Core Insights - The article highlights the trends in China's supply chain going global, characterized by globalization, high-end development, intelligence, and localization, which are transforming product exports into a comprehensive industrial ecosystem abroad [2] - The report titled "Top Ten Trends of China's Supply Chain Going Global by 2025" aims to explore new market opportunities and business growth dynamics in the global industrial landscape [2] Group 1: Background of China's Supply Chain Going Global - China's supply chain has undergone several phases, from integration into the global trade system (2001-2008) to cost-driven migration (2009-2014), and from supply-side reforms to capacity overflow (2015-2018), culminating in trade protection and supply chain decentralization (2019-2023) [6] - The current phase (2024 onwards) is characterized by a shift from passive industrial transfer to a technology-ecosystem-led paradigm, with a focus on establishing a resilient global supply network [6] Group 2: Driving Factors of China's Supply Chain Going Global - The trade barriers have evolved from simple tariffs to a combination of rules, including localization rates and green standards, prompting companies to diversify their supply chains globally [8] - The global e-commerce market continues to grow, particularly in emerging markets like Southeast Asia, the Middle East, and Latin America, driving the momentum for China's supply chain to expand internationally [14] Group 3: Trends in China's Supply Chain Going Global - Chinese brands are focusing on high-end development, creating a new ecosystem for supply chain value upgrades through high-value products and technological advancements [20] - The transition from product export to industrial export is facilitated by leading enterprises driving upstream and downstream collaboration, forming regional supply chain centers [22] - Companies are adopting a dual-track approach of globalization and localization, integrating local production and regional supply chains to build complete industrial ecosystems in target markets [22][25] Group 4: Technology and Logistics Transformation - The supply chain is experiencing a systematic upgrade from "capacity output" to "ecosystem empowerment," reducing barriers for SMEs to participate in global trade and enhancing China's dominant position in the global supply chain [29] - Cross-border logistics and warehousing are evolving with automation and operational model changes, driven by the growth of cross-border e-commerce [33][35] - The share of third-party cross-border logistics is increasing, with overseas warehouses expected to become the mainstream model due to their cost-effectiveness and efficiency [35][39] Group 5: Local Market Demand and Procurement - Local market regulations, international trade barriers, and cost considerations are accelerating the localization of supply chains, with companies establishing local warehousing systems to enhance supply chain responsiveness [41][44]

Core Viewpoint - The report anticipates that convertible bonds with positive performance in Q2 2025 will be concentrated in high-end manufacturing sectors such as communication, electronics, military, automotive parts, transportation equipment, industrial control equipment, energy equipment, and electric power equipment, as well as in non-ferrous and basic chemical industries benefiting from price increases [1]. Group 1: Industry Performance Insights - The profit growth in the non-ferrous metal mining industry is expected to reach 41.7% year-on-year, driven by rising prices and increased production and sales of metals like gold, copper, zinc, and silver [2]. - The railway, shipbuilding, aerospace, and other transportation equipment manufacturing sectors are projected to see a profit increase of 56% year-on-year, benefiting from global shipping recovery and significant orders for LNG carriers and container ships [2]. - The computer, communication, and other electronic equipment manufacturing sectors, along with electrical machinery and general equipment manufacturing, are expected to maintain double-digit profit growth due to high demand for AI hardware, smart terminals, and industrial control equipment [2]. - The agricultural and sideline food processing industry is anticipated to experience a profit growth rate of 38.2%, primarily due to the demand for high-value-added products like prepared dishes and health foods [2]. Group 2: Company-Specific Performance - Among the companies that have disclosed their H1 2025 performance forecasts, 272 companies are expected to achieve a non-net profit growth of over 30% in Q2 2025, mainly in the basic chemicals, electric power equipment and new energy, machinery, electronics, and automotive sectors [3]. - In the basic chemicals sector, companies are expected to benefit from price increases in phosphates, pesticides, and refrigerants [3]. - The electric power equipment and new energy sector's high-performing companies are expected to benefit from increased overseas photovoltaic storage orders, domestic ultra-high voltage and smart grid construction, and rising domestic orders for new energy vehicles and military products [3]. - The machinery sector's growth is driven by high demand for industrial mother machines, semiconductor equipment, energy equipment, shipbuilding, and rail transit equipment [3]. - The electronics sector's growth is attributed to increased investment in AI computing power, accelerated domestic substitution of semiconductor equipment and materials, and growth in consumer electronics and smart terminal shipments [3]. - The automotive sector is expected to see high growth due to increased sales of domestic new energy vehicles and accelerated exports of commercial vehicles and automotive parts [3]. Group 3: Performance Forecast Adjustments - A list of 13 convertible bond targets has been identified, which have seen their average net profit forecasts raised by over 5% in the past three months, with more than three forecasting institutions involved, indicating potential marginal improvements in performance [4].

