C l CP 李玉鹏 红星欧丽全球家居至尊Mall（红星美凯龙上海吴中路店） ◎记者 李雨琪 近年来，国内家居建材行业正经历从规模扩张向价值跃升的战略转型。红星美凯龙以"家"为核心，从家 居延伸到家电、家装，三者互为外延、互为入口、互为增量，共同构成了新的家居生态消费场景。 "我们希望可以凝聚线下'人间烟火气'，为消费者提供一站式的家居消费场景，完成'人、货、场'的流量 聚合。"近日，美凯龙董事长李玉鹏在接受上海证券报记者专访时表示，抓牢"高端、年轻、生态"这三 点，从"卖产品"到"造场景"、从"单一家居"到"全链路服务"的蜕变，是提升公司竞争力的关键。 坚守主赛道 夯实核心竞争力 2000年，随着上海真北商场开业，"红星美凯龙"品牌正式走进消费者视野。25年来，红星美凯龙积累了 较高的品牌认知度和消费者认可度。 2023年，厦门国资旗下建发股份通过市场化方式入主，成为美凯龙控股股东。2025年3月，公司董事会 选举李玉鹏担任董事长。在李玉鹏的带领下，美凯龙的经营方向从"渠道为王"向"生态赋能"转变。 "2022年，我有幸深度参与到建发股份对美凯龙的控制权转让交易中。"李玉鹏回溯自己职业生涯时称， 他自201 ...

Core Insights - Goldman Sachs projects that by the end of 2025, Chinese onshore and offshore listed companies will distribute a total of 3 trillion yuan in dividends, reaching a historic high, which is expected to attract more global investors and enhance the valuation of Chinese listed companies [1] - The record dividend scale serves as an important window to observe the deep transformation of China's capital market, particularly in a low-interest-rate environment where asset allocation is becoming increasingly challenging [1][2] - The introduction of the new "National Nine Articles" in 2024 is expected to push China's capital market into a "return-focused" new phase, establishing mechanisms linking dividends to share reductions and implementing warning systems for companies with low dividend payouts [1][2] Company and Industry Summary - Active dividend distribution by listed companies is creating predictable cash flow returns for investors, effectively reversing the imbalance in the A-share market that previously favored financing over returns [2] - The trend of generous dividends is attracting long-term capital into the market, leading to significant changes in market funding structure, with the scale of dividend index funds in 2024 more than doubling year-on-year [2] - Approximately 40% of investors prefer companies with stable and high dividend payouts, and over 80% of fund managers are increasingly focusing on dividend factors when selecting stocks [2] - The average dividend payout ratio for A-shares has risen to 37.78%, with 1,277 companies exceeding a 50% payout ratio, indicating a shift towards a more dividend-driven investment logic [1][2] - As of March 31, A-share listed companies have cash reserves exceeding 18 trillion yuan, providing a solid foundation for sustained dividend payments [3] - The market is witnessing a self-reinforcing cycle of "quality enterprises - stable dividends - valuation enhancement," with 33 companies distributing over 10 billion yuan in dividends [3] - The shift of dividends from an "optional" to a "mandatory" aspect reflects the acceleration of China's capital market towards a new stage of high-quality development [4]

2025年以来，证监会密集释放政策信号，积极稳妥推动科创板第五套上市标准落地，标志着这一支持未盈利科技企业的创新性制度在暂停近两年后正式重 启。作为资本市场改革的重要突破口，该标准的回归不仅为生物医药、半导体等硬科技领域企业打开新的融资通道，更预示着以"技术估值"为核心的资本 市场新生态正在形成。 01 从创新试点到精准升级 科创板第五套上市标准自2019年设立以来，便承担着支持早期创新型企业的使命。其核心在于打破传统财务指标限制，允许预计市值不低于40亿元、具备 阶段性研发成果的未盈利企业上市。以医药行业为例，企业只需至少一项核心产品进入二期临床试验，即可申请上市，这一"技术估值"模式曾助力20余家 生物医药企业登陆科创板，累计获得近700亿元研发投入。 02 对于生物医药企业而言，第五套标准重启意味着更直接的资本支持。据统计，我国创新药研发平均周期约10年、投入超10亿元，以往因盈利门槛难以登陆 A股的企业，如今可凭借临床试验阶段性成果获得融资，加速III期临床及商业化进程。但与此同时，需应对更严格的技术核查，例如某生物制药企业因核 心产品临床试验数据完整性不足被暂缓审核，凸显"重技术、重合规"的监管导向 ...