Shanghai Securities: Technological Innovation, Overseas Development, and Sustainable Growth Promote the Triple Transformation of Big Consumption

The Zhitong Finance App learned that Shanghai Securities released a research report saying that the three major trends of technological innovation, overseas development, and sustainable growth are promoting a triple transformation of large-scale consumption. At the technological level, new quality productivity is building up; technology consumption is reshaping the new trend of people's livelihood and consumption; at the overseas level, it is extremely responsive to demand and independent innovation and iteration. Made in China goes overseas; at the sustainable level, there is more green content, and the pace of green and low-carbon energy transformation is accelerating. The bank believes that consumption is the cornerstone, technology is the future, scientific and technological innovation is penetrating into the fabric of the consumer market, reshaping value logic, population structure and category ecology, and extending the continuous upgrading of quality of life.

The main views of Shanghai Securities are as follows:

At the technological level

New quality productivity is building up, and technology consumption is reshaping new trends in people's livelihood consumption. From deploying the “Artificial Intelligence +” development plan by the country in 2026, clarifying smart terminal popularization goals, to multiple departments introducing policies to enrich the supply of AI mobile phones, smart wearables and other products. The policies promote new quality improvements in the industry and a rich supply of smart products, accurately meet the public's demand for high-quality and efficient living, and have built a solid industrial foundation for technology consumption to continue to heat up. According to data from the Bureau of Statistics and the Ministry of Commerce, the value added of China's equipment manufacturing industry and high-tech manufacturing industry increased by 9.3% and 13.3% respectively in the first half of 2026. In July 2026, sales of intelligent robots equipped with key platforms increased by 95.1%, sales of exoskeleton boosters increased by 39.5%, sales of sports cameras increased 24.7%, sales of sweeping robots increased 19.4%, and the trade-in of consumer goods drove the growth of green and smart consumption. The bank believes that the shift in consumption logic has refreshed the true meaning of mass consumption upgrades, making technology consumption the mainstream trend in people's livelihood consumption.

Level of going out to sea

The ultimate response to demand and independent innovation and iteration, made in China went overseas. According to the General Administration of Customs, China's exports in the first half of 2026 amounted to 14.73 trillion yuan, an increase of 13.4% over the previous year, and have continued to grow for 11 consecutive quarters. Among them, exports of high-tech products and independent brands increased by 39% and 25.4% respectively, and exports of household appliances amounted to 36.96 billion yuan, of which total exports of household appliances such as air conditioners, fans, and refrigerators amounted to 107.91 billion yuan. Made in China is also empowered by cutting-edge technology such as artificial intelligence to promote high value-added products overseas and create new consumption scenarios. In the first half of 2026, China's industrial robot exports have covered 141 countries and regions around the world. The export value of surgical robots has increased 3.3 times. The total export value of cleaning robots and intelligent bionic robots is 18.09 billion yuan. According to the Ministry of Commerce, “Policy+Event” two-wheel drive, up to now, more than 40 “Export to China” events have been held at home and abroad, and high-quality products from nearly 100 countries have participated in the series of event platforms. The bank believes that China's position as a hub in the global production supply chain continues to grow.

The sustainability dimension

There is more green content, and the pace of energy transition to green and low-carbon energy is accelerating. In the first half of 2026, China's share of clean energy generation above scale reached 36.2%. The growth of new green energy accelerated, lithium battery production increased by 39.3%, the cumulative retail penetration rate of new energy vehicles was 54.1%, and zero-carbon parks and zero-carbon transport corridors were built in an orderly manner. The bank believes that the “15th Five-Year Plan” has sent a clear signal that the circular economy and sustainable consumption have been upgraded to a national strategy. For enterprises, sustainability is not a burden but an entrance to the trillion-level market.

The bank believes that consumption is the cornerstone, and technology is the future

In terms of domestic demand, technological innovation is penetrating into the fabric of the consumer market, reshaping value logic, population structure and category ecology, and extending the continuous upgrading of quality of life. In terms of going overseas, with the collaboration of the four major overseas tracks of consumption, production capacity, service, and technology, we are leading China's industry to break through to the upper end of the global value chain.

Risk warning: risk of domestic consumption growth continuing to slow; risk of real estate recovery falling short of expectations; risk of sharp rise in raw material prices; risk of tightening overseas regulations; risk of losing major customers; risk of large exchange rate fluctuations.