专题：跨国企业在中国高开股票能买吗
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文 | 新浪财经 李欣然
当前，中国经济正处于结构转型与动能转换的关键阶段，市场呈现出复杂而多元的态势。一方面，供需关系的动态调整成为企业共同面对的经营课题；另一方面，中国供应链的韧性与创新能力仍在持续提升，为在华企业提供了独特的竞争优势。
在此背景下，新浪财经对话了中国欧盟商会主席彦辞（Jens Eskelund）。作为深耕中欧经贸领域多年的资深人士，彦辞既坦诚地谈到了市场准入、需求变化等现实挑战，也深入剖析了中国供应链如何成为欧洲企业参与全球竞争的关键基石。他还从双向视角出发，对比分析了中企出海欧洲时应有的心态与策略。
中国欧盟商会主席彦辞（Jens Eskelund）
供需错配与内卷是当前企业面临的共性问题
彦辞认为，欧洲企业在中国面临的挑战，与中国企业自身所面对的问题在根本上如出一辙。他强调，当前中外企业共同面临的首要挑战是中国市场的需求疲软，其根源在于持续存在的供需失衡。这种情况反映在生产价格指数的持续下跌上。他指出，最新数据显示中国生产者价格指数（PPI）已连续数十个月处于负增长区间。彦辞表示，这种较为持久的通货紧缩，对于所有在华运营的企业——无论其来自哪个国家——而言，都是一项严峻的挑战。
彦辞指出，内卷存在于众多行业。他观察到，许多行业的企业利润正在下滑，国内市场已难以消化现有的产能，从而形成了出口的压力。此外，他还提到，许多公司正面临库存不断攀升的问题，其中相当数量的企业利润率较低。
因此，彦辞总结道，无论是中国企业，还是来自欧洲、美国等的在华企业，其最紧迫的关切点是相同的——即当前的市场大环境。他强调，外国企业在很多方面与中国本土企业并无太大不同，因为他们都面临着同样的忧虑，而核心问题正是中国的内需状况。他表示希望中国能摆脱当前的通货紧缩压力，尽管实现这一目标或许仍需假以时日。
供应链成本优势持续吸引外企在华投资
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彦辞观察到，价格竞争已在众多行业中变得普遍。在他看来，欧洲企业和中国企业都在以高度聚焦于降低供应链成本的方式回应内卷竞争。他承认这是一个显著的趋势，但也指出这可能会使当前的经济状况持续下去，因为降价作为一种常见的竞争策略，往往会导致运营收缩和裁员，从而加剧就业市场的不确定性。
他指出，与中国同行非常相似，许多欧洲公司正在适应一个利润率降低的经营环境。他援引中国欧盟商会《商业信心调查2025》的统计数据：69%的中国欧盟商会成员报告其当下在中国以外地区获得的利润等于或高于在中国本土的利润。
鉴于此，彦辞探讨了为何欧洲企业仍对中国市场如此投入。他的答案围绕全球竞争力展开。他认为，要在全球取得成功，公司必须以最低的价格提供最优的产品。为了实现这一目标，许多欧洲公司实际上正在增加从中国的采购，利用中国极具竞争力的供应链。即使它们在中国市场的直接利润较低，这些供应链也能让它们在海外市场有效竞争。
彦辞将这种情况与当下许多中国公司的战略进行了类比。他以汽车行业为例，指出一些公司可能在本土市场零利润甚至亏损经营，但通过出口实现盈利。同样，他指出欧洲公司也越来越多地利用其在华的运营来支持可盈利的出口业务。他强调，对许多欧洲公司而言，在中国的供应链是它们参与全球竞争的关键基石。
中欧企业的共同课题：如何让彼此受益
在谈及本地化经营战略时，彦辞指出，欧洲很多制造业企业已在很大程度上将其生产环节转移到中国，元鼎证券，元鼎证券配资，香港元鼎证券公司以服务本地市场。他认为，现在这个问题更需要反向思考：如果中国企业要在海外取得成功，它们或许同样需要将部分生产转移至中国以外。
他指出，欧盟与中国之间显著的贸易逆差是双边关系中面临的主要挑战之一。他解释说，缩小贸易逆差的一个途径就是将部分制造业从中国转移至欧洲。他相信这将成为一个日益增长的趋势，因为欧洲会越来越多地追问中国产品为其经济带来了哪些益处。
彦辞对比了中欧企业对彼此经济的贡献：一方面，欧洲企业在中国分享了技术、建立了合资企业、创造了就业、实现了本地化运营、开展了研发并构建了全球供应链；而另一方面，中国出口目前为欧洲创造的价值则相对有限。
永元证券彦辞表示，当有新的欧洲公司到访中国欧盟商会并请教如何在中国取得成功时，他总是会反问它们能为中国带来什么价值。根据他的经验，如果一家公司不为中国的本地利益相关者创造价值，其成功的机会微乎其微。他认为这是个很公允的问题——如果一个国家不能从外国投资中获益，又为何要欢迎外国企业？
正因如此，彦辞强调，正如欧洲企业长期以来一直在自问为中国创造了什么价值一样，进军欧洲的中国企业也需要秉持同样的思维。它们应当自问能为欧洲带来什么，并借鉴欧洲企业数十年来在华运营所积累的经验，专注于为当地社区创造价值。
从市场准入到规则适应：中欧企业面临对等考验
彦辞表示，欧洲企业在中国面临的市场准入和行政壁垒等问题依然存在。尽管如此，他强调欧洲企业仍致力于深耕中国市场。他指出，大多数欧盟商会会员企业对在华经营状况感到满意，预计欧洲企业的数量不会出现大幅波动。他援引《商业信心调查2025》的数据进一步说明，目前计划增加在华投资的商会会员企业数量，是计划缩减规模或迁出企业数量的两倍。
在彦辞看来，中国对欧洲企业依然具有多重不可忽视的吸引力。他特别提到中国供应链的韧性与竞争力、本土创新能力的提升，以及中国市场本身的巨大规模和蓬勃活力。
与此同时，他将视线转向中国企业在欧洲的经营处境。彦辞观察到，欧洲吸引中国企业的地方在于其经济发达、市场广阔，以及庞大的中产消费群体。但另一方面，中企对欧洲的劳动法、环境法规及其他合规要求也感到困扰。彦辞认为，这种两面性是每个市场的常态：既有极具吸引力的优势，也难免存在不那么理想的因素。
他进一步指出，正如中国欧盟商会致力于推动中国商业环境的改善，其姐妹组织——欧盟中国商会（CCCEU）——也为优化欧洲的营商环境提出了诸多建议。他提到，欧盟成员国之间各不相同的法规让不少中国企业存在疑虑，而这种感受，在华欧洲企业也深有共鸣。
彦辞表示，无论在欧洲还是在中国，欧洲与中国企业在许多方面有着相似的观察视角。两者都面对机遇与挑战并存的局面，也都在为推动自身所处经营环境的持续改善而努力。
