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Foreign financial institutions bullish on China's hard-tech growth momentum_我的网站
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China's high-tech exports surged over 50 percent year on year in July, well ahead of the 17.8-percent growth in total exports, customs data showed. The export gains are being mirrored in investment flows, with foreign funds moving into Chinese technology stocks and global indices adding newly listed hard-tech companies.
Rob Subbaraman, head of global macro research and co-head of global markets research at Nomura, said China's low-cost and abundant electricity supply, growing talent pool and early lead in physical AI are driving the rapid development of its AI industry chain.
China's development of open-weight models could accelerate their adoption by businesses, allowing productivity gains from AI as a general-purpose technology to spread more quickly across the economy, he said, citing models from Chinese firms including DeepSeek and Moonshot AI.
"The lower cost of these models was another advantage," he said, adding that the benefits could extend beyond China, particularly to emerging markets that could adopt cheaper Chinese AI models.
China's strength in advanced manufacturing has also become increasingly evident, said Robin Xing, chief China economist at Morgan Stanley, pointing to China's roughly half share of global installed new energy storage capacity and the rapid growth in outbound licensing deals for innovative drugs. These trends, he said, underpin the long-term investment case for China's hard-tech sector and leading manufacturers.
These strengths are increasingly being reflected in foreign investors' allocation decisions. This year, Goldman Sachs has twice raised its 12-month target for the CSI 300 on improving earnings momentum, and retained an overweight view on Chinese equities.
Kinger Lau, chief China equity strategist for Goldman Sachs Research, said the bank's positive view reflected improving earnings momentum, favorable macroeconomic and liquidity conditions. A-share equities offered international investors diversification benefits that remained underappreciated, along with attractive exposure to hard-tech and AI themes, he added.
Individual companies are drawing overseas interest too.
ChangXin Memory Technologies surged 465.82 percent on its debut on Shanghai's STAR Market last month, reaching a market capitalization of more than 3.2 trillion yuan (about 471.28 billion U.S. dollars).
U.S.-based Tema ETFs made the chipmaker a top holding at a 10.56 percent weight on its debut day, while MSCI officially added it to its China All Shares Index on Monday under a fast-track rule for large IPOs.
Robotics is where the enthusiasm is most visible. Unitree, set to become China's first mainland-listed humanoid robot maker, priced its Shanghai IPO at 150.8 yuan a share, representing 10 percent of its post-offering share capital. The offering is expected to raise about 6.1 billion yuan in gross proceeds.
That optimism, however, exists alongside broader economic pressures. Nathan Chow, senior economist at DBS Bank, said the imbalance between relatively strong supply and weak demand remained pronounced, with household consumption and some companies' profitability still under pressure.
Investment in infrastructure could help offset the weakness in private investment in the near term, while lowering logistics and energy costs and improving the efficiency of resource allocation over the longer term, Chow said. It could also strengthen supply chains and reduce the economy's exposure to external shocks and geopolitical risks, he added.
The implementation of policy measures would be key to sustaining the recovery in the second half of this year, analysts noted.
Economic management requires both easing the brakes and stepping on the accelerator, said Song Yu, chief China economist at UBS Securities, adding that faster fiscal spending and the use of bond proceeds, additional policy support and better coordination between fiscal and financial policies are needed, alongside measures to remove barriers to household consumption and improve the business environment.
"With stronger policy support and measures taking effect, China's economy is expected to maintain a steady recovery in the second half of the year," Chow said.
。 ■ 记者 张蜜 “警察同志，有个小姑娘正在机动车道上走，我劝她也不听，这太危险了，你们过来看看吧。”7月5日9时28分，龙港公安分局双树乡派出所接到群众报警，称在龙港区通海大道北站方向发现1名女孩，当时路上过往车辆虽然不多，但车速普遍较快，容易造成交通事故。 接到报警后，派出所教导员张浩和辅警周洋准备出警。此时，一旁工作的户籍女警陈玉娇听闻身处危险的是1名女孩，便迅速将手里的工作转交给其他同志，申请一同前往现场。3人到达现场后，只见女孩正在马路上大步向北走，手中还拿着一个装有小花的矿泉水瓶。陈玉娇立即下车，在确保安全的前提下，试图将女孩带到非机动车道上，然而，女孩并不接受她的帮助，反而执意往马路中间跑去。无奈之下，陈玉娇一边耐心劝解，一边紧紧贴着女孩的左侧，用自己的身体将女孩拦住，以防她冲向机动车道。 面对前来帮助的民辅警，女孩突然情绪激动地向北“逃跑”。此时，雷锋车队的队员徐达、赵金彪正巧驾车路过，见此情形，他们果断将女孩截停。陈玉娇趁机一把将女孩搂住，并轻声安抚：“姐姐是警察，别害怕！小妹妹，你叫什么名字？家是哪里的？”待女孩情绪稍稳定一些后，陈玉娇询问女孩相关信息，可女孩只是回答：“我要回家……”“你家在哪里？姐姐送你回家好不好？”面对女孩的答非所问，陈玉娇依然耐心询问。结果，女孩还是那句“我要回家……”说完便再次向前跑去。“你看你出那么多汗，休息一下吧……”听到陈玉娇的关心，女孩放慢了脚步。“你渴不渴，别害怕，姐姐送你回家……”在陈玉娇关切的话语下，女孩终于放下心中的戒备，不再“逃跑”。
二 | “你的花真漂亮，在哪儿摘的？想送给谁？”陈玉娇试图通过瓶里的小花，问出女孩是从哪里来的、经过了哪些地方以及其家人的名字。但可惜的是，女孩对自己的个人情况描述不清，无法提供有用信息。
三 | 随后，民警将女孩的照片和有关情况发到了工作群。陈玉娇则继续通过聊天的方式，努力获取女孩的有效信息。正巧，龙湾街派出所民警穆宣羽接到辖区群众周某某报警，称其女儿周某于当天8时许，从家中出走，一直未找到。穆宣羽将工作群中的女孩照片给周某某看，确认了该女孩正是周某。40分钟后，周某某赶到现场。看到女儿平安无事，他向民辅警及相关群众一一表示感谢。
四 | 陈玉娇担心女孩再次走失，决定亲自护送她回家。
五 | 在回家的路上，她了解到女孩3年前因疾病导致大脑神经元异常。 当天下午，周某某一家带着写有“最美女警 护女平安 心系群众 为民解忧”的锦旗来到派出所，再次向所有参与救助的民辅警表达了深深的谢意。
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Published on:11:02:33