Core Viewpoint - The traditional growth paradigm is being deconstructed and reshaped, necessitating the exploration of new growth paths in the current macroeconomic environment, industry landscape, and market valuation system [3][10]. Group 1: Market Dynamics - The A-share market is experiencing a significant bull market, with all three major indices rising and the ChiNext index reaching a new high [5]. - The average return of actively managed public equity funds has approached 30% since the beginning of the year, significantly outperforming the CSI 300 index [8]. - The improvement in liquidity and the fundamental performance of companies, particularly in the innovative pharmaceutical sector, are driving this bull market [10]. Group 2: Industry Insights - The integration of AI with traditional industries is enhancing efficiency, while sectors like pharmaceuticals and advanced manufacturing are witnessing innovative breakthroughs [3]. - The consumer sector, particularly large consumption, is still perceived to have substantial growth potential despite being relatively low compared to other industries [12]. Group 3: Company Strategies - Yunnan Baiyao emphasizes "guarding and attacking" in its strategy, maintaining market leadership in core products while achieving significant growth in new businesses, such as a 116% increase in the sales of its Qi Xue Kang oral liquid [15]. - Yonghui Supermarket is undergoing a transformation to enhance product and service quality, focusing on employee satisfaction and customer experience through initiatives like the "Craftsman Plan" [15]. - Both companies are adapting to market changes by innovating their product structures and business models, with Yunnan Baiyao leveraging its full industry chain competitiveness [14]. Group 4: Valuation Perspectives - New growth companies require new valuation anchors, with traditional businesses valued by conventional methods and new growth segments assessed based on penetration rates and market space [16]. - A threshold of 30% revenue contribution from new businesses is identified as a critical point for reevaluating valuation approaches [16]. - The ability to continuously innovate and adapt to market demands is seen as a cornerstone of long-term investment value for companies [16].

Core Viewpoint - The traditional growth paradigm is being deconstructed and reshaped, necessitating the establishment of new growth logic in the current macroeconomic environment, industry structure, and market valuation system [3][17]. Group 1: Market Sentiment and Performance - The recent bull market has seen significant activity, with major indices rising and the ChiNext index reaching new highs, indicating a strong market sentiment [5]. - Public funds have experienced a notable return, with an average return of nearly 30% since the beginning of the year, significantly outperforming the CSI 300 index [7]. - The improvement in liquidity and the fundamental performance of companies, particularly in the innovative pharmaceutical sector, have contributed to the current market optimism [9]. Group 2: Traditional Companies and Growth Strategies - Traditional companies like Yunnan Baiyao and Yonghui Supermarket are focusing on "guarding and attacking" to explore new growth spaces while maintaining their core competitive advantages [14]. - Yunnan Baiyao has reported strong performance in its core products, maintaining the top market share in several segments, while its new business, such as the Qixue Kang oral liquid, has seen a growth rate of 116% in the first half of the year [15]. - Yonghui Supermarket is undergoing a transformation to enhance product and service quality, with nearly 200 stores modified to improve customer experience and employee satisfaction [15]. Group 3: New Valuation Metrics and Growth Logic - New growth enterprises require new valuation anchors, where traditional business segments are valued using conventional methods, while new growth segments should be assessed based on penetration rates and market potential [16]. - A significant threshold for new business revenue is identified at 30%, beyond which separate valuation considerations are necessary [16]. - The emphasis on quality, efficiency, and certainty in growth strategies reflects a shift from merely pursuing speed and scale, highlighting the importance of a robust cash flow and strategic vision for long-term investment value [17].