场，在多个城市开设数十乃至上百家门店。与此同时，为期一 年的"贸易休战"为中美经贸往来提供缓冲，但中资企业在美经营所面临的结构性压力仍有增无减。在此 背景下，中国企业选择"迎浪前行"，其行为逻辑、现实挑战以及与当地经济生态的复杂互动，构成了观 察新时期中美经济关系的微观缩影。 中资企业在当前环境下持续投入美国市场，源于多层次、战略性"跨越红海"的商业驱动力。全球化进阶 是企业发展的内在要求，中国企业的国际化已从贸易与资源导向，升级为追求技术话语权、品牌影响力 和市场标准制定权的阶段。例如，人工智能企业深度求索通过开源生态参与全球前沿竞争，高端医疗设 备商推广产品进入耶鲁大学等顶尖机构验证其全球竞争力， ...

Group 1 - The forum aims to explore the concept of globalization for Chinese enterprises, encouraging participants to break cognitive boundaries and gain new perspectives on global strategies [4] - The founder of the Dolphin Society, Li Chengdong, emphasizes the importance of adapting to the changing landscape of the consumer market and the necessity for companies to pivot towards international opportunities as domestic markets become saturated [6][8] - The discussion highlights the need for companies to integrate into existing successful ecosystems when entering foreign markets, rather than starting from scratch [9][11] Group 2 - Historical parallels are drawn between the motivations for exploration in the past and the current drive for Chinese companies to expand internationally due to domestic market constraints [12][14] - The current era of globalization is characterized as a "system output" phase, where companies are not just exporting products but also their supply chains, business models, and talent [18] - Africa is identified as a key growth area for the next few decades, with its vast resources and young population presenting significant opportunities for investment and market development [20][22] Group 3 - Companies are advised to adopt an ecological mindset, focusing on providing unique value within established networks rather than competing directly against them [26] - The importance of professional services in navigating international markets is emphasized, as these can be critical to success and compliance [26] - Engaging with communities like the Dolphin Society can provide valuable insights and reduce the risks associated with international expansion [26]

Core Insights - China is transitioning from a major recipient of foreign direct investment (FDI) to a key global investor, with a 54% increase in outbound investment in future-oriented industries and resources since 2022 [2][3] - The automotive sector is expected to see record exports, with predictions that China will become the world's largest automobile exporter, surpassing Japan and Germany [4][5] Group 1: Investment Trends - Since 2022, China's annual greenfield investment has decreased by 65% compared to pre-pandemic levels, while outbound investment in future-oriented sectors has increased by 54% [2] - Chinese companies are focusing their investment strategies on electric vehicles, batteries, and critical minerals, marking a shift from being a net recipient to a net investor [3] Group 2: Automotive Industry Growth - Over the past five years, Chinese brands have gained approximately 30% market share in the domestic market from multinational joint venture brands, establishing a strong foundation for global expansion [4] - By 2025, two Chinese automakers are expected to enter the global top ten in sales, with exports projected to reach around 6 million vehicles this year, exceeding last year's total [5] Group 3: Globalization and Strategic Adjustments - Multinational companies must redefine their strategies in China, shifting from production bases to innovation hubs and capital collaboration platforms [6] - Chinese enterprises are encouraged to accelerate their globalization efforts, moving from product exports to systemic exports, emphasizing the need for a balance between heritage and innovation [6][7] Group 4: Market Dynamics and Opportunities - The Chinese market is becoming a critical testing ground for companies, with success in this market increasingly seen as a benchmark for global competitiveness [7] - The evolving consumer landscape in China presents new growth opportunities for companies willing to embrace change and innovation [7]

Group 1: Burger King China Business Acquisition - CPE Yuanfeng announced a strategic partnership with Burger King to establish a joint venture named "Burger King China" [4] - CPE Yuanfeng will inject $350 million into the joint venture for restaurant expansion, marketing, menu innovation, and operational improvements [4] - Post-transaction, CPE Yuanfeng will hold approximately 83% equity, while RBI will retain about 17% [4] - The plan aims to expand Burger King's store count in China from around 1,250 to over 4,000 by 2035 [4] Group 2: Luckin Coffee's Plans for US Re-Listing - Luckin Coffee is actively pursuing a return to the US stock market, with no confirmed timeline yet [5] - The company reported a 44.57% year-on-year revenue increase to 21.224 billion yuan in the first half of the year, with a net profit rise of 125.41% to 1.776 billion yuan [5] - As of June 30, 2023, Luckin had 26,206 stores, with a net increase of 2,109 stores in Q2 [5] - The company forecasts a revenue of 34.475 billion yuan for 2024, representing a year-on-year growth of approximately 44.93% [5] Group 3: Burberry's Market Recovery - Burberry reported a revenue of £1.032 billion for the first half of the 2026 fiscal year, a 3% decline year-on-year at constant exchange rates [7] - The company narrowed its operating loss to £18 million, significantly improved from a £53 million loss in the previous year [7] - Sales in the Chinese market grew by 3% in the last three months, reversing a previous decline of 5% [7] - Burberry's new CEO has refocused the brand on its classic products, which has received a positive market response [7] Group 4: LABUBU Movie Development - Sony Pictures has signed an agreement to develop a movie based on the LABUBU IP from Pop Mart [9] - LABUBU has gained significant popularity globally, with the IP generating revenue of 4.81 billion yuan, a 668% increase year-on-year [9] - Pop Mart aims to become a global leader in cultural products, similar to Disney, and is considering collaboration with Hollywood for the movie [10] Group 5: INTO YOU's New Product Launch - INTO YOU launched the "Colorist Series" panda Menglan limited products, inspired by the giant panda [12] - The brand aims to enhance its influence in the Asia-Pacific region through global product releases [12] Group 6: Tea Yan Yue Se's Entry into Coffee Market - Tea Yan Yue Se plans to launch a new sub-brand, Tea Yan Coffee, with a new coffee menu featuring nine unique drinks [14] Group 7: Canada Goose's Financial Performance - Canada Goose reported a 1.8% year-on-year revenue growth for Q2 of the 2026 fiscal year, with a 20% increase in the Asia-Pacific market [17]

Core Insights - The discussion at the Shanghai Stock Exchange International Investor Conference focused on the globalization of Chinese pharmaceutical companies and their strategies for international expansion [1] Group 1: Company Strategies for Globalization - Aopumai's chairman emphasized the importance of maintaining core business and pursuing mergers and acquisitions to enhance international competitiveness [2] - Aopumai is currently in the process of merging with Pengli Bio, which will strengthen its capabilities in preclinical drug efficacy evaluation and pharmacokinetics [2] - Aopumai has established a 1 billion yuan biomanufacturing industry fund to support the development of its industrial ecosystem [2] Group 2: Innovation and Market Position - Jiangsu Hengrui Medicine ranks second in the global innovative drug pipeline, indicating significant progress in Chinese pharmaceutical innovation [3] - Hengrui aims to achieve commercial sales of 1 billion to 2 billion USD from innovative drugs in international markets within the next 15 years to be considered a "world-class" pharmaceutical company [3] Group 3: Diverse Internationalization Approaches - Aotai Bio's chairman highlighted the differences between the medical device and innovative drug sectors, noting that the latter experiences frequent ranking changes while the former has a more stable market structure [4] - Hengrui's global strategy includes exploring various internationalization models such as licensing, joint ventures, and independent development [5] Group 4: Talent and Market Adaptation - The executives agreed on the importance of attracting high-end talent and creating a mature platform for both domestic and international professionals [6] - Aopumai's strategy involves investing in local markets while seeking strategic partnerships with international platforms to build brand recognition [6]