市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 2月24日，高盛全球投资研究部发布报告《HALO影响力：AI领域的重资产、低淘汰》，提出当前股市 核心定价逻辑正从"可扩张的轻资产叙事"转向"可建造、难替代的实体产能与网络"，将这一变化概括 为"稀缺性重新定价"，具备"HALO效应"的股票正获得投资者追捧。 高盛将HALO定义为"重资产"与"低淘汰"的结合体。其中重资产指商业模式建立在庞大实物资本基础 上，拥有成本、监管、建设周期等多维度复制壁垒；低淘汰指资产经济价值可穿越技术周期长期存续， 典型包括输电网、油气管道、公用事业、交通基础设施等实体资产，这类资产替换周期缓慢，难以被数 字技术轻易替代。 报告指出，过去十余年零利率与充裕流动性催生轻资产商业模式，科技股与轻资产行业获得高估值溢 价，但当前这一平衡已被打破。AI崛起正对全球股市形成双重压力：一方面AI使部分轻资产行业的利 润率与终值不确定性提升，软件、IT服务等行业的护城河正在被重新评估；另一方面，AI竞赛推动此前 以轻资产著称的美国五大科技巨头转向资本密集模式，2023至2026 ...

本文作者：龙玥 什么是HALO？ 高盛将这类公司称为HALO，它指的是"重资产"与"低过时"的结合体，即Heavy Assets, Low Obsolescence。 典型例子包括输电网、油气管道、公用事业、交通基础设施、关键设备，以及更换周期相对于数字创新 更为缓慢的各种工业产能类别。 来源：硬AI 当AI产品变得更容易复制，市场开始重新给电网、管道、基础设施与长期产能这类"难以复制的实体资 产"定价。 2月24日，高盛全球投资研究部发布最新报告《HALO影响力：AI领域的重资产、低淘汰》（The HALO effect: Heavy Assets, Low Obsolescence in the AI era）提出：在更高实际利率、地缘政治碎片化、供应链 重构与AI资本开支浪潮叠加之下，股市的核心定价逻辑正在从"可扩张的轻资产叙事"，转向"可建造、 难替代的实体产能与网络"。 高盛把这种变化概括为"稀缺性重新定价"。 "更高的实际收益率、地缘政治碎片化和供应链重构，正把股票领导权拉回到有形的生产性 资产。市场正在奖励产能、网络、基础设施和工程复杂度——这些资产复制成本高，也更不 容易被技术淘汰。" 这类资 ...

站在今天回望，过去一年的中国消费市场锣鼓喧天。 蜜雪冰城、古茗、沪上阿姨相继挂牌，鸣鸣很忙也于农历新年之前登陆港股，连霸王茶姬也远赴纳斯达克成为"中国茶饮美股第一股"，消费连锁品牌的资 本化浪潮喧嚣一时。 但在这波上市热潮背后，新消费赛道正浮现出一个极具反差的行业真相：无论是手握甜蜜旋律的"雪王"，还是遍布全国县域的零食店、火锅食材店，虽然 每天服务数千万终端消费者（C端），但真正的商业核心与收入引擎，却隐藏在对加盟商（B端）的持续供货之中。 以"雪王"蜜雪冰城为例，其向加盟商销售食材、包材、设备的收入占比高达90%以上。这意味着，4块钱的柠檬水只是流量入口，品牌真正赚的是卖给加 盟商的糖浆、奶粉和吸管的钱。这种逻辑在量贩零食巨头"鸣鸣很忙"身上更为极致，其99.5%的收入源自向加盟商供货。 这意味着，无论终端门店竞争如何激烈，无论消费者是否买单，品牌方通过向加盟商销售原材料、设备、包装等必需品，已提前锁定了利润，加盟商则在 享受品牌带来的影响力外，承担了租金、人力、库存和市场竞争的压力。 在如今万店时代的博弈中，这些经营着"茶饮"、"火锅食材"或"零食折扣店"不同类目的品牌，本质上其实都是新型的大型供应链贸 ...

