劈波斩浪，笃定前行。 经过数轮激烈的竞争与细致的遴选，知名跨境电商平台SHEIN脱颖而出，荣耀摘得"2025出海领军企业"奖项 投资时间网、标点财经研究员 周运寻 2025年，中国经济在外部环境急剧变化、不确定性加剧的挑战下，始终保持战略定力，以"稳"固基本盘，以"进"增新动能，交出了一份含金量十足的成绩 单。 开放合作的广度与深度持续拓展，也使得中国市场的全球吸引力不断增强。第八届进博会意向成交额达834.9亿美元，较上届增长4.4%；第138届广交会境 外采购商到会人数超31万名，现场意向出口成交额达256.5亿美元。值得关注的是，企业出海步伐更趋稳健，在全球产业链重塑中主动布局，形成了更具 韧性的国际合作格局。 为了探寻企业界、金融界破局引路的标杆力量，"见未来·2025第八届金禧奖年度评选"如期而至。自标点财经研究院联合《投资时报》、投资时间网于 2018年首次举办"见未来"系列论坛以来，至2025年，"见未来"系列活动及金禧奖年度评选已进入第八届。据了解，"金禧奖"由标点财经研究院等第三方研 究机构对数千家企业大数据展开分析、比较后，客观评选出各领域最具竞争力的企业和机构，形成候选综合排名榜单，再经 ...

Core Viewpoint - The article discusses the potential of Hainan to become a strategic trade hub similar to Singapore, but with a focus on transforming raw materials into value-added products, leveraging China's industrial capabilities and market size [1][20]. Group 1: Comparison with Singapore - Hainan is compared to Singapore in terms of geographical advantages, but while Singapore serves as an efficient transit point, Hainan aims to create a deeper industrial ecosystem [1][10]. - Singapore's success is attributed to its role as a "safe haven" in the old trade order, while Hainan is positioned as a strategic high ground in the evolving global trade landscape [16][18]. Group 2: Hainan's Strategic Advantages - Hainan's geographical location allows for significant reductions in shipping distances and times, making it an attractive alternative for international shipping routes [5][7]. - The "processing and value-added 30% duty-free" policy in Hainan encourages the establishment of factories that can transform raw materials into finished goods, thus enhancing its role in the supply chain [8][12]. Group 3: Future Trade Dynamics - Hainan is seen as a potential new trade gravity center, capable of accommodating shifts in global trade dynamics, especially as traditional rules become less reliable [27][29]. - The region is expected to facilitate new forms of trade, including RMB settlements and digital trade, positioning itself as a key player in the future of global commerce [22][24]. Group 4: Long-term Vision - Hainan's development is framed as a long-term strategic initiative, with tax incentives and infrastructure improvements aimed at preparing for future economic challenges [31][33]. - The region's unique position allows it to test new trade rules while maintaining a robust industrial base, making it a critical component of China's economic strategy [29][31].

过去，一年只要搞定几个欧美大客户，几条产线就能全年满负荷运转。但今年遭遇了一轮轮关税冲击后，他的屏幕上已不再是催单的邮件，而是后台被 砍单压价的刺眼文字。仓库里已堆满为40英尺货柜准备的成品，但下一个柜子在哪里，没人知道。 出品｜虎嗅商业消费组 作者｜周月明 编辑｜苗正卿 题图｜AI生成 临近年底，澄海一家玩具工厂的老板办公室，气氛有些凝重。 与此同时，越来越多同行开始频繁出现在各种跨境电商活动上。有的工厂甚至开始联系海外达人探厂。山东滨州的家纺工厂里，Instagram上有30万粉 丝的美国网红Terrick仔细挑选着样品，澄海跨境电商孵化中心的办公楼里，早上7点就开始一场海外达人与中国工厂老板的跨国视频会议。 无数源头工厂正站在命运的十字路口，一边是熟悉的旧世界在崩塌，一边是充满诱惑但挑战重重的新大陆。 这背后折射出的，也远不止订单模式的变迁。更深层次上，这是一场全球贸易范式的切换：由少数巨头主导、基于标准化与成本效率的"全球化1.0"， 正在被无数个体与中小节点解构，基于创意、内容与社群信任的"全球化2.0"正在形成。 寻找新出路 "订单碎片化、从大B到小B再到C端的趋势愈发明显。"敦煌网招商与商家运营 ...

