"市值管理指引正以法律形式落地，只有利润与估值联动、产业与资本并重，上市公司才能留住耐心资 本。"中国上市公司协会学术顾问委员会主任委员黄运成指出，市值先要通过产业经营提升公司净利 润，再通过投资者关系管理、分红、并购重组等资本赋能手段，增强投资者预期和提升市盈率，进而提 高总市值。他给出"12345"操作手册——战略优先；市场化、法治化双基；大中小市值分层施策；公司 治理+ESG、激励、科创、盈利四轮提升；品牌、IR、并购、分红、回购五维赋能。 耐心资本是破解化工行业"低景气+融资难"的钥匙。博星证券研究所所长兼首席投资顾问邢星表示，耐 心资本可治愈科创企业"融资难、融资贵"和金融体系"短钱快炒"的顽疾。我国需健全多层次资本市场、 完善信用基础设施、强化信息披露，营造"投早、投小、投硬科技"的制度环境。 会上，多位嘉宾还围绕资本运作体系、并购重组、ESG治理、兰州新区建设等做了分享。 中化新网讯 8月22日，《中国化工报》社有限公司在兰州新区召开2025上市化工企业高质量发展暨首届 资本市场助力石化专精特新企业对接工作会。与会专家表示，当前，外部环境复杂、内需不足、技术迭 代快，实体经济面临缺"长钱"等短板 ...

Core Viewpoint - The article emphasizes the need for "long money" in China's economy as it transitions from traditional growth models to new engines like advanced manufacturing, digital economy, and green energy [1][4]. Group 1: Economic Transition - China's economy is undergoing a critical period of transitioning from old to new growth drivers, with traditional sectors like infrastructure and real estate showing diminishing returns [1]. - Strategic emerging industries, characterized by long R&D cycles, rapid technological iterations, and significant capital expenditures, are becoming the new growth engines [1]. Group 2: Long-term Capital Supply - Compared to the U.S., the supply of "long money" from the private sector in China is currently limited, primarily due to the wealth accumulation being heavily reliant on real estate growth over the past two decades [1]. - As of 2022, over 90% of Chinese residents' total assets were accumulated from 2005 to 2022, with 41.9% of this increase attributed to urban housing asset growth [1]. Group 3: Market Support and Valuation - The Central Huijin Investment Company has entered the market to address the "long money" issue, providing support for stock market index funds and enhancing valuation momentum [4]. - The balance of the central bank's loans to financial companies increased significantly from 659.4 billion yuan at the end of March to 1.03 trillion yuan at the end of April, reflecting the market support during global market disruptions [4]. Group 4: Profit Expectations and Economic Confidence - The entry of long-term funds like Central Huijin has alleviated market downside risks, but a substantial improvement in profit expectations is necessary for the stock market to break upward [5]. - Confidence in China's medium to long-term economic growth is crucial, with new urbanization and industrialization processes showing a slowdown in their effects on economic growth [5]. Group 5: Globalization and Long-term Growth - Globalization is expected to enhance China's long-term growth outlook, although its benefits will take time to materialize [5]. - Deepening integration with global markets will allow China's efficient industrial capacity to meet broader global demand, supporting the transition from a "manufacturing giant" to a "manufacturing powerhouse" [5].