以下为英文原文：
Supply-demand mismatch and involution are common challenges facing companies today
Eskelund believes that the challenges facing European companies in China are fundamentally similar to those faced by Chinese companies themselves. He emphasizes that currently， the primary challenge for both Chinese and European companies is the weak demand in the Chinese market， which stems from a persistent imbalance between supply and demand. This situation is reflected in the continued decline in producer prices. He notes that recent data shows China has experienced consecutive months of producer price deflation for dozens of consecutive months. This prolonged deflation， he states， remains a significant challenge for all companies operating in China， regardless of their origin.
Eskelund points out that this intense competitive environment is common across many industries. He observes that corporate profits are declining in numerous sectors， and that the domestic market has been unable to absorb the production capacity， creating pressure to export. Furthermore， he notes that many companies are dealing with growing inventories， and a significant number are simply not profitable.
Therefore， Eskelund concludes that the most pressing concern for Chinese， European， and American companies in China is the same—the prevailing market conditions. He stresses that， in many ways， foreign companies are not so different from their Chinese counterparts， as they all share the same concerns， with the central issue being the demand situation in China. While he expresses hope that China will overcome this deflationary period， he also suggests that it may take some time to achieve this.
Cost advantages in the supply chain continue to attract foreign investment in China
Eskelund observes that price competition has become prevalent across many industries. In his view， both European and Chinese companies are responding with an intense focus on reducing costs throughout their supply chains. While he acknowledges this as a significant trend， he also notes that it may perpetuate the current economic situation， as price cuts—a common competitive strategy—often lead to reduced operations and layoffs， contributing to uncertainty in the job market.
He points out that， much like their Chinese counterparts， many European companies are adapting to an environment of lower profitability. He cites a striking statistic: 69% of his organization's members report that their profits outside China are equal to or higher than those within China， according to Chamber's Business Confidence Survey 2025.
