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Foreign financial institutions bullish on China's hard-tech growth momentum_我的网站

一 | 2026年8月，据《韩国先驱报》等媒体报道，距离韩国定于2027年2月全面生效的禁食狗肉法案仅剩数月，今年夏天成为该国狗肉合法交易的最后一个伏季。按照韩国传统习俗，三伏天喝一碗热气腾腾的狗肉汤滋补身体，这曾是狗肉馆一年中最火爆的消费旺季。如今，随着禁令进入倒计时，首尔及韩国多地的狗肉馆迎来了专程前来"吃最后一碗狗肉汤"的老食客，整个行业正逐步走向落幕。

二 | 这项禁令的落地，标志着韩国绵延数百年的狗肉消费传统将正式终结。受宠物饲养普及、动物福利意识提升等因素影响，当地社会舆论已发生明显转向。

三 | 韩国此前发布的一项民调显示，超过八成民众明确支持这项禁令，近九成受访者表示未来无意食用狗肉。在2024年该法案通过前的调查中，这一趋势已十分清晰。

Visitors interact with a robot from Unitree Robotics during the sixth China International Consumer Products Expo (CICPE) in Haikou, south China's Hainan Province, April 14, 2026. (Xinhua/Gao Jing)Foreign financial institutions are finding a stronger investment case in China's hard-tech industries as breakthroughs in AI, semiconductors, and advanced manufacturing are driving more exports, higher earnings, and growing interest from global investors.
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.
。然而，禁令也给相关产业链上的从业者带来了巨大的生存与转型压力。据韩国政府统计，超过5600家企业受到该立法影响。部分餐馆已开始尝试将狗肉更换为黑山羊肉等替代菜品，但经营者普遍反映，黑山羊汤的消费受众与原有食客重叠度很低，收益难以填补狗肉销量减少带来的利润缺口。而政府承诺提供的转型援助补贴金额也十分有限，完全不足以支撑整个行业完成软着陆。根据法案规定，在2027年缓冲期结束后，个人屠宰狗以生产狗肉的，将面临最高3年监禁或3000万韩元罚款；养狗以生产狗肉或出售狗肉的人，将被处以最高两年监禁或2000万韩元罚款。在曾是韩国最著名狗肉市场之一的京畿道城南市牡丹市场，餐馆林立的巷子里仍能看到午餐食客的身影，但多数商家早已转向其他菜品，仍点"补身汤"的顾客已寥寥无几，且绝大多数都是老年人。有店主感慨，曾经繁华的贸易集散地如今成了"老人镇"，自己做了一辈子的行当马上就要画上句号。