Core Viewpoint - The article discusses the introduction of a comprehensive set of measures by the Shanghai and Shenzhen Stock Exchanges to optimize refinancing, focusing on enhancing support for high-quality listed companies and improving adaptability for technology innovation enterprises [2]. Group 1: Support for High-Quality Listed Companies - The measures aim to increase support for high-quality listed companies by optimizing refinancing reviews and improving efficiency, while emphasizing a selective approach to ensure quality [3]. - Adjustments have been made to the requirements for the use of raised funds, allowing high-quality companies to invest in new industries, new business formats, and new technologies that align with their main business [4]. Group 2: Introduction of "Light Asset, High R&D Investment" Standard - The Shanghai and Shenzhen Stock Exchanges plan to introduce a "light asset, high R&D investment" recognition standard for main board listed companies, following its successful implementation in the Sci-Tech Innovation Board [6]. - As of October 2024, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total intended financing of 35.12 billion, representing 37% of the number of companies and 76% of the financing amount for 2025 [6]. Group 3: Refinancing Interval for Unprofitable Enterprises - The new measures clarify that the refinancing interval for unprofitable companies is set at six months, allowing companies to initiate new rounds of refinancing once previous funds are fully utilized or unchanged in direction [8]. - This provision is particularly beneficial for technology companies that often face high R&D costs and uncertain profitability, providing them with a stable financing timeline [8]. Group 4: Strengthening Regulatory Oversight - The measures enhance regulatory oversight of refinancing processes, including stricter controls on refinancing plans and the use of raised funds, to prevent fraudulent activities and ensure compliance [10]. - Companies seeking to change control through refinancing must publicly commit to completing the issuance within the validity period of the approval, with increased penalties for non-compliance [9].

报告指出，政策层面将加大反内卷力度。针对电商平台垄断导致线下商业竞争不公的问题，2026年2月1 日起，国家市场监督管理总局、国家互联网信息办公室联合公布的《网络交易平台规则监督管理办法》 正式施行，重点整治限制经营者自主经营、不合理收费、损害消费者权益等行为，为线下商业营造公平 环境，引导行业从价格竞争转向价值竞争。 轻资产模式将成为行业主流趋势。轻资产运营早年主要应用于酒店物业，后逐步延伸至商业体，如今已 覆盖各类商业业态与IP内容运营。轻资产盛行既是商业地产运营管理专业化、品牌化发展的必然结果， 也体现了行业企业投资趋于谨慎的整体态势。 北京商报讯（记者 刘卓澜）2月10日，全联房地产商会商业地产工作委员会与商业地产智库RET睿意德 联合发布《2025/2026年度中国商业地产行业发展报告》中指出， 2026年中国商业地产行业呈现"反内 卷""轻资产""出海升温""AI驱动"四大发展趋势。全联房地产商会商业地产工作委员会会长王永平表 示，商业地产行业分化进一步加剧，行业新增投资减少，轻资产模式渐成主流，提振市场信心仍是面临 的重要课题。 AI技术对商业创新的驱动将不断深化。随着AI技术的迭代升级，其在商 ...

文/梧桐小编 2月9日，上交所就《上海证券交易所发行上市审核规则适用指引第6号——轻资产、高研发投入认定标 准（征求意见稿）》公开征求意见。为更大力度支持科技创新，推动上市公司高质量发展，上交所修订 了《上海证券交易所发行上市审核规则适用指引第6号——轻资产、高研发投入认定标准》。现向社会 公开征求意见，意见反馈截止时间为2026年2月16日。上交所同时发布该《认定标准》的修订说明。 本次主要修订内容如下： 一是新增主板上市公司"轻资产"和"高研发投入"认定标准。结合科创板试点经验和主板市场实际情 况，明确沪市主板上市公司"轻资产"认定标准为实物资产占总资产比重不高于20%；沪市主板上市公 司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研 发投入不低于3亿元且最近三年平均研发投入占营业收入比例不低于5%。 二是设置负面情形。明确上市公司股票被实施退市风险警示或者其他风险警示的，再融资募集资金用于 补充流动资金和偿还债务的比例不得超过募集资金总额的30%。 三是其他内容。原《6号指引》第十一条规定募集资金变更后的用途不符合监管要求的，应当在本次再 融资时调减募集资金。 ...

Core Viewpoint - The article discusses the recent optimization measures for refinancing in the capital market, emphasizing support for high-quality listed companies and enhancing adaptability for technology innovation enterprises to better serve the development of new productive forces [3]. Group 1: Support for High-Quality Listed Companies - The optimization measures focus on increasing support for high-quality listed companies by streamlining refinancing audits and improving efficiency while adhering to a principle of selecting the best [5]. - Adjustments have been made to the requirements for the use of raised funds, allowing high-quality companies to invest in new industries, new business formats, and new technologies that align with their main business [5][6]. Group 2: Introduction of "Light Asset, High R&D Investment" Standard - The Shanghai and Shenzhen Stock Exchanges plan to introduce a "light asset, high R&D investment" recognition standard for main board companies, following its successful implementation in the Sci-Tech Innovation Board [8]. - As of now, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total proposed financing of 35.12 billion, representing 37% of the number of companies and 76% of the financing amount for 2025 [8][9]. Group 3: Refinancing Interval Optimization - The measures optimize the refinancing interval requirements for unprofitable technology companies, allowing them to initiate new refinancing after six months if previous funds are fully utilized or unchanged in direction [10]. - This adjustment aims to provide certainty for technology companies, facilitating timely fundraising for R&D and business development [10]. Group 4: Strengthening Regulation on Control Changes - The measures enhance regulation on refinancing related to changes in control, requiring public commitments from companies and issuers to complete financing within the validity period of approvals [11]. - Violations of these commitments will lead to increased penalties, aiming to regulate the behavior of companies seeking to change control through refinancing [11]. Group 5: Comprehensive Supervision of the Refinancing Process - The exchanges have introduced a series of reform measures to enhance the inclusivity and adaptability of the refinancing system while strengthening the supervision of the entire refinancing process [12]. - This includes prohibiting the disclosure of refinancing plans if companies have significant legal violations or governance issues, thereby increasing the cost of illegal activities [12].

