中国实地观察 -2025关键词：多元化与差异化On the ground of China - July 2025

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese manufacturing and consumer sectors, highlighting trends in capital goods, technology, leisure, and beauty industries [2][3][5]. Core Insights and Arguments 1. Global Diversification Strategy: Amid deflation and tariff uncertainties, mid-stream corporates are diversifying capacity globally as a key strategy [3][5]. 2. Consumer Trends: Leisure and beauty firms are experiencing solid growth through product differentiation aimed at self-rewarding consumers [3][5]. 3. Sector Performance: In July, capital goods, software, and real estate sectors gained the most wallet share, while technology hardware saw a significant decline in investor interest [5][10][16]. 4. Investor Interest Shifts: The top sectors for investor meetings in July were technology, consumer, and financials, contrasting with previous quarters [3][5]. 5. Company Visits: Notable companies visited include BYD, Transsion, OmniVision, and Mindray, indicating strong investor interest in these firms [3][5]. Additional Important Insights 1. Sales Growth in SMID/Materials: Companies like Sunresin and Shengquan reported robust sales growth, particularly in overseas markets, with significant projects in the pipeline [8][26][27]. 2. Leisure and Beauty Sector Dynamics: Companies such as Yiwu CCC and Chicmax are focusing on online sales channels and product launches to drive growth [32][37]. 3. Transport Sector Recovery: Express shipping prices are recovering, particularly in key regions like Guangdong, indicating a positive trend in logistics [8][32]. 4. Technology Sector Challenges: The China Wafer Level CSP Company is expanding overseas but faces flat demand in domestic smartphone markets [25]. 5. Automotive Insights: Visits to car dealers revealed a shift in consumer sentiment, with a positive outlook for brands like BYD amid changing market dynamics [40]. Conclusion The conference call provided a comprehensive overview of the current state of various sectors in China, emphasizing the importance of diversification, consumer trends, and shifts in investor interest. The insights gathered from company visits and sector performance highlight potential investment opportunities and risks in the evolving market landscape.