北京 — 根据高盛的说法，股权投资者对中国企业快速海外扩张持怀疑态度。
BEIJING — Equity investors are skeptical of Chinese companies' rapid expansion overseas, according to Goldman Sachs.
高盛研究部大中华区股票研究联席负责人陈杨娜在该投资银行周二发布的一期播客中表示：“市场希望寻找盈利性的扩张。”
The "market wants to look for profitable expansions," Trina Chen, co-head of Greater China equity research at Goldman Sachs Research, said on a podcast that the investment bank published Tuesday.
中国国内消费需求疲软推动了许多企业，如电动汽车品牌，加速了进入其他国家的计划。汽车制造商吉利是最近几家进一步拓展海外业务的中国企业之一，该公司周五宣布计划于明年进入加拿大市场。
Sluggish consumer demand in China has pushed many companies, such as electric car brands, to accelerate plans for entering other countries. Automaker Geely is one of the latest Chinese companies to push further abroad, announcing Friday it plans to enter Canada next year.
陈杨娜及其团队在9月14日的报告中预测，中国企业的海外市场份额可能在2035年达到31%，而目前约为18%。他们的分析覆盖了超过10个行业，包括快递、工业机器人以及所谓的白色家电，如空调。
Chinese companies' overseas market share will likely reach 31% by 2035, up from around 18%, Chen and her team predicted in a Sept. 14 report. Their analysis covered more than 10 sectors, including express delivery, industrial robots and so-called white goods such as air conditioners.
中国企业在海外往往能获得比国内更高的利润率，这使得它们能够以低于当地竞争对手的价格进行销售。
Chinese businesses often find higher profit margins abroad than they would at home, enabling the companies to charge lower prices than local competitors.
陈杨娜周二表示，投资者需要被说服，全球扩张“不会最终演变成类似内卷的情况，即由于竞争导致价格被压垮”，她还补充称，地缘政治和市场准入限制也在影响股票表现。
Investors need to be convinced the global expansion "does not end up with something similar to involution, where the price actually gets killed because of competition," Chen said Tuesday, adding that geopolitics and market access restrictions also weighs on stock performance.
内卷指的是中国内部的恶性竞争，近年来监管部门一直试图加以解决。
Involution refers to race-to-the-bottom competition in China, which regulators have attempted to address in recent years.
陈杨娜表示，这种不确定性意味着中国企业的全球扩张机会在其股票中几乎没有被定价。
That uncertainty means Chinese companies have very little of their global expansion opportunity priced into their stocks, Chen said.
但她也指出，反过来看，当老牌企业失去市场份额时，投资者会“毫不留情”：市场份额下降10%至15%可能导致市值缩水50%至80%。
But on the flip side, she noted that investors are "ruthless" when incumbent companies lose their market share: A 10% to 15% loss could shrink market capitalization by 50% to 80%.
中国企业不仅仅关注美国和欧洲。高盛指出，一些最快速的增长正出现在新兴市场，因为这些企业也在寻求竞争对手服务不足的领域。
The Chinese players are not just looking at the U.S. and Europe. Goldman Sachs noted some of the most rapid growth is in emerging markets, as the businesses also pursue areas underserved by competitors.
欧睿国际上月在一份报告中表示：“中国品牌不再仅仅是市场挑战者。”报告称：“这些品牌正成为能够重塑拉美市场动态的长期、深度嵌入式竞争者。”
"Chinese brands are no longer simply market challengers," Euromonitor said in a report last month. "Brands are becoming long-term, embedded competitors capable of reshaping market dynamics across Latin America.