2026.01. 29 本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 缪琦 当上海黄浦区特殊教育职业学校的孩子们借助爱普生投影技术将画作转化为沉浸式戏剧时，这家深耕 中国近30年的跨国企业，正在柔软地融入本土社区，与之深度共生。从工业车间里"量体裁衣"的机器 人产线，到公益场景的科技融入，爱普生在中国完成了从"制造本土化"到全价值链扎根的变迁。 官方数据显示，2025年中国利用外资数据呈现"一升一降"新态势——全国新设立外商投资企业数量 同比增长19.1%，而实际使用外资金额同比下降9.5%。其中，高技术产业实际使用外资同比增长显 著。 再据路透社援引德国经济研究所（IW）的数据报道，2025年德国企业对华投资达到了四年来的最高 水平。其中，前11个月，德国企业对中国的投资攀升至70多亿欧元，比2024年和2023年的同期水平 增长了55.5%。 案例和数据的背后，是跨国企业在华战略的调整与变化：面对全球化格局重塑和地缘经济不确定性加 剧等挑战，外资并未撤离中国，而是以新的结构和方式深度参与本土市场。 一名制造业跨国公司中国区负责人告诉第一财经，要想更好地生存并持续进化，必须掌握供应链优势 并且 ...

Group 1 - The A-share market saw a collective decline on May 16, while the Sci-Tech Innovation Pharmaceutical sector rebounded, with the Sci-Tech Innovation Pharmaceutical ETF (588860) rising by 0.16% [1] - Notable stocks in the sector included Maiwei Biotech-U, which increased by over 5%, along with Shouyao Holdings-U, KQ Biotech, Innotec, CanSino, and Baotai, all of which experienced gains [1] - The Sci-Tech Innovation Pharmaceutical ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which selects 50 large-cap companies in biopharmaceuticals and related fields to reflect the overall performance of representative companies in the sector [1] Group 2 - According to CMB International, the optimization of centralized procurement policies in mainland China provides hospitals and enterprises with more flexibility and autonomy, benefiting leading prescription drug companies [2] - The anticipated implementation of favorable policies, such as the 2025H2 medical insurance category, is expected to accelerate industry consolidation, with the sector's valuations remaining at historical lows [2] - The recommendation is to focus on innovative drug targets with high growth potential or clear breakeven timelines after short-term sentiment stabilizes [2]