Core Viewpoint - The comprehensive value of listed companies is determined by a multi-dimensional evaluation from various investment entities, including financial investors, industrial investors, and other social investors [1][2][3] Group 1: Understanding Comprehensive Value Management - The focus on comprehensive value management in listed companies has been insufficient in the past, and future efforts should integrate this management into all levels of corporate governance, including strategic, institutional, and operational management [1][3][14] - Comprehensive value management should guide companies to recognize that socialization of enterprises involves not only equity but also diversified investments, balancing the evaluation of investment value from different stakeholders [20][18] Group 2: Changes in Market Dynamics - The valuation of listed companies has shifted from a singular focus on market capitalization to a multi-faceted approach that includes financial, industrial, and social values due to changes in industrial structure and social culture [2][3] - There is a growing disparity in valuation between traditional and emerging industries, with traditional sectors like banking and oil experiencing declining price-to-earnings ratios, while high-tech sectors see increasing valuations [5][6] Group 3: Investment Value Categories - The comprehensive value of listed companies includes financial investment value, industrial investment value, and multi-dimensional social value, reflecting the diverse evaluations from various investment entities [8][9][10] - Financial investment value is based on financial performance and cash flow, while industrial investment value reflects a company's position within its industry and its technological capabilities [9][10] Group 4: Stakeholder Perspectives - Different types of investors focus on varying aspects of a company's value: financial investors prioritize profitability and growth, industrial investors emphasize industry position and innovation, and social investors consider corporate social responsibility and environmental impact [11][19][20] - The interaction between these investor types can lead to differing evaluations of a company's value, impacting its market performance and strategic direction [18][19] Group 5: Comprehensive Value Management Strategies - Companies should incorporate comprehensive value management into their operational processes, ensuring alignment between strategic goals and market expectations [14][15][16] - Strengthening the management of the entire value chain—from value creation through innovation to value realization through market performance—is essential for enhancing overall corporate value [16][17] Group 6: Future Directions - The digital economy is reshaping the valuation framework for listed companies, necessitating a shift in how companies approach value creation and stakeholder engagement [7][18] - Companies must adapt to these changes by enhancing their digital capabilities and aligning their business models with emerging market trends to improve their comprehensive investment value [7][18]