高盛-中国工业科技：全球化3.0：中国AI工业化时代-Go Global 3.0：The Age of China's AI Industrialization-20260811

Westernincumbents.Relay,anelectricalcomponentwithHongfaseetheDisclosureAppendix,orgoto/reGoldmanSachs(Asia)L.GoldmanSachs(Asia)L. “GoGlobal3.0”increasinglyproduct/technologydictate “GoGlobal”driversandprofitabilityimpact:produc GoGlobal3.0opportunityarcKayovereamarkotfatMd-ermcompetftienessmetribeyondjLongtermcompetifvenessme5711√-3%1357√↑6(1)TAMestimatesarederivedfromacombinationofcompanydata,GoldmanSachsestimates,andefinitions,andmethodology;(2)UPS:UninterruptiblePowerSupplySource:Companydata,FortuneBusinessInsights,GasTurrbineFocus,ICTResearc,3AttributionofoverseasGPMchange(2030Evs.2025)bykeydrive.三十1↓.↑↓↑↑↑十f↓↑↓(1)AllGPMchangefiguresinthistablereflectourfoperformanceorentireproductportfolioofthecompanies.(2)Gasturbinesexcluded,asthereleva4archetypes.Ourframeworkslong-term(2030Eandbeyond)overseassuccesharegainandmarginupliftfor“Bot■Mid-termpain,long-termpot5environmentalcomplianceframeworks.W“IdiosyncraticOpportunities”.However,strongproduct/techcR&Diterationspeedandcostcimportanceofmid-termcompetitiveness(2026-30E)v(e.g.,gasturbines,transformers,switchgear),alle67Exhibit3:AlIndustrializationvaluechainEnergyStorageSysteanalyzedinthireport.Companyselectionisilustrativeandnotincombinationofcompanydata,GoldmanSachsMIIT,MIR,InternationalSocietyofAutomation(ISA),MM8Exhibit4:Globalcompetiti(1)MarketshareestimatesarederthecompletecompetitivelandscaiscurrentlyunderthefinalstagMIT,MIR,InternationalSocietyofA22x87X9X8x%Yingliu60330GEVemova二GEVSieyuan00202SiemensEnergyENR1Kstar00251Megmeet00285Hongfa6008848.38283.71novance3001SiemensSIPricesasofAug10,2026.*denotesthatstocindustries,creatingdistinctexportopportunitiesthatdRegionalexposurediver19%/11%/11%/5%/3%oftotalrevenueforNorthAmerica(prgrowthactuallyrequiresamcompanyhaschosenandthemarket-specificreqoverseas.Wefindthatoutcomesvarymeaningfullyacrosstechnologytransitions,existingglobalcompelikelyrisingto40%of33%◆-----------UPS(UnineruptiblePowerSuppey)(1)MarketcapdataispricedasofAExhibit7:Chinesecompetitivenessevaloverallproductquality,ecosysteman×UNITREEUSA/S.KOR√√√√Source:DatacompiledbyGoldm12Globaltop5players'combinedm GreatWall2 (1)Red/bluetextdenotesChina/non-ChinacompanSource:companydata,FortuneBusinessInsights,OmdiaTechnologyUpgraderopportunitywhereAlpowerarchitremainshighlydependentonexecutibenefitingfromthe2026,supportedby(1)comparabstrongpricecompetitiveness,andrwhereChineseplayersaExhibit9:Weexamine11competitivebattlegrs2%1313c.e15%第11-t7第即(1)TAMestimatesarederivedfromacombinationofcompanydaotherpublishedestimatesduetodiferencesinscope,definitions,andmethodology;(Source:Companydata,FortuneBusinessinsights,GasTurbineFocus,ICTResearchMIT,MIR,InternationalSocietyofAutomation(ISExhibit10:NolongerjustFinalASPdiscountinkeyMildASPdiscounts(1)KstarASPreflectsex-factoryASPunderitsODMmodelsupplyingoverseascuGasturbinesandhumanoidrobotsareexcluded.outsideourcoverageuniverseandthereisiSource:Companydata,GoldmanSachsGlobAttributionofoverseasGPMchange(↑tt1t↓↓1↓↑↑↓↑tt↑↓1↓Timarket-specificanddonotrepresenttheconsolidatedperformanceorentireproducompanyisoutsideourcoverageunivecompany(Unitree)isnoplayersincoreglobabaseinmanycategories.However,thecomcertification,customerqualification,andtrustinmission-critic(1)Productioncapacitcompany-wide)(2)Gas(1)Salesdistributionshownissegturbinesandhumanoidrobotsareourcoverageuniverseandprovidesincompanies(exceptforelectricalcomponent/reGasturbineTransformer&switchgeargloballeaderSiemensEnergy(ENR.DE,CL-BuforfortransformersorswitcChinesemanufacturersstillAnalyst:MarkDelaneySchneiderElectric(Sregardingcompetitionincludingtimetoregardingcompetitioncompetition.ForitsBESSbusinescompetitiononefactorthecompanyhaVertivhashistoricallycommentagainstWesternvendorsinitsbVertivhashistoricallycommentagainstWesternvendorsinitsbagainstChinesecompetitorsVertivhascommentIndustrialrobotgloballeaderhistoricallybeenwellprotected