从北京飞往圣保罗，即使选择较快的航线，也需要25个多小时。对于中国企业而言，巴西不仅地理距离遥远，市场环境、商业规则和文化背景也与国内有着不小的差异。
但这并没有阻止中国企业持续加大对巴西的投资。
根据巴中商业委员会（CEBC）发布的数据，2025年，巴西成为中国企业海外投资金额最大的目的地，吸引投资约61亿美元，同比增长45%。全年记录到52个投资项目，同比增长33%，也是该报告统计系列中的新高。
为什么越来越多中国企业把目光投向这个远在南半球的国家？
从2025年的投资数据来看，矿产资源、电力基础设施和本地消费市场，是理解这一趋势的三个重要切入点。
2025年，中国企业对巴西矿业的投资达到约17.6亿美元，是2024年的三倍多。
其中一个重要项目，是中国洛阳钼业收购加拿大矿企Equinox Gold旗下的巴西金矿资产。该交易涉及四处金矿资产，交易金额最高约10.15亿美元。
这笔交易反映出中国企业在巴西的投资方式正在进一步拓展。
过去，中国企业出海经常被理解为向海外市场销售产品，或者承接工程项目。但在矿业领域，企业也可能直接收购当地矿山，获得资源储备、生产能力和长期经营资产。
对于矿业企业而言，收购现有矿山与从零开始开发项目，在资源获取、建设周期和运营安排上都有不同的考量。巴西拥有丰富的矿产资源，这也使其成为中国矿业企业进行海外资源布局的重要市场。
除了矿业，电力也是中国企业在巴西投资的重要领域。
事实上，中国企业进入巴西电力市场并不是近几年的新现象。多年来，中国企业已经参与当地电网、输电线路、水电以及风电、太阳能等项目建设和运营。
2025年，电力仍然是中国企业对巴西投资金额最大的行业，投资额约17.9亿美元，同比增长25%。
如果将矿业和电力两个行业合并计算，投资金额已经超过当年中国企业对巴西投资总额的一半。
这说明，巴西吸引中国企业的一个重要原因，是其基础设施和能源领域存在长期投资需求。
对于中国企业来说，电力项目往往具有投资规模大、建设周期长、运营周期长等特点。参与这类项目，不仅意味着获得商业机会，也意味着企业需要长期适应当地的政策、监管和运营环境。
从这个角度看，中国企业在巴西的投资，并不只是短期的市场拓展，而是包含了更长期的基础设施布局。
如果认为中国企业投资巴西只是为了获取矿产资源和参与能源项目，就不够全面了。
巴西拥有超过2亿人口，是拉丁美洲最大的经济体，也是中国企业进入拉美消费市场时绕不开的重要市场。
汽车行业就是一个很直观的例子。
2025年，巴西纯电动和插电式混合动力汽车销量约18万辆。随着新能源汽车市场发展，中国汽车品牌也在加快当地布局。
比亚迪不仅在巴西销售汽车，还投资建设了位于巴伊亚州卡马萨里市的生产基地，并计划进一步扩大产能。
这意味着，企业的目标不再只是把中国制造的产品卖到巴西，而是逐步建立当地生产能力，适应当地市场需求，并探索区域市场机会。
除了汽车，中国企业也在电子产品、物流和数字服务等领域寻找发展空间。
从2025年中国企业在巴西开展的投资项目数量来看，全年共有52个项目，创下该报告统计系列的新高。这也说明，中国企业对巴西的兴趣正在从少数大型项目，向更多行业和投资机会延伸。
当然，庞大的消费市场并不意味着所有企业都能轻松获得成功。巴西不同地区之间存在收入和消费能力差异，企业还需要面对当地的税务制度、劳工法规、物流成本、市场竞争以及复杂的商业环境。
对于希望进入巴西市场的中国企业来说，理解当地市场、建立本地运营能力，往往和选择投资方向同样重要。
2026年10月25日，巴西总统卢拉赢得总统选举，将开启第四个非连续总统任期。
政治环境一直是海外投资决策中不可忽视的因素。对于计划进入巴西的中国企业而言，未来政府在基础设施建设、能源转型、矿产资源开发、外资政策以及本地产业发展等方面的政策方向，都值得持续关注。
但需要注意的是，2025年中国企业对巴西投资的大幅增长，发生在这次总统选举之前。因此，不能将这一轮投资增长简单归因于卢拉连任。
企业是否选择进入一个市场，最终仍然需要综合考虑市场需求、投资成本、政策稳定性、当地合作伙伴、运营风险和预期回报。
巴西的吸引力，来自多个因素的叠加：丰富的自然资源、持续的能源和基础设施需求，以及规模可观的消费市场。
对于中国企业而言，巴西不只是一个遥远的出口目的地，也正在成为资源获取、长期投资和本地化经营的重要市场。
接下来，一个值得深入观察的案例是洛阳钼业对巴西金矿资产的收购。这笔最高约10.15亿美元的交易，背后不仅是一家中国矿业企业的海外扩张，也涉及资源布局、资产价值和当地经营等一系列问题。
Even on the fastest route, a flight from Beijing to São Paulo takes more than 25 hours. For Chinese companies, Brazil is far away in more than distance: its market conditions, business rules and culture all differ considerably from those at home.
