【导读】澜起科技IPO顶格定价，首日暴涨，"China for Global"点燃国际长线资本投资热情 中国基金报记者 郭玟君 2月9日，国际领先的数据处理及互连芯片设计公司澜起科技成功在港股上市，当天，瑞银集团全球投资银行部亚洲区副主席朱正芹接受了中国基金报记者的 采访。 过去一周，市场整体表现并不强劲，但澜起科技却获得了500多家投资者下单，国际部分超额认购近38倍。"这是自宁德时代以来最强的簿记。"朱正芹 说，"17家基石投资者中，既有全球长线基金，也有企业巨头。" 这不只是澜起科技的成功，更是港股市场结构性转变的缩影。 澜起科技IPO的基石投资者阵容堪称豪华。招股书显示，17家基石投资者合计认购4.5亿美元，"鞋前"和"鞋后"占总规模的比重分别为49.82%和43.32%。 这17家基石投资者构成了一个多元化的国际资本图谱：全球长线基金，如瑞银资管和摩根大通资管；战略投资者，如阿里巴巴及云锋基金；科技类专项基 金，如Janchor、Aspex；老牌欧资长线abrdn；中邮、泰康等险资和银行系资金。 | | | | 假設超額配股權未獲行使 | | 假設超額配股權獲悉數í | | | --- | --- ...

Core Insights - Panasonic is undergoing a strategic transformation, focusing on innovation and adapting to consumer needs in China, which is seen as a testing ground for global innovation [1][2] - The company plans to streamline its organizational structure, with a new setup expected to launch in April 2026, creating three independent business units [1] - Panasonic's performance in Northeast Asia has shown significant growth, with sales and operating profit both increasing by over 100% year-on-year for the 2024 fiscal year [1] Business Strategy - The home appliance business is being redefined as a profitable segment, with Chinese experiences serving as a foundation for global success [2] - The strategy has shifted from "China for China" to "China for Global," aiming to leverage China's design, manufacturing, and export capabilities [2] - Panasonic aims for a 10% operating profit margin for the home appliance business by the 2027 fiscal year [2] Competitive Differentiation - To succeed in the competitive Chinese home appliance market, Panasonic is focusing on a differentiation strategy that combines Japanese craftsmanship with local market demands [3] - The company is enhancing its product development processes to reduce time-to-market and improve cost efficiency [5] R&D and Innovation - Panasonic has established R&D teams in China to develop products tailored to local consumer needs, achieving significant sales growth in small appliances [4] - The collaboration between Japanese and Chinese teams has led to reduced development cycles and cost savings for new products [5] Supply Chain and Localization - Panasonic is leveraging China's robust supply chain, with 80% of its global suppliers based in China, to enhance its competitive edge [6] - The company is increasing its local supplier base and aims to integrate more Chinese suppliers into its global supply chain [8] Market Position and Future Outlook - Panasonic's business in China has evolved, with home appliances and residential equipment accounting for one-third of its operations, while electronic components and automation continue to grow [9] - The company is committed to increasing its local R&D investment by 20-30% annually to support customized product development [10] - Panasonic views China as a critical market for future growth, particularly in automation and AI technologies [7][11]

Group 1 - Panasonic is accelerating its AI initiatives in China, emphasizing the urgency for foreign companies to effectively apply AI technology to survive in the market [1] - The company has implemented a "dual-track" plan in China, focusing on providing core components for AI servers and integrating AI technology into end products and internal operations [1][3] - Panasonic's supply chain is deeply integrated into AI infrastructure, with key materials and components produced locally in China [1] Group 2 - Panasonic's R&D team in China is expanding at an annual rate of 20%-30%, with plans to continue this growth over the next three years [3] - The company is developing "small models" (SLM) for AI applications in home appliances and residential devices, addressing the need for offline AI functionality [3] - Internal operations have seen the initial implementation of "full AI" across the company, promoting a culture of AI application through competitions [3] Group 3 - Panasonic has adopted a "local decision-making" approach, allowing Chinese teams to operate independently and make decisions without waiting for approval from Japan [4][5] - The localization of the supply chain is crucial for achieving "Chinese cost," with over 6,000 suppliers in China contributing to a third of Panasonic's global supplier base [6] - The company has established a global procurement office in Shanghai to connect Chinese suppliers with global opportunities [6] Group 4 - Panasonic's performance in Northeast Asia has shown growth, with a 3% increase in sales and a 10% increase in operating profit for the 2024 fiscal year [9] - The company plans to restructure into three independent business units by April 2026, reflecting a response to increasing market competition [10] - Panasonic aims to leverage its success in the Chinese market to replicate effective strategies globally, enhancing its competitive edge [10][11]