.Unlikebro(IA)equipment,roboticssubstitutiontenstraightforward—yetFanuc'scostcompetitiveness,asanremainsameaningfulbarrier,re23UnitreeRobotics,foundedin2016,bypassedthetradi■Direct-to-GlobalDistribution:InA24share,70%cost-efficiencyvs.BoSource:Companydata,Robozaps,DatacompiledbyGoformilitarylogistictasksSpotMiniprototypeSource:Companydata,DatacoLAtasforcomme2013“GoGlobal”driversandprofitabilityimpact:productbyprod23就0223就02Sieyuanvs.SiemensEnergyASieyuanvs.SiemensEnergyASieyuanChinaandoverseasshiHamongstoverseas:toSEATransformersglobalmarketsharedistribution(%)SieyuantoachievesteepSieyuanvs.SiemensEnergymaketAttributionofoverseaAttributionofoverseaGPMchange(2030Evs28pp6pp4pp2ppSwitchgearsgoingglobProductProduct:Electricalequipment:Mostimportantoverseasmarket:LatinAmeriKeyoverseascompetitor:SiemenGlobalswtchgearmarketfacesmoderatesupplyshortages,partiGlobalex-Chinasupplysurplus/GbobalexChinasupaysupkus/(shortaGbobalexChinasupaysupkus/(shortaChinasupplysurplus/(shortage)%(SieyuanvsSiemensEneWeexpectLatAm-boundexportstodeSieyuanvs.SiemensEnergycEst.customsdufes+4470000¥;SiemensEnergy(EUAmoderatelyconsolidatedcompetitivelandscapeSwitchgearglobalmarAbilitytoofferonparqualityancomnatitivenessisSievuan'scoSieyuantoachievesteepSieyuanvs.SiemensEnergymarke22SupplyldemandtightneAttributionofoverseaGPMchange(2030Evs2 11August2026GasturbinegoingglobalcharChinagasturbinewillbenefitfromtheglobalsuppl2Gbbalex-Chinasupdysuplus2Gbbalex-Chinasupdysuplus80%NorthAmericaremainsthekeymarketYingliuvs.HowmetcostcowND.Yingu-Untc0.4Gasturbineglobalmarketsharedistribution(—Domestic(self-developed)gastPricecompetitivenessWeexpectYingliu(bladesuppiMarginupsidedrivenby5ppSource:Companydata,GasTurbineProduct:UninterruptiblePowerChinaLeader:ShenzhenKsGlobalex-Chinasupplysurpus/(shortage)%(LHS)ChinasupplysurplusMshoWeexpectKstartomaintaina----SchneiderElectie(E0.20.2 Est.customsduties+tariffs(if855858Kstar(CN)-Unitcostforsh020Competitiveproductofferingandfastdeployment,26ppChinaLeader:MegmeKeyoverseascompetitGlobalserverPSUmarketisrelativelybalancChinasupplysuplussho02WeexpectUSbusinesstodeliver~13pphigherGPM(2026-30Eavg.)vwmz.Megmeet(CN)----Megmeet(CN)-ImpliedGPMons0.043%2%Source:Companydata,FrExhibit26:Cooling:GainingtractionfromGlobalex-ChinasupplysurpbusAshortage)%(Chinasupplysurplus/(shortage)%(-----Chinaasa%ofglobalsupWeexpectEnvicooltomaintainapricediscountvWeexpectUSbusinesstodeliver~17pphigherGPM(202Est.customsdufes+tariffs(faplicable)EMioool(CN)-UnitostVertiv(US)impliedGPMonshi28%Envicoolvs.VertivVeriv(US)globalmaEnnicool(CN)globalmrketEnnicool(CN)globalmrketMarketsharedistributExhibit27:Relay:ChinaislGlobalex-ChinaGlobalex-Chinasupplysurplus/(short-----Hongfa(CN)exfactoryASPinChina----Hongfa(CN)ex-factoryASPWeexpectexportstoEuropetodeiver~7pphigherGPM(20Hongfavs.Panasoniccostcomparison0.4cMarketsharedistributRelayglobalmarketsharedistribWeexpectHongfatogainglHongfavs.Panasonic----Hongfa(CN)mrket----Hongfa(CN)mrketsharein0% PyesibiteB;ESistronggrowthinKeyoverseascomptitor:TeslaEnergy(U 0%Sungrow(CN)ex-fadtoryASP807%Sungrowproductsincreasinglycompa----Sungrow(CN)marketshare4%-----TeslaEnergy(US)mpledEAttributionofGPMchange(2030Evs2025)343411August2026KeyoverseascompetitoChinasupplysurpusish-----Inowance(CN)exfachoryASPin-----Inowance(CN)exfachoryASPinChina200WeexpectEuropeexportstodeliver~12pphigherAfragmentedlandscapeacrossEarlytractionexpected0.8%0.6%0.4%02%6%BMInowance(CN)-competitiveness&deploymentsGlobalindustralrobotmarketfacesmoderateoversupplyGlobalex-Chinasupply%Esun(CN)finalASPinSEA(hcl.trif,logstcIndustrialrobotglobalPicecompetivenessEstunremainsintheearlystaamongstoverseas:toWeexpectEstun'sSEAGPMtodomesticmanufacturingcustomersexpandinFanue(P)global-exChinama---Estun(CN)marketsRawgrowthoutlookgiven:1)althoughitstwchains;(3)Better/worssharegains;(2)Better/Worse-than-exFaster/Slower-than-Appendix:ExporttrackerofkeyproductcategoriesExhibit31:ChinamadeprTransformer(>10MVA)-Export