Yet that has not stopped Chinese companies from investing more.
According to the Brazil-China Business Council (CEBC), Brazil became the largest destination for Chinese overseas investment in 2025, drawing roughly US$6.1 billion, up 45% year on year. The council recorded 52 investment projects over the year, up 33% and a new high for its series.
Why are more and more Chinese companies looking to a country on the far side of the Southern Hemisphere?
The 2025 investment data points to three useful entry points for understanding the trend: mineral resources, power infrastructure and the local consumer market.
In 2025, Chinese investment in Brazilian mining reached about US$1.76 billion, more than triple the 2024 figure.
One notable deal was China's CMOC Group acquiring Brazilian gold assets from Canadian miner Equinox Gold. The transaction covers four gold mines and is worth up to about US$1.015 billion.
The deal shows how the ways Chinese companies invest in Brazil are broadening.
In the past, Chinese companies going global were often seen as selling products into overseas markets or taking on construction contracts. In mining, however, a company may buy mines outright, gaining resource reserves, production capacity and long-term operating assets.
For mining companies, buying an operating mine and developing a project from scratch involve different trade-offs in securing resources, construction timelines and operating arrangements. Brazil's abundant mineral wealth makes it an important market for Chinese miners building an overseas resource portfolio.
Besides mining, power is another major area of Chinese investment in Brazil.
In fact, Chinese entry into Brazil's power market is not a recent development. For years, Chinese companies have been involved in building and operating local grids, transmission lines, hydropower, and wind and solar projects.
In 2025, power remained the sector drawing the most Chinese investment in Brazil, at about US$1.79 billion, up 25% year on year.
Taken together, mining and power account for more than half of all Chinese investment in Brazil that year.
This suggests that a key part of Brazil's appeal is its long-term need for investment in infrastructure and energy.
For Chinese companies, power projects typically involve large capital outlays and long construction and operating periods. Taking part means not only a business opportunity but also a need to adapt over the long term to local policy, regulation and operating conditions.
Seen this way, Chinese investment in Brazil is not simply short-term market expansion but part of a longer-term infrastructure commitment.
It would be incomplete to assume that Chinese companies invest in Brazil only to secure mineral resources and join energy projects.
With a population of more than 200 million, Brazil is Latin America's largest economy and a market that Chinese companies entering Latin American consumer markets can hardly bypass.
The auto industry is a clear example.
In 2025, sales of battery-electric and plug-in hybrid vehicles in Brazil reached about 180,000 units. As the new-energy vehicle market grows, Chinese auto brands are accelerating their local presence.
BYD not only sells cars in Brazil but has also built a manufacturing base in Camaçari, Bahia, and plans to expand its capacity further.
That means the goal is no longer just to sell China-made products in Brazil, but to gradually build local production capacity, meet local demand and explore opportunities across the region.
Beyond autos, Chinese companies are also looking for room to grow in electronics, logistics and digital services.
The 52 projects Chinese companies undertook in Brazil in 2025 set a new high for the report's series. It also suggests that Chinese interest in Brazil is spreading from a handful of large projects to a wider range of industries and investment opportunities.
Of course, a large consumer market does not mean every company will find success easily. Income and spending power vary across Brazil's regions, and companies must also contend with local tax rules, labor regulations, logistics costs, market competition and a complex business environment.
For Chinese companies hoping to enter Brazil, understanding the local market and building local operating capability is often as important as choosing where to invest.
On October 25, 2026, Luiz Inácio Lula da Silva won Brazil's presidential election, beginning his fourth, non-consecutive term.
Political conditions are always a factor in overseas investment decisions. For Chinese companies planning to enter Brazil, the new government's policy direction on infrastructure, the energy transition, mineral development, foreign investment and local industry deserves continued attention.
It is worth noting, however, that the surge in Chinese investment in Brazil in 2025 came before this election, so it cannot simply be attributed to Lula's return.
Whether a company enters a market ultimately depends on a combined assessment of market demand, investment cost, policy stability, local partners, operating risk and expected returns.
Brazil's appeal comes from several factors working together: abundant natural resources, sustained demand for energy and infrastructure, and a sizeable consumer market.
For Chinese companies, Brazil is no longer just a distant export destination; it is becoming an important market for securing resources, investing for the long term and operating locally.
A case worth following closely next is CMOC's acquisition of Brazilian gold assets. Behind this deal, worth up to about US$1.015 billion, lies not only one Chinese miner's overseas expansion but also a range of questions around resource positioning, asset valuation and local operations.
无论涉及供应商背调、合规调查，还是投资尽职调查与市场研究，欢迎与我们联系。我们通常会在了解具体背景后，再建议合适的调查方案。Whether the matter involves a supplier check, a compliance investigation, or investment due diligence, we typically propose an approach only once we understand the specifics.
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