2026.01.08 高盛也表达了对中国市场的看好。该机构在最新披露的研报中称，对A股和H股维持超配评级，2026年 市场将由估值扩张推动的增长，转向由盈利增长驱动。"在当前盈利增长、估值水平和投资者仓位普遍 较低的背景下，中国股票的风险回报比具有吸引力。"高盛中国股票首席策略师刘劲津称。 瑞银称2025年中国市场"超预期发挥" 刚刚过去的2025年，A股主要指数悉数上涨。据Wind数据，2025年全年，上证指数累计上涨18.41%，深 证成指和创业板指分别上涨29.87%和49.57%。同期，A股IPO回暖、港股IPO火热。 "如果用一句话总结2025年中国资本市场的表现，那就是全面的超预期发挥。"胡知鸷说。 她分析称，多重因素将支持中国市场继续上行。首先，估值方面，目前MSCI中国指数市盈率约13倍， 仅略高于过去十年均值；其次，资金方面，投资者参与度仍低于历史高点；最后，从内外部环境来看， 全球经济格局的演变、"走出去"和"反内卷"政策的双重发力等，均对中国市场形成利好。 "更重要的是，中国企业的基本面在发生很大的结构性变化。"胡知鸷说，企业经营的逻辑逐渐从过去 的"规模优先"转向"练内功"，即更为重视 ...

2026.01. 08 本文字数：2124，阅读时长大约4分钟 作者 | 第一财经 周楠 2026年伊始，A股迎来"开门红"，沪指连续四个交易日（1月5日至8日）收于4000点上方。多家外资 机构发布展望，表示看好中国市场2026年的表现。 "从估值角度看，目前，中国资产并未进入过热区间。"瑞银集团中国区总裁胡知鸷对第一财经表示， A股此轮行情并非由过度拥挤的交易推动，而是由捕捉新质生产力投资机遇的资金所推动。 她同时提到，去年以来，外资对中国市场的关注度显著回升，外资从此前被动等待、进进出出的流动 状态，转向为主动、长期地参与交易。 高盛也表达了对中国市场的看好。该机构在最新披露的研报中称，对A股和H股维持超配评级，2026 年市场将由估值扩张推动的增长，转向由盈利增长驱动。"在当前盈利增长、估值水平和投资者仓位 普遍较低的背景下，中国股票的风险回报比具有吸引力。"高盛中国股票首席策略师刘劲津称。 瑞银称2025年中国市场"超预期发挥" 刚 刚 过 去 的 2025 年 ， A 股 主 要 指 数 悉 数 上 涨 。 据 Wind 数 据 ， 2025 年 全 年 ， 上 证 指 数 累 计 上 涨 18. ...

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"。香港中文大学商学院副院长 （研究与影响）、管理学系系主任马旭飞出席并演讲。 专题：南方财经论坛2025年会 谈及企业出海战略，马旭飞表示，从去年年初开始就有一个词，叫做"不出海就出局"。出海战略可以分 两个模式，一个是轻模式，一个是重模式。轻模式发现有几个变化：一、从轻模式转向了重模式；二、 从产品出海到了产能出海；三、从个别出海到链群出海。 谈及企业出海战略，马旭飞表示，从去年年初开始就有一个词，叫做"不出海就出局"。出海战略可以分 两个模式，一个是轻模式，一个是重模式。轻模式发现有几个变化：一、从轻模式转向了重模式；二、 从产品出海到了产能出海；三、从个别出海到链群出海。 此外，还有一个关键的战略决策，就是出海去哪里。马旭飞谈到，数据显示，60%的企业到了香港。除 了在香港上市以外，还有直接在香港投资。 "香港绝对是出海企业的第一选择"，他提到，据10年前的研究显示，很多企业把香港作为海外的中心或 者海外的总部。 马旭飞介绍到，10月份香 ...

Core Viewpoint - Dali Food Group has successfully transitioned leadership to the second generation, with Xu Yangyang, daughter of founder Xu Shihui, officially taking over as president, marking a significant milestone for the company established over 30 years ago [1] Company Overview - Dali Food Group was founded in 1989 by Xu Shihui in Quanzhou, Fujian, and has developed into a major player in the food and beverage industry with brands like "Dali Garden," "Haochidian," "Kebike," "Hezheng," "Lehu," and "Douben Dou" [1][3] - The company achieved annual revenues exceeding 20 billion yuan from 2018 to 2021, and the Xu family was recognized as the richest in Fujian from 2016 to 2019 [1][5] Leadership Transition - Xu Yangyang, born in 1983, has been with Dali Food since 2008, starting from the production line and working her way up through various roles, including executive director and vice president [1][6] - The leadership transition is compared to that of Zong Fuli of Wahaha, highlighting the similarities in their paths as second-generation leaders in their respective companies [1][6][7] Business Strategy and Growth - Dali Food's growth strategy involved launching competitive products at lower prices than established brands, which helped the company capture significant market share [3][4] - The company entered the 100 billion yuan revenue club in 2012, with revenues of 108.12 billion yuan, 128.27 billion yuan, and 148.94 billion yuan from 2012 to 2014, alongside increasing net profit margins [4] Recent Challenges - From 2020 to 2022, Dali Food faced declining revenues and profits due to reliance on offline distribution channels and signs of brand aging, with revenues of 209.62 billion yuan, 222.94 billion yuan, and 199.57 billion yuan during these years [5] - In June 2023, the company announced plans for privatization due to long-term stock price underperformance, leading to its delisting from the Hong Kong Stock Exchange in September 2023 [5] Future Directions - Xu Yangyang is expected to focus on revitalizing aging brands and exploring overseas markets as part of the company's growth strategy moving forward [8]

