申万宏源杨成长：以产业新特征为锚 重塑上市公司产业投资价值

Core Viewpoint - The article emphasizes the importance of industrial investment value as a comprehensive measure of a company's collaborative ability, technological potential, and long-term development prospects within the industrial chain ecosystem, highlighting the need for companies to redefine their roles and strategic positioning in the evolving landscape of the digital economy and technological revolution [1][2][3]. Group 1: Industrial Investment Value - Industrial investment value is a key basis for evaluating and making decisions by industrial investors, focusing on sustainable technological evolution and the ability to integrate into the industrial ecosystem [3]. - The evaluation of industrial investment value has shifted from a static classification to a dynamic consideration, influenced by technological innovation and the deep integration of the digital economy [4]. - Many traditional industry companies have not received reasonable valuations due to a simplistic categorization that labels them as low-growth sectors, despite their continuous innovation and excellence in their fields [3][4]. Group 2: Opportunities in Evolving Industrial Landscape - Companies, especially those in traditional industries, must seize four major opportunities arising from the deep evolution of industrial patterns: leveraging digital economy opportunities, understanding new demand characteristics, utilizing network hub advantages, and recognizing the characteristics of the industrial era [5][6]. - The digital economy is reshaping industrial relationships, creating new organizational forms and collaborative logics, allowing traditional companies to embed themselves into the digital economy [6][7]. Group 3: New Demand Characteristics - The traditional linear logic of "demand leads supply" is evolving into a dynamic interplay where supply also creates demand, necessitating companies to redefine their products and services to meet and lead new consumer trends [10][11]. - Companies should actively engage with end-user demands and broaden their growth space by embedding themselves in end-driven industrial chains, enhancing their product technology levels to gain market recognition [10][11]. Group 4: Network Hub Advantages - In the information age, flow (people, logistics, capital, information, energy) is a core representation of the connection between enterprises and markets, and those who master flow can create network hub effects and scale effects [14][15]. - Traditional companies must leverage their network hub positions to transition towards digital value heights, integrating various flows to gain a competitive edge in resource allocation and industrial upgrades [14][15]. Group 5: Traditional and Emerging Industry Dynamics - The boundaries between traditional and emerging industries are increasingly blurred, and companies must redefine themselves and explore collaborative potential between traditional and new industries to enhance their investment value [17][18]. - Emerging industry companies must maintain their innovation momentum to avoid falling into the trap of becoming "new traditional industries" as they mature, emphasizing the importance of long-term investment in core technologies [19][20].