Given this， Eskelund addresses the question of why European companies remain so committed to the Chinese market. His answer centers on global competitiveness. He argues that to succeed globally， companies must offer the best product at the lowest price. To achieve this， many European firms are actually increasing their sourcing from China， leveraging the country's highly competitive supply chains. Even if their direct profits in China are lower， these supply chains enable them to compete effectively in markets outside China.
Eskelund draws a parallel with the strategy seen among many Chinese companies today. He cites the automotive industry as an example， where firms may operate at zero profit or even a loss domestically but generate profits through exports. Similarly， he notes that European companies are increasingly using their operations in China to support profitable exports. In essence， he emphasizes that for many European firms， the supply chain in China serves as a crucial foundation for competing globally.
A Shared Quest for Chinese and European Companies: How to Benefit Each Other
When discussing business localization， Eskelund points out that European manufacturing operations have， to a very large extent， already moved their production processes to China to serve the local market. He suggests that the question might now be reversed: if Chinese companies are to succeed overseas， they may similarly need to move some of their production out of China.
He identifies the substantial trade deficit between the EU and China as one of the major challenges in the bilateral relationship. One way to reduce this deficit， he explains， is to shift some manufacturing from China to Europe. He believes this will become a growing trend， as Europe will increasingly ask what benefits Chinese products bring to its economy.
Eskelund contrasts the contributions European companies have made in China—sharing technology， establishing joint ventures， creating jobs， localizing operations， conducting R&D， and building global supply chains—with the relatively limited value that Chinese exports currently create for Europe.
Eskelund recalls that when new companies visit the European Chamber and ask how to succeed in China， he challenges them to answer what value they bring to China. Based on his experience， if a company is not creating value for local stakeholders in China， its chances of success are minimal. He considers this a fair question—why would any country want foreign investment that doesn't create value?
In light of this， he suggests that just as European companies have long asked themselves what value they create for China， Chinese companies expanding into Europe will need to adopt the same mindset. They should ask themselves what's in it for Europe and focus on creating value for local communities， drawing on the experience that European companies have accumulated over decades of operating in China.
From Market Access to Regulatory Adaptation: Common Challenges for Chinese and European Companies
Eskelund acknowledges that longstanding issues related to market access and red tape for European companies in China still persist. Despite these challenges， he emphasizes that European businesses remain committed to the Chinese market. He notes that the majority of his members are satisfied with their operations in China， and he does not anticipate a significant shift in the number of European companies present. In fact， he points to Business Confidence Survey 2025 showing that twice as many chamber members are increasing their investments in China compared to those who are scaling back or relocating.
In Eskelund's view， China continues to be a highly attractive market for European companies for several compelling reasons. He highlights the strength and competitiveness of Chinese supply chains， the level of innovation found within the country， and the sheer size and dynamism of the Chinese market itself.
At the same time， he draws a parallel with the experience of Chinese companies operating in Europe. He observes that Chinese businesses are drawn to Europe for its prosperity， large market size， and substantial middle-class consumer base. However， they also have complaints， particularly regarding labor laws， environmental regulations， and other compliance requirements. Eskelund suggests that this duality is characteristic of every market: each has its appealing features alongside its less attractive aspects.
He further notes that just as the European Chamber in China works to identify areas for improvement within the Chinese business environment， its sister organization， the China Chamber of Commerce to the EU (CCCEU)， likely has numerous suggestions for enhancing conditions in Europe. He points out that there is considerable frustration among Chinese businesses regarding the patchwork of different regulations across EU member states—a sentiment that European companies in China can certainly relate to.
In conclusion， Eskelund reflects that， in many ways， European and Chinese businesses view the world through a similar lens， whether they are operating in China or in Europe. Both face a mix of opportunities and challenges， and both advocate for improvements in their respective operating environments.
新浪财经ESG评级中心简介
新浪财经ESG评级中心是业内首个中文ESG专业资讯和评级聚合平台，致力于宣传和推广可持续发展，责任投资，与ESG（环境、社会和公司治理）价值理念，传播ESG的企业实践行动和榜样力量，推动中国ESG事业的发展，促进中国ESG评估标准的建立和企业评级的提升。
依托ESG评级中心，新浪财经发布多只ESG创新指数，为关注企业ESG表现的投资者提供更多选择。同时，新浪财经成立中国ESG领导者组织论坛，携手中国ESG领导企业和合作伙伴，通过环境、社会和公司治理理念，推动建立适合中国时代特征的ESG评价标准体系，促进中国资产管理行业ESG投资发展。
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