Core Insights - IKEA's global expansion is not just about scale but also strategic market selection, which is crucial for achieving exponential growth and avoiding resource wastage [3][4]. Market Selection Factors - **Market Size and Consumer Demand**: The primary consideration is the target market's size and actual demand for products or services, requiring in-depth analysis of demographics, income levels, and consumer behavior [5][6]. - **Regulatory Environment and Business Convenience**: Legal and compliance issues can be significant barriers, with differences in registration processes, tax policies, and intellectual property protection across countries [7][8]. - **Macroeconomic Stability and Growth Potential**: A country's economic fundamentals, including GDP growth trends and political stability, directly impact business viability, with emerging markets offering high growth potential but also volatility [9]. - **Cultural Compatibility and Local Preferences**: Cultural factors significantly influence consumer behavior, necessitating localized marketing strategies to ensure product acceptance [10][11]. - **Competitive Landscape and Industry Trends**: Understanding the competitive environment and identifying unmet needs or market gaps are essential for positioning brand differentiation [12]. - **Infrastructure and Logistics Maturity**: A mature logistics system is critical for operational efficiency, with factors like transportation networks and digital infrastructure playing a key role [13][14]. Tools and Strategies for Market Evaluation - **Data Research and Market Analysis**: Data-driven decision-making is essential, utilizing both quantitative and qualitative analyses to assess market feasibility [15][16]. - **Local Partnerships and Expert Networks**: Collaborating with local entities can provide valuable market insights and resources, facilitating smoother market entry [17]. Dubai as an Ideal Expansion Hub - Dubai serves as a global gateway for businesses looking to expand into the Middle East, Africa, Asia, and Europe, offering a low-risk, high-reward environment for international growth [18][19]. - The IFZA Free Zone provides strategic advantages for companies entering the Dubai market, including simplified registration processes and comprehensive business support services [20][23].

Core Viewpoint - Cathay Pacific Haitong has initiated coverage on Western Cement (02233) with a "Buy" rating, projecting net profit for 2025-2027 to be 1.143 billion, 1.422 billion, and 2.015 billion yuan respectively, with EPS of 0.21, 0.26, and 0.37 yuan [1] Group 1: Company Overview - The largest shareholder, Mr. Zhang, holds approximately 32.3% of shares directly and indirectly, while Conch Cement holds 29.0% [2] - The company is expected to sell 15.74 million tons of cement domestically in 2024, generating revenue of about 5.2 billion yuan and a profit of approximately 350 million yuan, alongside overseas sales of 4.03 million tons, yielding revenue of about 3.2 billion yuan and a profit of 890 million yuan [2] Group 2: Industry Context - China's cement production has been declining annually since 2022, with a rapid decrease in demand leading to a significant drop in domestic cement prices, making overseas expansion a necessity [3] - The company began its overseas strategy in 2020, establishing its first production line in Mozambique and expanding into four countries by the end of 2024, including the Democratic Republic of the Congo, Ethiopia, and Uzbekistan [3] Group 3: Strategic Moves - The company achieved a high overseas gross profit of 288 yuan per ton in 2024, significantly exceeding the domestic gross profit of 42 yuan per ton, demonstrating a strong commitment to high-margin overseas expansion [4] - In June 2025, the company announced plans to sell its Xinjiang cement assets for 1.65 billion yuan, which is expected to alleviate debt pressure and support ongoing overseas expansion projects [4]