每经记者：王海慜 每经编辑：贾运可 2月9日，沪深北交易所分别在官网推出优化再融资一揽子措施。沪深北交易所明确，对经营治理与信息披露规范，具有代表性与市场 认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。 每日经济新闻 上交所在相关指引中新增主板上市公司"轻资产、高研发投入"认定标准。明确沪市主板上市公司"轻资产"认定标准为实物资产占总资 产比重不高于20%；沪市主板上市公司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计 研发投入不低于3亿元且最近三年平均研发投入占营业收入比例不低于5%。发行证券募集资金用于补充流动资金和偿还债务的比例可 以在充分论证合理性后超过募集资金总额的30%，但超过部分原则上应当用于主营业务相关的研发投入。深交所相关规定与上交所一 致。 利好轻资产科创类企业 2月9日，上交所在官网推出优化再融资一揽子措施。值得关注的是，此次上交所同步发布了修订《上海证券交易所发行上市审核规则 适用指引第6号——轻资产、高研发投入认定标准》（以下简称《6号指引》）的征求意见稿。 2024年10月，上交所发布《6号指引》，在科创板建立"轻资产、高研发 ...

2月9日，沪深京交易所分别在官网推出优化再融资一揽子措施。沪深京交易所明确，对经营治理与信息披露规范，具有代表性与市场认可度的优质上市公 司，优化再融资审核，进一步提高再融资效率。 上交所在相关指引中新增主板上市公司"轻资产"和"高研发投入"认定标准：明确沪市主板上市公司"轻资产"认定标准为实物资产占总资产比重不高于20%； 沪市主板上市公司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研发投入不低于3亿元且最近三年平均研 发投入占营业收入比例不低于5%。 有投行人士认为，这将意味着，未来符合"轻资产、高研发投入"认定标准的主板企业将不再受30%补流比例限制，而这类公司的特点就是流动资金投入大， 限制补流规模不符合行业特点。 此外，沪深京交易所新规定，存在破发情形的上市公司，可以通过竞价定增、发行可转债等方式合理融资，募集资金需投向主营业务。而根据此前规定，存 在破发情形的上市公司被严格限制再融资。 放宽主板公司再融资补流比例限制 2月9日，上交所在官网推出优化再融资一揽子措施。值得关注的是，此次上交所同步发布了修订《上海证券交易所发行上市审核规则适用指引第6号--轻 ...

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, including the introduction of a "light asset, high R&D investment" recognition standard for main board listed companies, which reflects the ongoing reform and support for technology innovation in China's capital market [1][4]. Group 1: Introduction of Standards - The "light asset, high R&D investment" recognition standard was first established in the Sci-Tech Innovation Board and is now being expanded to the main board, indicating the role of the Sci-Tech Innovation Board as a model for capital market reform [2][3]. - As of now, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total intended financing of 35.12 billion yuan, representing 37% of the number of companies accepted and 76% of the intended financing amount for 2025 [2][3]. Group 2: Characteristics of Recognized Companies - Companies recognized under this standard typically have a low proportion of fixed assets, a high proportion of intangible assets, and a significant ongoing investment in R&D that exceeds the industry average [3]. - The introduction of the main board standard aims to enhance the effectiveness of fundraising by allowing a higher proportion of funds to be directed towards core R&D activities, thus better serving technology-oriented enterprises [3][4]. Group 3: Refinancing Interval Optimization - The Shanghai Stock Exchange announced an optimization of the refinancing interval for unprofitable technology companies, allowing them to initiate refinancing procedures six months after the previous fundraising if the funds have been fully utilized [4][5]. - This change is intended to provide a "safety net" for technology companies, enabling them to manage their financing schedules more effectively and support their R&D and business development [5][6]. Group 4: Market Response and Implications - The new measures are seen as a shift from "special privileges" to "universal support" for technology innovation, indicating a systematic construction of a foundational institutional framework that is more aligned with technological and innovative needs [4][6]. - The policies aim to create a more flexible and nuanced approach to evaluating companies, recognizing the diverse stages and forms of innovation activities, and fostering a supportive environment for long-term technological development [7].