Goldman sees China entering Go Global 3.0 export era

Goldman Sachs has identified China's entry into what it calls the Go Global 3.0 era, signifying a new phase of exports centered around AI-driven and technology-led industrial capabilities. These exports span from AI data center power infrastructure to tangible AI applications such as robotics and automation. The investment bank examined 11 product-based export chances with global total addressable markets projected to span $12 billion to $212 billion by 2030.

Goldman divided these opportunities into four archetypes: Bottleneck Solvers, Technology Upgraders, Established Global, and Idiosyncratic Opportunities. The largest market share gains and margin improvements are anticipated for companies classified as Bottleneck Solvers between 2026 and 2030, propelled by supply and demand dynamics.

Goldman holds Buy ratings on Sieyuan, Kstar, and Yingliu within this category. The second category, Technology Upgraders, revolves around swift engineering and technological iteration as the primary competitive edge. Goldman maintains a Buy rating on Envicool in this segment. Hongfa, a leader in electrical relay components, is also rated as Buy, with Goldman highlighting the company's proven success.

The long-term prosperity of these companies post-2030 hinges on the length of the supply and demand gap and their capacity to fulfill the operational benchmarks required by global utility and industrial clients. The bank observed that Western rivals hold an edge in delivering localized aftermarket support and lifecycle services.

For entities in the Established Global category, encompassing energy storage and humanoid robot manufacturers, Goldman foresees near-term setbacks on account of market access hurdles. These companies need to navigate international regulatory, safety, and environmental compliance requirements. Goldman assigns a Neutral rating to Sungrow.

In the Idiosyncratic Opportunities category, Chinese industrial robotics and automation companies like Inovance and Estun are expected to experience a sluggish initial international expansion. Despite this, these firms boast robust product competitiveness, rapid research and development cycles, and cost advantages that could place them on a trajectory for enduring success.