Core Viewpoint - The "Future 20" growth capability research aims to systematically track and evaluate the growth potential of small and medium-sized listed companies in the A-share market, reflecting the underlying logic of China's economic and industrial development [1][3]. Group 1: Research Overview - The second year of the "Future 20" research concluded with a final evaluation meeting on October 28, where 18 companies were selected based on initial scores and field research [3]. - The final list will be announced at the "Future 20 · China A-share Listed Companies Growth Capability Annual Conference" in December after compliance checks [3]. - The research emphasizes the importance of the observational perspective it provides, aiming to integrate content construction with the main activities to better convey stories of China's industrial upgrade [5]. Group 2: Industry Trends - There is a notable increase in the proportion of manufacturing companies, with a trend towards extending industrial chains through mergers and acquisitions or new manufacturing layouts [13]. - The research highlights that small and medium-sized listed companies are crucial for economic resilience and innovation, serving as a key link in improving industrial structure [7]. - The focus on digital transformation and the establishment of a "1+5+X" industrial innovation development system in regions like Jiading New City indicates a shift towards smart and low-carbon industries [9]. Group 3: Market Environment - The capital market has shown signs of recovery, with the Shanghai Composite Index surpassing 4000 points, and there is a notable increase in IPO activities [11]. - Despite the positive market sentiment, challenges remain for companies in terms of transformation and adapting to technological disruptions [11]. - The data reveals a significant reshuffling in the private sector, with a net increase of 2.7 million new registered private enterprises over five years, despite the closure of 15 million [11][13]. Group 4: Company Performance Insights - Among the 3878 small-cap companies tracked, 1385 reported losses, indicating a stark performance divide within this segment [13]. - The research aims to identify high-quality companies that can achieve sustainable growth despite the ongoing challenges in the market [13]. - Companies are increasingly shifting their product strategies from generic offerings to more scenario-based solutions, enhancing customer loyalty in niche markets [16]. Group 5: Regional Analysis - The research covered 14 cities, revealing a clustering effect in regions like the Yangtze River Delta, which focuses on high-end manufacturing and smart sensors [23]. - Ningbo's strong performance in the initial evaluation phase reflects its strategic focus on intelligent sensors and high-end equipment manufacturing [25]. - The analysis indicates that companies leverage their core technological advantages to explore commercial breakthroughs, which is key to their success [25]. Group 6: Future Directions - The evaluation process for the "Future 20" will evolve to focus on capital market innovation premium trends, emphasizing the importance of recognizing companies that lead technological changes [31]. - Suggestions for enhancing the evaluation mechanism include incorporating a retrospective analysis of previous selections to identify high-growth companies that may have been overlooked [31]. - The initiative aims to create a supportive ecosystem for small and medium-sized enterprises, facilitating their transition from technological breakthroughs to value growth [37].

近日，由汇正财经与第一财经联合打造的"Next 20中国A股上市公司成长力调研"节目正式上线，通过深度走访考察与专业解 读，全景呈现企业成长路径与发展潜力。目前，项目评审团已顺利完成公司走访调研环节。 作为资本市场聚焦中小市值企业成长力的重磅调研项目，汇正财经与项目评审团同行，以专业视角挖掘优质企业价值、探 讨成长规律，为中小市值企业高质量发展注入新动能，为资本市场价值发现搭建桥梁。 聚焦成长力：填补市场空白，锚定中小市值企业发展新坐标 作为调研核心发起方与深度参与方，汇正财经将以"同行者"身份深度介入调研全流程，为项目注入专业研究实力与产业洞 察价值。调研过程中，汇正财经研究团队不仅参与企业实地走访考察，更针对企业成长路径展开系统性研究——从行业趋 势研判、竞争格局分析，到企业战略布局点评、成长潜力评估，以多维度专业输出，助力市场穿透数据表象，精准把握企 业成长内核。 汇正财经的参与，让调研不止于"记录"，更实现"赋能"。一方面，依托多年深耕资本市场的研究积累，为企业提供针对性成 长路径优化建议，助力明晰战略方向；另一方面，通过专业解读将企业价值转化为市场可感知的投资逻辑，引导资本资源 向优质中小市值企业倾 ...

当前全球格局面临深度调整，处于新一 轮科技革命和产业变革加速演进的关键时期，科技创新活动 愈发密 集活跃。 在此环境下， 中小市值企业不仅是经济韧性的重要支撑，也是国家科技创新活力 的具体承载。 由于相比大型企业更具灵活性，中小市值企业在 向专业化、精细化、特色化持续发展 的过程中，有望逐渐在产业链中构筑起不可替代的竞争力。 中小市值上市公司作为经济韧性的重要支撑，其健康发展既是完善产业结构和释放创新活力的关键一 环，也是提高多层次资本市场服务覆盖面和精准度的重要实践。在初评会上，主办方代表第一财经总 经理汪钧、安永大中华区业务主管合伙人毕舜杰、矽亚资产管理首席执行官陈加凤，先后发言致辞， 并表示对中小市值企业的发展予以高度关注。 汪钧表示，无论是推动经济发展潜力军的价值发现，还是推动深化改革中的资本市场的资源配置引 导，研究中国中小市值上市公司成长性意义深远。 "我们看到，当前内外部环境仍存在不确定性，技 术迭代对企业的影响也仍在持续，中小企业仍然需要各方携手护航，这是我们和'未来20'共同的使 命。 以持续跟踪和系统研究资本市场中小市值企业的成长发展潜力为目标， 2 024 年第一财经携手安永 （中国）、 ...