中经记者 郝亚娟 夏欣 上海北京报道 在全球经济不确定性加剧和地缘政治风险上升的背景下，中国企业逆势突围，供应链全球布局全面提 速。 德勤统计数据显示，中国企业海外投资规模突破1.5万亿美元，出海模式正从"流量出海"转向"品牌、合 规与组织出海"，标志着全球化进入新的发展阶段。 围绕企业出海面临的挑战、路径选择与政策支持等问题，《中国经营报》记者专访了中欧国际工商学院 金融学教授、副教务长兼EMBA课程主任黄生。 企业出海要"因业制宜、因地制宜" 《中国经营报》：当前贸易保护主义抬头，中国企业在"出海"过程中主要会面临哪些阻力或挑战？ 黄生：中国企业在"走出去"的过程中，面临的挑战既有外部的，也有内部的，且因企业类型、规模、发 展阶段不同而差异显著。总体而言，外部挑战可从宏观、中观与微观三个层面分析。 第一，宏观层面：地缘政治的不确定性。对于那些已具有丰富海外经验的大型企业而言，最大的挑战来 自地缘政治。例如，一家中国企业在欧洲设有生产基地，而两国关系紧张或出现政策摩擦（如投资审 查、并购限制等），企业就会犹豫是否继续扩大投入。 第二，中观层面：法律法规与劳工制度差异。对于仍处在出海探索阶段、计划在当地建厂或 ...

Market Overview - The market remains in a sideways consolidation phase, with abundant liquidity and no significant outflow signals, providing stability to the major indices [1] - Investors have high expectations for the market in 2026, indicating that the current phase is primarily a layout stage for future opportunities [1] - Technical indicators show a shrinking trading volume, suggesting an increasing wait-and-see atmosphere among investors [1] Technical Analysis - The Shanghai Composite Index's daily K-line pattern may be forming a small M-top after two peaks, which requires ongoing monitoring [1] - If the index breaks below the neckline, it could lead to a moderate adjustment, with potential declines matching the height from the previous high to the neckline [1] Market Trends - There is a rotation of market hotspots, with short-term impulses driven by thematic stocks, such as shipbuilding and defense industries showing performance on specific days [1] - Recent market speculation around company names has seen rapid declines, with several stocks hitting the daily limit down [1] - Key sectors like AI computing power, new energy batteries, and basic materials continue to attract attention and inflow from major funds [1] Future Outlook - The market is expected to continue its oscillation and consolidation, focusing on stability [1] - Attention should be paid to changes in intraday hotspots and the matching of trading volume [1] - A small probability exists for a moderate adjustment if the Shanghai Composite Index loses its neckline support [1]

袁晓明致辞时表示，党的二十届四中全会对扩大高水平对外开放、开创合作共赢新局面作出战略部署。 我们愿与各方分享中国超大规模市场红利，为全球产业链供应链稳定运行提供重要支撑，为外资企业深 耕中国提供优质土壤。江苏产业集群丰富、辐射市场广阔，拥有一批高水平开放平台。商务部将一如既 往支持江苏推进高水平开放和高质量发展。诚挚欢迎各国投资者抓住机遇，到中国、到江苏投资兴业。 上海美国商会会长郑艺致辞时表示，将发挥好桥梁纽带作用，进一步拓展双向投资合作，助力实现更高 水平互利共赢。省商务厅主要负责同志解读了《中国（江苏）自由贸易试验区生物医药全产业链开放创 新发展方案》。印尼工商会中国委员会副主席林优娜，苹果公司全球副总裁、苹果供应链亚太区负责人 崔玉善，辉瑞公司全球高级副总裁、中国区总裁彭振科，LG新能源中国区总裁崔智雄先后发言，介绍 了与江苏交流合作取得的成果及下一步合作愿景。 论坛上，启动了江苏省生物医药全产业链开放创新联盟，发布了江苏省新能源产业链枢纽平台，一批外 资研发中心项目签约。围绕服务业扩大开放合作、新能源产业链合作、生物医药产业链合作等，举办分 论坛和对接活动。 论坛开幕前，信长星、刘小涛会见出席活动的 ...

