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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.
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二 | 
FromSoftware 宣布 The Duskbloods 的网络测试在测试首日后提前结束，原因是“游戏服务器问题”导致玩家无法登录。
三 | 这款来自 Dark Souls 开发商的血腥 PvPvE 动作游戏为任天堂 Switch 2 独占作品，原计划于今日开启为期周末的封闭测试，仅限少数玩家参与。
四 | 早期的报名阶段曾引发粉丝疯狂抢码，但随着测试开启，显然大多数玩家仍需等待才能真正体验到 The Duskbloods。五个早期试玩时段中的第一个于 2026 年 8 月 21 日太平洋时间凌晨 3 点（东部时间早上 6 点）开启，或者说，本该如此。然而，大多数玩家只能在社交媒体上分享 The Duskbloods 那（确实很有氛围感）标题画面的截图。The Duskbloods 网络测试体验“无法登录 The Duskbloods 游戏服务器，”许多玩家今天看到的错误提示写道，“选择‘确定’尝试重新登录。”往好处想，The Duskbloods 的网络测试确实取得了圆满成功——因为它证明了还有大量的测试工作要做。
五 | FromSoftware 在其社交媒体页面上承认了这些故障，并表示：“对于给您带来的任何不便，我们深表歉意。”官方还通知粉丝，第一场测试已在原定的太平洋时间上午 7 点（东部时间上午 10 点）之前提前关闭。目前，其官网发布的日程表显示本周末仍有其他测试安排，包括今天晚些时候的一场、明天的一场，以及周日的两场。目前尚不清楚剩余时段是否会受到影响，工作室在社交媒体上承诺将“致力于改进服务器”，并“在稍后日期公布未来的日程安排”。对于因游戏服务器问题而等待第一次 The Duskbloods 网络测试的玩家，我们深表歉意。遗憾地通知大家，今天的测试现已关闭。我们将继续努力改进服务器，并将宣布未来的日程安排……“成为暮色血誓者——一个被血液力量赋予特殊能力的超自然生物——并投入最多八名玩家的在线战斗，”The Duskbloods 的官方描述写道。“血誓者被召唤在人类的暮色中战斗。在你挑战敌人并争夺‘首杀’权时，既会结成短暂的盟友，也会产生激烈的竞争。
六 | ”FromSoftware 在过去 20 年里创作了一些最具影响力的游戏。随着 2022 年 艾尔登法环：黑夜君临 再次拔高行业标杆，尽管 The Duskbloods 是 Switch 2 独占作品，但它依然是粉丝最期待的游戏之一。虽然一些玩家因无法玩到这款新作而感到失望，但也有人对突发的底层技术问题表示理解。“没关系，我依然爱你，”一位粉丝回复道。“我担心人们忘了这是‘网络测试’，他们测的就是这类问题，”另一位补充道，“这又不是 Demo。祝开发团队好运，希望能修好。
七 | ”“那干嘛非要分时段测试？”一位不满的用户说道，“这种让人们早起或根据测试时段安排日程的系统太蠢了。”无需道歉。我们测试了网络。
八 | 大家干得漂亮！昨天下载 The Duskbloods 的我 VS 今天早上尝试登录的我：目前尚不清楚 The Duskbloods 在未来几天的计划测试中是否可以正常游玩。
九 | 该作在 Switch 2 上的正式发售日期尚未公布，但预计将于 2026 年底前推出。
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