"科创尖端、硬客前瞻"！《沪市汇·硬科硬客》是由上海证券交易所、中国经营报社和央广资本眼共同 打造的、高度融媒体的高端访谈栏目。 中经记者 孙汝祥 夏欣 北京报道 何谓供应链"再出海"，全球化2.0相比1.0究竟哪儿不一样？选择去哪儿或不去哪儿，背后有哪些考量？ 风险如何评估，如何应对？怎样才能赢得韧性供应链"持久战"？"内卷"是否会变"外卷"？…… 《沪市汇・硬科硬客》第二季第6期邀请3家科创板出海龙头，共同探讨"供应链'再出海'"话题。在全球 化1.0时代，中国制造"出海"打造了全球供应链的超级节点。而在全球化2.0时代，中国企业"再出海"将 升级为在全球范围内构建一个高效、敏捷、抗风险的价值创造网络。这不再是一个"要不要做"的选答 题，而是一道"如何做好"的必答题。 本期做客嘉宾包括中信博（688408.SH）董事长兼总经理蔡浩，福昕软件（688095.SH）董事长兼总裁 熊雨前，宣泰医药（688247.SH）创始人、董事方云。申万宏源研究所总经理、首席策略分析师王胜担 任主导嘉宾。 《沪市汇·硬科硬客》录制现场 中国企业为什么要"再出海"？ 中信博董事长兼总经理 蔡浩 "我们原来是把中国的产品卖到国外 ...

Core Viewpoint - HSBC Holdings demonstrates clear advantages in high ROTE and high dividend yield, indicating significant investment value [1] Financial Performance - HSBC's revenue and profit for Q3 2025 continue to exceed expectations, with an upgraded ROTE guidance to mid-double digits and a forecasted ROTE above 15% for 2025 [2] - The bank's net interest income guidance for the year has been raised to $43 billion, supported by stable net interest margins and strong non-interest income growth, particularly in wealth management, which saw a 30% year-on-year increase [2] - Credit costs remain stable at 40 basis points, indicating effective cost management and a resilient financial position [2] Long-term Outlook - The bank is positioned favorably in a robust operating environment, benefiting from a 3% terminal policy interest rate, strong credit demand, and improved asset quality [3] - HSBC is expected to be a key beneficiary of the ongoing restructuring of global supply chains and the trend of Chinese enterprises expanding overseas, despite challenges posed by U.S. tariff policies [3] - The bank's extensive presence in key regions positions it well to capitalize on the global asset allocation trends among affluent retail clients in Asia [3]

Core Insights - The forum "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amid global changes [1] - The speech by Cao Hu, CEO of Kotler Consulting Group for China and Singapore, emphasized the strategic logic and transformation paths for Chinese enterprises going global in the context of Globalization 2.0 [3][4] Globalization Trends - The transition from Globalization 1.0 to 2.0 is characterized by a "mosaic" pattern, indicating a shift towards regionalization and fragmentation, which challenges traditional export models [4] - The distinction between "export" and "going global" is crucial; the former involves domestic production and overseas sales, while the latter focuses on overseas production and sales, mitigating currency and tariff impacts [5] Supply Chain Transformation - The global supply chain is evolving from an "efficiency-first" approach to a "safety-first" model, leading to three key changes: "shortening" (production close to sales), "diversifying" (backup sourcing), and "ecosystem" (local innovation partnerships) [5] Brand Development Strategies - Chinese enterprises can be categorized into three groups based on their competitive strategies: 70% rely on "extreme low-price" competition, 20% have transitioned to "best value providers," and 5%-10% are developing into "premium brands" [6] - Premium brands differ from well-known trademarks by providing both functional and emotional value, necessitating capabilities in technological innovation, cross-cultural user insights, and emotional storytelling [6] Innovation Approaches - Different markets require tailored innovation strategies: "frugal innovation" for developing countries and "enhanced innovation" for Western markets, focusing on emotional resonance and contextual needs [7] Essential Capabilities for Global Brands - Seven core capabilities are essential for Chinese enterprises to develop global brands: establishing value standards, setting technical standards, building brand assets, managing complex processes, creating profitable business models, integrating user value innovation, and executing mergers and acquisitions [8][9] Future Outlook - The next five to ten years are predicted to be a golden period for the emergence of global brands from China, with the potential for hundreds of global and thousands of international brands [8] - The concept of a "triple world" (physical, digital, and token) highlights the complexity and interconnectedness of future markets, urging Chinese enterprises to leverage economic, cultural, and trade platforms for competitive advantage [10]

Group 1 - The core viewpoint of the article emphasizes the significant changes in the global macroeconomic landscape and how China can seize new opportunities while facing challenges in this evolving environment [2][4]. - The rise of geopolitical economics and the trend of global fragmentation are identified as two important phenomena impacting the global economy [2][4]. - China's share in global exports continues to rise, influencing its foreign direct investment (FDI) strategies, particularly towards countries like South Korea, Japan, and Vietnam [4][6]. Group 2 - The concept of "centrality" in global supply chains is discussed, highlighting the importance of connectivity with key partners and China's pivotal role in manufacturing [4][5]. - The article notes that the future of trade is shifting from traditional goods to service trade, with China maintaining a central position in the global manufacturing chain [4][7]. - Companies that master intellectual property and service export capabilities are deemed to have the strongest resilience against shocks [7]. Group 3 - The article suggests that diversification of risks at both enterprise and national levels is essential in the context of rising geopolitical economics [6][7]. - It advocates for a transition from "Made in China" to "Intelligent Manufacturing in China," emphasizing the need for technological upgrades and self-sufficiency in critical sectors [7]. - The future competitive focus will shift towards defining technological pathways, setting standards, controlling financial channels, and gaining support, rather than merely increasing production [7].