Group 1: Economic Performance - In the first ten months of 2023, Yunnan's new energy battery industry saw a significant increase in value added, growing by 76.7% year-on-year [1] - The overall industrial value added in Yunnan increased by 3.6% year-on-year, with mining, manufacturing, and electricity sectors growing by 8.4%, 3.9%, and 1.6% respectively [1] - The total retail sales of consumer goods in Yunnan reached 1,059.77 billion yuan, marking a 3.5% year-on-year growth [1] Group 2: Investment Trends - Fixed asset investment in Yunnan decreased by 0.5% year-on-year, with the primary industry increasing by 5.6%, while the secondary and tertiary industries saw declines of 0.5% and 1.3% respectively [1] - The province is focusing on project planning, reserve, and attracting investment to stabilize real estate development and stimulate private investment [1] Group 3: Consumer Prices and Services - From January to October, the consumer price index (CPI) in Yunnan showed a year-on-year decrease of 0.1%, while in October, it remained flat year-on-year and increased by 0.1% month-on-month [2] - The service sector in Yunnan achieved an operating income of 284.41 billion yuan from January to September, reflecting a 6.6% year-on-year growth [2] Group 4: Policy and Future Outlook - Yunnan's economic operation is generally stable, with ongoing efforts in transformation and upgrading, although there are concerns about weak effective demand and the need for structural adjustments [2] - The province aims to expand effective demand comprehensively and stabilize employment, enterprises, markets, and expectations through proactive macro policies [2]

Core Insights - Rongbai Technology (688005.SH) experienced a 20% limit-up on November 17, reaching a new high of 354 RMB since September 2023, following a cooperation agreement with CATL [1] - The agreement designates Rongbai Technology as the primary supplier of sodium battery cathode powder for CATL, with a commitment to procure no less than 60% of total procurement annually [1] - If the annual procurement reaches 500,000 tons or more, Rongbai Technology will reduce costs and offer more favorable pricing, indicating a positive impact on future operating performance [1] Company Summary - Rongbai Technology's stock performance reflects strong market confidence due to its strategic partnership with CATL [1] - The collaboration aims to leverage industry expertise and resources to create a safer and lower-carbon new energy battery ecosystem [1] - The partnership includes cooperation in strategic goal alignment, long-term product supply, and new product development [1]

Core Points - Rongbai Technology has signed a cooperation agreement with CATL to become the primary supplier of sodium battery cathode materials, marking a significant partnership in the new energy battery industry [2][3] - The agreement stipulates that CATL will purchase no less than 60% of its total procurement from Rongbai Technology annually, with potential price reductions if annual purchases exceed 500,000 tons [2][3] - The partnership aims to enhance both companies' market share in power, energy storage, and digital sectors through strategic collaboration and development plans [2][3] Agreement Details - The agreement is effective from the signing date until December 31, 2029, with automatic renewal unless either party objects three months prior to expiration [3] - CATL's sodium battery has received certification under the new national standard GB38031-2025, becoming the first sodium-ion battery globally to achieve this [3] - Rongbai Technology's sodium battery cathode materials have been recognized for their technical strength and market position, indicating a strong competitive edge in the industry [3] Strategic Implications - The collaboration includes establishing a high-level exchange mechanism and comprehensive technical cooperation on sodium battery products [3] - Rongbai Technology has maintained strategic investments in the sodium battery sector, achieving leading performance in various metrics such as stability and cost control [3] - The partnership is expected to contribute to the development of safer and lower-carbon new energy solutions [3]

Core Viewpoint - Rongbai Technology (688005.SH) has reached a new high in stock price at 354 RMB, following the signing of a cooperation agreement with CATL, positioning Rongbai as CATL's primary supplier of sodium battery cathode materials [1] Group 1: Agreement Details - The cooperation agreement stipulates that CATL will procure no less than 60% of its total procurement volume from Rongbai, with an annual procurement volume of 500,000 tons or more [1] - Rongbai Technology is expected to offer more favorable pricing through cost reductions as part of the agreement [1] Group 2: Impact on Business Performance - The signing of the agreement is anticipated to have a positive impact on Rongbai's future operating performance [1] - The collaboration aims to leverage the strengths and resources of both parties in the industry, focusing on creating a safer and lower-carbon new energy battery ecosystem [1] Group 3: Strategic Collaboration - The partnership will involve cooperation in strategic goal alignment, long-term product supply, and new product development [1]

