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].

见习记者 夏天 荧墨 在宏观环境、产业格局、市场估值体系都在发生深刻变革的时代，传统的成长范式正在被解 构和重塑，如何探寻新的增长路径？ 9 月 16 日下午，在《中国基金报》主办的 "2025 中国资本市场发展论坛暨上市公司论坛 " 上，嘉实基金副总经理、股票投研 CIO 姚志鹏 作为主持人，与云南白药董事会秘书钱映辉、 永辉超市董事会秘书黄晓枫、博时基金投资决策委员会专职委员于善辉、招商证券研究发展 中心负责人谢亚轩，围绕 " 解构与重塑：牛市中的新成长逻辑 " 这一议题，展开热烈讨论。 " 我们正处在一个宏观环境、产业格局、市场估值体系都在发生深刻变革的时代。 过去的 ' 成长范式 ' 正在被颠覆，新的 ' 增长逻辑 ' 亟待建立。目前有相当多的行业陆续步入盈利能 力改善的新周期，一旦企业盈利能力继续修复，市场的估值提升空间也大概率超越市场的预 期。随着 AI 产业和传统行业融合逐步提升效率，同时医药、先进制造等领域出现越来越多创 新突破，以 ' 新能源 '' 新科技 '' 新消费 '' 创新药 ' 为代表的四新资产有望打开中长期的空 间。 " 开场伊始，姚志鹏就为圆桌讨论定下主基调。 牛市感受：这次真 ...