Guosen: In 2026, A-share companies will enter a transformation period of coordinated output in capacity, brand, and management systems. The "dumbbell-type" combination is the best configuration.

Guosen released a research report stating that by 2026, Chinese A-share companies going abroad have bid farewell to the phase of simple commodity exports and entered a period of transformation where production capacity, brand, and management system are synergistically exported. Quantitative data shows that among the 2723 A-share companies involved in overseas business, 60.96% have a positive attitude, and 45.38% of the 12,393 related announcements are expressed in a positive manner, indicating that going abroad has transitioned from an optional strategy to a necessary action. Leading companies achieve the leap from "Made in China" to "Made for the World" through overseas factory construction, localization operations, and the complete industry chain support. Guosen's main viewpoints are as follows: Industries with "double highs" become the main force for going abroad, where technological barriers and industrial agglomeration determine long-term value. The core logic of industry selection focuses on high-tech moats and strong industry agglomeration, which are both irreplaceable and have cost and efficiency advantages. The three main golden tracks are: chemical new materials (polyurethane, glass fiber) relying on global pricing power and overseas base layout to bypass trade barriers; high-end equipment (passenger cars, construction machinery, semiconductor equipment) seizing the market of "connector countries" by leveraging technology overflow; electronic components (servers, MLCC) benefiting from global AI computing power infrastructure and automotive electrification demand. From the data perspective, the number of actively involved companies in the machinery equipment, electrical equipment, pharmaceuticals, biology, computer, and automotive industries accounts for over 70%, becoming the core carriers for going abroad. Regional opportunities present differentiation, with precise layout in the three core markets. The characteristics of global regional markets are clear, with Europe focusing on high-end manufacturing and green transformation. New energy buses, chemical new materials, etc., break through technology and tariff barriers through localized production; Southeast Asia serves as the backyard for industrial chain spillover, benefiting from mature process expansion and consumption upgrade, with many computer industry companies with very positive attitudes towards going abroad explicitly stating in announcements their layout in Southeast Asia; the Middle East and Latin America rely on energy transformation and infrastructure demand, becoming new blue oceans for photovoltaic energy storage and construction machinery. The "dumbbell" combination is the optimal configuration, balancing stable returns and growth resilience. Investment strategies should consider both "global dividend assets" and "technical breakthrough growth stocks": focus on stable assets with high dividends and low valuations, such as commercial buses, leading companies in chemical new materials, with stable overseas revenue and abundant cash flow; allocate resources to attacking assets with high growth and technical breakthrough, corresponding to "very positive" class companies, such as semiconductor equipment, AI server enterprises, benefiting from the restructuring of the global supply chain and technological iteration, with performance likely to grow non-linearly. The two types of assets complement each other, not only resisting market fluctuations but also capturing the dividends of industrial changes. Risk warnings: Focus on three major variables: 1) the risk of escalating trade frictions, with Europe and the United States possibly increasing restrictions on mature process chips, electric vehicles, and other areas; 2) currency exchange rate fluctuation risk, significant fluctuations in the Renminbi could impact the exchange gains and losses of overseas enterprises; 3) geopolitical risks, the risks of legal, labor, and policy changes faced by overseas factory construction cannot be ignored.