北京时间8月2日凌晨，在WTA1000多伦多站资格赛中，郑钦文以3比6、4比6完败于泰国选手塔拉鲁迪，遭遇本赛季第六次“一轮游”。
B | 上一次她止步资格赛还要追溯到2021年的斯特拉斯堡站。
Visitors interact with a robot from Unitree Robotics during the sixth China International Consumer Products Expo (CICPE) in Haikou, south China's Hainan Province, April 14, 2026. (Xinhua/Gao Jing)Foreign financial institutions are finding a stronger investment case in China's hard-tech industries as breakthroughs in AI, semiconductors, and advanced manufacturing are driving more exports, higher earnings, and growing interest from global investors.
China's high-tech exports surged over 50 percent year on year in July, well ahead of the 17.8-percent growth in total exports, customs data showed. The export gains are being mirrored in investment flows, with foreign funds moving into Chinese technology stocks and global indices adding newly listed hard-tech companies.
Rob Subbaraman, head of global macro research and co-head of global markets research at Nomura, said China's low-cost and abundant electricity supply, growing talent pool and early lead in physical AI are driving the rapid development of its AI industry chain.
China's development of open-weight models could accelerate their adoption by businesses, allowing productivity gains from AI as a general-purpose technology to spread more quickly across the economy, he said, citing models from Chinese firms including DeepSeek and Moonshot AI.
"The lower cost of these models was another advantage," he said, adding that the benefits could extend beyond China, particularly to emerging markets that could adopt cheaper Chinese AI models.
China's strength in advanced manufacturing has also become increasingly evident, said Robin Xing, chief China economist at Morgan Stanley, pointing to China's roughly half share of global installed new energy storage capacity and the rapid growth in outbound licensing deals for innovative drugs. These trends, he said, underpin the long-term investment case for China's hard-tech sector and leading manufacturers.
These strengths are increasingly being reflected in foreign investors' allocation decisions. This year, Goldman Sachs has twice raised its 12-month target for the CSI 300 on improving earnings momentum, and retained an overweight view on Chinese equities.
Kinger Lau, chief China equity strategist for Goldman Sachs Research, said the bank's positive view reflected improving earnings momentum, favorable macroeconomic and liquidity conditions. A-share equities offered international investors diversification benefits that remained underappreciated, along with attractive exposure to hard-tech and AI themes, he added.
Individual companies are drawing overseas interest too.
ChangXin Memory Technologies surged 465.82 percent on its debut on Shanghai's STAR Market last month, reaching a market capitalization of more than 3.2 trillion yuan (about 471.28 billion U.S. dollars).
U.S.-based Tema ETFs made the chipmaker a top holding at a 10.56 percent weight on its debut day, while MSCI officially added it to its China All Shares Index on Monday under a fast-track rule for large IPOs.
Robotics is where the enthusiasm is most visible. Unitree, set to become China's first mainland-listed humanoid robot maker, priced its Shanghai IPO at 150.8 yuan a share, representing 10 percent of its post-offering share capital. The offering is expected to raise about 6.1 billion yuan in gross proceeds.
That optimism, however, exists alongside broader economic pressures. Nathan Chow, senior economist at DBS Bank, said the imbalance between relatively strong supply and weak demand remained pronounced, with household consumption and some companies' profitability still under pressure.
Investment in infrastructure could help offset the weakness in private investment in the near term, while lowering logistics and energy costs and improving the efficiency of resource allocation over the longer term, Chow said. It could also strengthen supply chains and reduce the economy's exposure to external shocks and geopolitical risks, he added.
The implementation of policy measures would be key to sustaining the recovery in the second half of this year, analysts noted.
Economic management requires both easing the brakes and stepping on the accelerator, said Song Yu, chief China economist at UBS Securities, adding that faster fiscal spending and the use of bond proceeds, additional policy support and better coordination between fiscal and financial policies are needed, alongside measures to remove barriers to household consumption and improve the business environment.
"With stronger policy support and measures taking effect, China's economy is expected to maintain a steady recovery in the second half of the year," Chow said.
。赛前，因车祸休养数月的功勋教练里巴重回场边，师徒二人过去一周在多伦多封闭训练中重点打磨发球落点与关键分处理——恰恰是本场输球的两个命门。这样的结果，比输球本身更令人担忧。因多人退赛，现世界排名第123位的郑钦文压哨递补进入多伦多站资格赛，且只赢一场就能跻身正赛。多伦多之旅也被外界认为是其提升世界排名的良机。不过，资格赛的对手塔拉鲁迪绝非泛泛之辈。这位身高仅1米71的22岁球员是资格赛2号种子、泰国头号女单，有着扎实的底线相持和极低的非受迫性失误，今年上升势头极为凶猛，本赛季已斩获38胜15负，手握伊斯坦布尔和奥斯汀两座WTA125冠军，温网闯入第二轮，现世界排名第78位。面对这样一位状态正佳的对手，郑钦文本应以稳定的发球建立优势、以多变的进攻撕开防线——但全场46%的一发进球率、零破发点的尴尬数据，恰恰说明她最锋利的武器全部哑火。第一盘第6局被破，第二盘第5局双误送出发球局，两盘走势惊人相似：僵持、被破、无力回破。全场接一发仅得2分，意味着在对手的发球局她几乎无法构成威胁。当赖以生存的进攻体系全面失灵时，比赛便成了一场慢性失血的消耗战。郑钦文赖以成名的，是一套“高风险、高回报”的进攻哲学——以暴力发球开路，以极限落点施压，用摧枯拉朽的攻势压制对手。这套打法曾帮她闯入大满贯决赛、拿下奥运金牌、跻身世界前四。但问题在于，这套体系的容错空间极小，需要力量、步伐、手感三者精密咬合。华盛顿站她轰出14记ACE和35个制胜分，却也送出46个非受迫性失误；到了多伦多，发球这一根基一旦松动，后续的战术链条便全面断裂。更致命的是，当这套“A计划”失效时，她缺少行之有效的B计划——既无法通过安全球过渡寻找机会，也缺乏切削变化打乱对手节奏。全场面对对手稳定的底线回球，她始终未能找到破局之策。比技术更难以弥合的，是心态上的裂痕。赛季初她多次承认“比赛心态急躁，总想依靠两三拍进攻终结对手”，急躁导致失误，失误加剧急躁，恶性循环。到了华盛顿站，她又说“整场比赛都很平静”——但平静的结果是“没能再多逼自己一把”。从急躁到平静过头，看似两极，实则如同一枚硬币的两面，她正在失去对关键分的掌控感。输掉这场资格赛后她直言：“现阶段我的赛场状态和心气都存在很大问题。”“心气没了”——这句话比任何技术统计都刺眼。排名从世界第4跌至第123位，法网、温网接连一轮游，本赛季6次“一场出局”——每一场失利都在加重心理负担。当一位以进攻见长的球员在场上失去侵略性，失去敢赢的决心，技术上的调整便无从谈起。
C | 里巴回来了，这当然重要。但这场失利清晰地表明：郑钦文的困境，不是换一个人站在场边就能解决的。她需要重新审视那套曾带给她一切、如今却成为枷锁的打法，更需要找到一种方式——在急躁与平静之间，重新锚定自己的内心。从巅峰到谷底，这条路她走过了。如何走回来，才是真正的考验。
