中国科技领导力：我们的10张最佳图表

Global I Washington Strategy China's TechLeadership:Our10Best Charts since2025(here,here&here).Thisnotesharesour10bestcharts.KTs:1)9oftop10researchinstitutionsChinese;2)~47%oftoppapersvs.US~9%;3)R&DpassedUS;4)#1inpatents;5)DeepSeektopsOpenRouter;6)importreliancefalling; 7) leads defense tech; 8) ~12x US clean tech capex; 9) near-peer in Al,biotech, semis, space, quantum; 10)#2 gov't space spender. innings. We encourage investors to assess the impact on Western equities and consider directChina tech exposure. nine Chinese institutions in the global top 10, with CAS at #1 and Zhejiang University displacingHarvard as thetop academic institution AniketShah,PhD*IHeadofSust.&Transition Strategy+1 (212) 323-3976|ashah14@jefferies.com 2)China Has Overtaken the U.S.in High-Impact Research Across Critical Technologies.ASPI'sCriticalTechnologyTrackershowsChina'sshareof top-10%most-citedpublicationsrosefrom~5% in 2005 to ~47% in 2025, while the U.S. share fell from ~40% to ~9% Yujin Kim*ISust.&Transition StrategyAssociate+1 (212) 778-8314|ykim4@jefferies.com Luke SussamsISust.&Transition Strategist44 (0)2075484404|sussams@jefferies.com CharlesBoakye,CFAISust.&TransitionStrategist+1 (212)336-6649/cboakye@jefferies.com Jacqueline MurdockISust.&TransitionStrategyAssociate+44 (0)20 754841651jmurdock@jefferies.com Amani MahmoodISust.&TransitionStrategy Associate+44 (0)20 7548 53321amahmood@jefferies.com AnaZotovicISust.&TransitionStrategyAssociate+1 (416) 8477399|azotovic@jefferies.com Jefferies PPP-adjusted R&D expenditure reached ~S1030bn in 2024, edging past the U.S. at ~S1010bn.China's real R&D spending has grown >12% annually since 2004-over 3x the U.S.pace.Gross R&D expenditure, PPP-adjusted (Sbn) 4) China Files More Patents Than the Rest of the Top 10 Combined. WiPO data show China filed1.80 million patent applications in 2024-3.6x the U.S. (503K), 4.3x Japan (421k), and more thanthe next nine countries combined Jefferies volumeonOpenRouterrosefromnear-zeroinearly2025to~8,600byJuly2026,surpassingU.Sfrontiermodels.Normalized Token Usage, May 2025 - July 2026 6) China Is Rapidly Closing Import Dependence in Strategic Sectors. Rhodium data show theshare of subsectors where China imports 2x+ what it exports has collapsed across eight strategicindustries since20O4includingaerospace,advanced electronics,robotics,andpower. Jefferies show China outpaces the U.S. in global research share across 18 defense-critical fields, includinghypersonics, quantum computing, autonomous undersea vehicles, drone, and electronic warfare.Research share across a range of key defense technologies (U.S. vs. China) Jefferies clean tech factory capex reached ~$104bn in 2025e vs. ~s9bn in the U.S.-a ~12x gap. Chineseinvestment has averaged ~$95bn/year since 2023, while U.S. spend remains in the single-digitbillions through 2027e.Clean Tech Factory Investment by Geography 9) China Is the Only Serious Challengerto U.S.Tech Power Across All Five Frontier Sectors. Theat ~65 across Al, biotech, semiconductors, space, and quantum-far ahead of Europe (~42) andJapan(~24) Jefferies NovaspacedatashowChina's2024governmentspacespendingreached~S19.9bn-secondonly to the U.S. ($79.7bn) and roughly 3x Japan ($6.8bn), the EU/ESA bloc (~$6.7bn). and Russia (~World government expenditures for space programs, 2024 (total: $135bn) Our Featured Research TheBiggestUnderappreciated Storyof OurTime:China'sTechProwessUS-China 2026:StrategicStability,StructuralRivalryUS-ChinaTechRivalry-QuantumUS-ChinaTechRivalry-HealthcareandBiotechUS-China Tech Rivalry-EnergyTheRaceofOurLivesBeginsw/GenesisMissionChina'sTechLeadership:Is ItUnstoppable? See our 40+ related research inside. Jefferies 1.An Overlooked Area of China's Industrial Policy:Food Supply ChainsIREPLAY 2US-China Tech Rivalry:Tracking National PowerIndustries&Companies3EU Policy Trip:Tougher on China, But European Preference Will Be Costly4.Top5Takeaways:China EnergyOutlook withDr.Michal Meidan,OIES5.China's Next-Generation Industrial Policyw/RhodiumGroup (RHG)IREPLAY6.6Charts Explaining Europe's Exposureto China7.US China Tech Rivalry-Strategic Industries ofTomorrow&CurrentMarket Cap8.U.S.-China 2026: Strategic Stability,Structural Rivalry9.US-ChinaTechRivalry-WhoWill Win theGlobal QuantumComputing Race?IRECAP10.Expert Call Recap: China Energy Outlook11.The Investor Guide to China's Five-Year Plan: How it Works, Themes & Baskets12.Implications of China's New Five-YearPlan for GlobalTech Investors IREPLAY13. Understanding China's Economy in the Context of the Five-Year Plan IRECAP14.Mineral War:China's QuestforWeaponsof Mineral Distribution|RECAP15. REPLAY-US-China 2026: The Technological Race, Geopolitics & Market Implications16.Venezuela: Implicationsfor China's Energy&USTech RivalryIRecap17.REPLAY-US-China Tech Rivalry:Healthcare and Biotech18. [WATCH] Data Over Vibes: A Practical Toolkit in Tracking US China Tech Rivalry19.Data OverVibes-APractical Toolkit in Tracking US China Tech R