Core Viewpoint - Puxin Technology's stock price increased by 5.34% to 31.94 CNY per share, with a trading volume of 1.2 billion CNY and a market capitalization of 68.237 billion CNY as of November 17 [1] Company Overview - Puxin Technology, established on November 6, 2012, and listed on November 3, 2017, is located in Shanghai and specializes in the research, production, and sales of negative materials for new energy batteries, graphite processing, membranes, automation equipment, PVDF, binders, aluminum-plastic packaging films, nano-alumina, and barium stone [1] - The revenue composition of Puxin Technology includes 77.26% from new energy battery materials and services, 26.08% from new energy automation equipment and services, and 7.85% from industrial investment trade management and others [1] Shareholder Analysis - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Puxin Technology, having reduced its holdings by 289,400 shares in Q3, now holding 15.5643 million shares, which is 0.73% of the circulating shares [2] - The estimated floating profit from this investment is approximately 25.2141 million CNY [2] Fund Performance - The Southern CSI 500 ETF (510500) has a total asset size of 140.098 billion CNY, with a year-to-date return of 28.31%, ranking 1832 out of 4216 in its category, and a one-year return of 20.85%, ranking 2058 out of 3956 [2] - Since its inception, the fund has achieved a return of 143.46% [2] Major Holdings - The Southern New Energy Industry Trend Mixed A Fund (012354) has increased its holdings in Puxin Technology by 181,700 shares in Q3, now holding 1.3985 million shares, which constitutes 5.09% of the fund's net value [4] - The estimated floating profit from this position is around 2.2656 million CNY [4] Fund Manager Information - The fund manager of Southern New Energy Industry Trend Mixed A is Xiong Lin, who has been in the position for 4 years and 86 days, managing a total asset size of 849 million CNY [5] - The fund has experienced a return of -22.7% since its inception [5]

Group 1 - Fuzhi Co., Ltd. (孚日股份) achieved a 7-day consecutive increase in stock price, while Sanmu Group (三木集团) had 7 increases in 10 days, and Dongbai Group (东百集团) saw 6 increases in 8 days [1] - The overall market experienced fluctuations, with the Shanghai Composite Index dropping nearly 1% and the ChiNext Index falling nearly 3%. The total trading volume in the Shanghai and Shenzhen markets was 1.96 trillion yuan, a decrease of 83.9 billion yuan compared to the previous trading day [1] - Sectors such as Hainan, gas, pharmaceuticals, and Fujian saw significant gains [1] Group 2 - Joyoung Co., Ltd. (九阳股份) clarified that it is not involved in the "Hakimi" concept, focusing solely on the small home appliance industry [2] - Rongbai Technology (容百科技) signed a cooperation agreement with CATL (宁德时代), becoming its primary supplier of sodium-ion battery cathode materials, with a commitment to supply at least 60% of CATL's total procurement volume [2] - The agreement is expected to positively impact Rongbai Technology's future operating performance, with a potential annual procurement volume of 500,000 tons or more [2] Group 3 - Heshun Petroleum (和顺石油) announced that its actual controllers plan to transfer 6% of the company's shares through an agreement, which will not affect the control of the company [3] - After the transfer, the controlling shareholder and actual controllers will hold a total of 104 million shares, accounting for 60.58% of the total shares [3] Group 4 - The U.S. stock market showed mixed results, with the Nasdaq Composite Index rising by 0.13%, while the Dow Jones Index fell by 0.65% and the S&P 500 Index decreased by 0.05% [4] - Technology stocks experienced varied performance, with Oracle rising over 2% and Netflix dropping more than 3% [4]

Core Viewpoint - Ningbo Rongbai New Energy Technology Co., Ltd. has signed a cooperation agreement with CATL, establishing Rongbai as the primary supplier of sodium battery cathode materials, which signifies recognition of the company's technological strength and market position in the sodium battery sector [2][10]. Group 1: Agreement Overview - The agreement marks CATL's commitment to purchase no less than 60% of its total procurement from Rongbai, contingent on meeting quality, cost, and delivery requirements [2][8]. - The agreement is effective from the date of signing until December 31, 2029, with an automatic renewal clause if no objections are raised three months prior to expiration [9]. - The collaboration aims to enhance both parties' market competitiveness in the fields of power, energy storage, and digital applications [6][7]. Group 2: Company and Client Background - CATL, established in December 2011 and listed on the Shenzhen Stock Exchange in June 2018, is a leading global company in the new energy sector, focusing on the development, production, and sales of lithium-ion and sodium-ion batteries [4][5]. - The agreement does not constitute a related party transaction and does not require board or shareholder approval [3][5]. Group 3: Impact on Company Performance - The partnership is expected to positively influence the company's future operating performance, as it aligns with the strategic goal of becoming a comprehensive solution provider for sodium battery materials [10][11]. - The collaboration is anticipated to facilitate the large-scale application of sodium battery technology, with CATL's sodium-ion battery already certified under the new national standard [10][11].