Core Viewpoint - Nantong, as a key growth pole in Jiangsu's coastal economic belt, is leveraging its strategic position in the Yangtze River Delta to develop a modern industrial system centered around the "616" framework, which includes six trillion-level industrial clusters and sixteen advantageous industrial chains [1][12]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driver, moving away from traditional economic growth models, characterized by high-tech, high-efficiency, and high-quality features [2]. - This concept is crucial for promoting high-quality economic development and is a key support for building a modern industrial system [2]. Group 2: Economic Performance of Nantong - Nantong's GDP is projected to exceed 1.24 trillion yuan (approximately 1242.19 billion yuan) in 2024, with a year-on-year growth rate of 6.2%, leading the province [3]. - The three industries are showing collaborative growth: the primary industry added value is 53.21 billion yuan (2.7% growth), the secondary industry 590.68 billion yuan (6.9% growth), and the tertiary industry 598.30 billion yuan (5.7% growth) [3]. Group 3: Industrial Growth and Key Sectors - Nantong's industrial economy is experiencing robust growth, with an increase of 9.3% in industrial added value, ranking among the top in the province [5]. - Key sectors such as specialized equipment, chemical fibers, and electrical machinery have shown significant growth rates of 14.4%, 14.1%, and 11.7% respectively [5]. - The six trillion-level industrial clusters continue to expand, with an annual output growth of 8.5%, contributing 5.3 percentage points to the industrial growth [5]. Group 4: Policy Framework for New Quality Productive Forces - The central economic work conference in 2024 emphasized the importance of technological innovation in leading the development of new quality productive forces [10]. - Nantong has implemented a series of targeted policies to foster new quality productive forces, including action plans for low-altitude economy, artificial intelligence, and technology innovation parks [10][11]. Group 5: Modern Industrial System Development - Nantong is integrating new quality productive forces into the national strategic framework, focusing on six trillion-level industrial clusters and sixteen advantageous industrial chains [12][13]. - The city aims to build a modern industrial system with advanced manufacturing at its core, emphasizing industrial upgrades and the development of strategic emerging industries [15]. Group 6: Spatial Layout and Industrial Clusters - Nantong is constructing a new spatial layout characterized by "one main, one deputy, two belts, and four groups," enhancing its economic and innovation capabilities [17]. - The city has established six key industrial chains, including new energy, shipbuilding, high-end equipment, new materials, biomedicine, and new generation information technology, with leading companies like Tongfu Microelectronics and Lin Yang Energy [21][22]. Group 7: Future Development Trends - Nantong is focusing on forward-looking layouts for future industries, emphasizing low-altitude economy, deep-sea equipment, and new energy storage [25][26]. - The city aims to enhance green and intelligent transformation, targeting the establishment of over 100 provincial-level smart factories by 2027 [28]. - Nantong is deepening regional collaborative innovation, integrating into the Yangtze River Delta's development, and establishing a collaborative model for research and development [29].