Core Viewpoint - The titanium dioxide industry is experiencing a price increase, with companies raising prices by 500 RMB/ton for domestic customers since September 15, marking the fifth price hike this year [2][3]. Price Adjustments - Several companies, including Yibin Tianyuan and Ti Hai Technology, have announced price increases for titanium dioxide products, with domestic prices rising by 500 RMB/ton and international prices by 30-70 USD/ton [3][4]. - The price adjustments are driven by the traditional peak season and the need to stimulate downstream inventory demand, as well as to implement previous price increases from August [2][4]. Market Conditions - The current price hikes are cautious due to weak downstream demand and the potential for increased inventory levels as production rates rise [4]. - The titanium dioxide industry has faced a decline in prices due to reduced downstream market demand and increased production costs, leading to a situation of excess inventory [5][6]. Financial Performance - Major companies like Longbai Group reported a decline in revenue and net profit for the first half of 2025, with revenue dropping to 13.33 billion RMB, a decrease of 3.34% year-on-year, and net profit down by 19.53% [5]. - Other companies, such as Zhonghe Titanium and Huiyun Titanium, showed mixed results, with revenue increases but significant drops in net profit [5]. Industry Challenges - The titanium dioxide market is currently at a five-year low due to supply-demand mismatches, with rapid domestic capacity expansion and weakened demand linked to the real estate sector [6]. - Companies are responding to these challenges by seeking to expand into international markets, with Longbai Group and Huiyun Titanium actively pursuing overseas strategies to mitigate the impact of anti-dumping investigations [7]. Future Outlook - There are expectations of continued downward pressure on titanium dioxide prices due to weak domestic and international demand, with predictions of price declines by the end of October [7].

Group 1: Company Overview - Wolong Electric Drive (卧龙电驱) has announced plans to list on the Hong Kong Stock Exchange to enhance its global strategy and international competitiveness [1] - The company reported projected revenue of 16.247 billion yuan and a net profit of 793 million yuan for 2024 [1] - Wolong Electric Drive's total market capitalization was approximately 30 billion yuan as of the latest closing, down from over 40 billion yuan earlier this year [1] Group 2: Strategic Initiatives - The company aims to fully implement its overseas strategy by 2025, focusing on personnel, products, supply chains, and capital going abroad [2] - Wolong Electric Drive plans to leverage its overseas factories to strengthen coordination between domestic and international operations [2] - The company has achieved over 30% of its revenue from international markets, indicating a strong global presence [1] Group 3: Market Context - The Hong Kong IPO market is experiencing a surge, with over 160 companies waiting to list, including nearly 20 companies seeking to raise over 1 billion USD [2] - The average daily trading volume of the Hang Seng Index has increased significantly, reaching 240.916 billion HKD in 2025 up to early June, compared to 131.775 billion HKD for the entire year of 2024 [3] - A-share companies that complete H-share listings tend to see an average increase of 2.61% in their A-share prices within 30 trading days post-listing [3]

Group 1 - The article highlights the significance of the US-China tariff battle as a decisive force in reshaping the global economic order, emphasizing the competition for control over industrial chains, technological standards, and development models [1] - The dynamic tariff system under Trump's administration is seen as a strategy to segment high-end manufacturing chains, while China is countering with strategic resources like rare earths, impacting 42% of the global intermediate goods supply chain and increasing uncertainty in global supply chains [1] - Professor Hu Jie from Shanghai Jiao Tong University aims to decode the implications of tariffs and provide insights for companies to navigate the challenges posed by the US-China rivalry, focusing on how Chinese enterprises are restructuring supply chains and localizing operations through international expansion [1] Group 2 - The event featuring Professor Hu Jie is scheduled for June 21, focusing on the deeper implications behind the potential easing of US-China tariffs, with a structured agenda including a public lecture and interactive Q&A session [2] - Professor Hu Jie has extensive experience in financial economics and policy analysis, having worked at the Federal Reserve and in investment banking in Hong Kong and Singapore, before transitioning to entrepreneurship and management roles in software and fintech [3][4] - His research interests encompass financial markets, US macroeconomics, fintech innovations, and the internationalization of Chinese enterprises, indicating a strong focus on contemporary financial challenges and opportunities [3]

Group 1 - The core viewpoint of the articles highlights the increasing trend of A-share companies planning to list in Hong Kong, driven by internationalization strategies, policy support, and improved liquidity in the Hong Kong market [1][2][6] - Weir Shares announced its plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international financing capabilities and competitiveness [2][3] - Over 20 A-share companies have submitted applications to the Hong Kong Stock Exchange this year, including notable firms like Sany Heavy Industry and Haidilao, indicating a significant uptick in interest for dual listings [2][4] Group 2 - The China Securities Regulatory Commission (CSRC) has accelerated the review process for overseas listings, reducing the average approval time from over 100 days to less than 60 days [2][4] - The trend of A-share companies seeking dual listings is supported by favorable policies, such as the CSRC's measures to facilitate qualified domestic companies in raising funds in Hong Kong [4][5] - The Hong Kong market's liquidity has improved, attracting international capital and enhancing the pricing power of quality assets, which is beneficial for A-share companies looking to expand [6][7] Group 3 - The dual listing trend is expected to continue, with projections indicating that more large A-share companies and leading firms listed in the U.S. will seek to list in Hong Kong, potentially making it a focal point for new stock offerings [7][8] - Approximately 60% of the companies planning to list in Hong Kong are from the manufacturing sector, which will enhance the representation of quality manufacturing firms in the Hong Kong market [7] - The ongoing trend of A-share companies listing in Hong Kong is seen as a way to participate in global competition and improve the international presence of Chinese firms [8]