Core Viewpoint - Fuhong Hanlin (2696.HK) reported a revenue of 2.8195 billion RMB for the first half of 2025, marking a 2.7% year-on-year increase, with significant growth in overseas product sales and a strong focus on innovation and internationalization strategies [1][4]. Financial Performance - The company achieved a gross profit of approximately 2.1992 billion RMB, reflecting a 10.5% year-on-year increase [1]. - Net profit for the period was 390 million RMB, with operating cash flow exceeding 770 million RMB, representing a 206.8% year-on-year growth [1]. - Overseas product profits surged over 200%, with cash inflow from BD contracts exceeding 1 billion RMB, up 280% year-on-year [1]. Product Development and Market Expansion - Fuhong Hanlin has six products approved in China and four internationally, reaching nearly 60 countries and benefiting over 850,000 patients globally [2]. - The company is focusing on innovative layouts in oncology and autoimmune diseases, aiming to develop more best-in-class (BIC) and first-in-class (FIC) molecules [2]. - The company’s core innovative product, H drug (Han Shuang®), achieved global sales of 597.7 million RMB in the first half of 2025, with rapid market expansion in Europe and Asia [7]. Strategic Collaborations - Fuhong Hanlin has entered strategic partnerships to enhance its global market presence, including agreements with Abbott, Dr. Reddy's, and Sandoz for the commercialization of various biosimilars and innovative drugs [11]. - The company has completed over 800 drug regulatory applications globally, with more than 600 approvals across multiple regions [12]. Innovation and R&D Focus - The company is committed to innovation-driven growth, with significant advancements in its product pipeline, including ADC technology and T cell engager platforms [21]. - The ongoing clinical trials for HLX43 and HLX22 are showing promising results, with HLX22 receiving orphan drug designation from the FDA and EC for gastric cancer treatment [15][18]. Future Outlook - Fuhong Hanlin plans to continue its patient-centered approach, accelerating its global expansion and ensuring high-quality innovative treatments are accessible to patients worldwide [22].

Group 1 - The core viewpoint of the article highlights the transformation of foreign enterprises in China from mere physical presence to deep integration within the local economy, showcasing a shift towards a symbiotic relationship [1][2] - The proportion of foreign enterprises participating in the event increased from 32% to 35%, indicating a growing global consensus on the irreplaceability of China's supply chain [2][3] - Over 500 industry partners participated in the event, reflecting the idea that foreign companies are no longer isolated nodes in the global supply chain but integral parts of the local industrial network [2][3] Group 2 - The article emphasizes the remarkable reverse flow of innovation, with 30% of global AI innovations originating from Chinese teams, showcasing China's role as a key player in the global AI ecosystem [4] - The number of foreign R&D centers in China has increased to 221 over the past decade, with a 336% surge in invention patents from foreign enterprises, indicating China's evolution from a technology receiver to an innovation source [4] - Schneider Electric's initiative to create a green supply chain reflects a shift towards integrating sustainable development rules within the Chinese market, moving beyond individual corporate commitments [5] Group 3 - The article concludes that foreign enterprises are transitioning from self-sufficiency to collaborative coexistence, with China's market evolving from a provider of scale dividends to a shaper of innovation ecosystems [5] - The event served as a platform for companies to exchange practices and address external uncertainties, emphasizing that the core driving force of globalization 2.0 lies in the breathing and sharing of value chains [5]

Core Viewpoint - The forum aims to provide a high-end platform for Chinese enterprises to tackle challenges in going global amidst the restructuring of global industrial chains, focusing on collaborative and sustainable transformation paths [1]. Group 1: Globalization and Industry Trends - The current global landscape is characterized by a shift from extensive manufacturing in China to a "China + 1" and "China + N" model, indicating a transition from offshore outsourcing to nearshore and friendshoring [3]. - The trend of Chinese enterprises going global is driven by both the need for business development and changes in the international landscape [3]. Group 2: Challenges Faced by Chinese Enterprises - Chinese enterprises possess strong competitive advantages but also face challenges, particularly from other Chinese competitors in international markets, which can lead to significant profit erosion despite high production capacity [4]. - The need for high-quality globalization is emphasized, requiring enterprises to enhance their soft power and strategic planning capabilities [3][4]. Group 3: Strategic Recommendations - Enterprises should focus on comprehensive strategic planning, moving from product export to overall corporate globalization, and strengthen cross-cultural management to better understand global perspectives [3]. - Sustainable development is crucial, with a focus on avoiding political risks and understanding the political dynamics of host countries [3]. - Brand development is highlighted as a key factor for successful international expansion, with an emphasis on creating world-class brands that respect local cultures and values [4].