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New achievements in reform, high-quality development of central enterprises, striving for the first

Date: 2022-10-20
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Increase investment in innovation and improve profitability

New achievements in reform, high-quality development of central enterprises, striving for the first time

According to the deployment of the State-owned Assets Supervision and Administration Commission of the State Council, the three-year task of state-owned enterprise reform should be fully completed before the end of this year, and this three-year reform examination will soon be 'rolled up by the bell'. As the 'stabilizer' and 'ballast stone' of the national economy, central enterprises have handed over one after another 'answer sheets' that show high-quality development. The industry believes that with the continuous emergence of reform results, the profitability of central enterprises, especially listed central enterprises, has been improved, the incentive mechanism has become more perfect, the scientific and technological innovation capability has been continuously enhanced, and the development capability and enterprise value have gradually become prominent.

Market-oriented reform is breaking the waves.

With the three-year reform of state-owned enterprises entering the final stage, a number of central enterprises announced that they had completed the main task of the three-year action, and the reform answers handed over one after another showed that the reform of the system and mechanism of central enterprises has continuously achieved new results.

On the one hand, the three institutional reforms have broken the ice on a large scale. 'After three years of reform, the original concept of' you can't get down if you are in a position',' you can get an iron rice bowl if you are in a state-owned enterprise' and' it's all the same if you do more or less' has been completely broken.' According to the relevant person in charge of the Party Organization Department (Human Resources Department) of China Petrochemical Corporation, in 2021, the withdrawal ratio of group managers and the marketization rate of employees have been greatly improved, and the withdrawal ratio of middle-level and grass-roots leaders has reached a record high, and the labor productivity of all employees has increased by 26% over the previous year.

On the other hand, market-oriented reforms such as reorganization and integration, mixed reform and listing have broken through the waves. In China Ordnance Equipment Group, four enterprises completed the pilot task of mixed reform. Its Changan New Energy, Zhongguang and Xinnuo Robot respectively introduced non-public capital; Huaqiang Science and Technology completed its initial listing in science and technology innovation board, becoming the second listed enterprise in science and technology innovation board of the central enterprise military industry group.

Xinxing Jihua Group put forward the '531' industrial layout structure to promote the professional integration of its affiliated enterprises. The adjustment involved 10 secondary companies and more than 50 tertiary enterprises, and the number of transferred custodians accounted for a quarter of the total number of enterprises affiliated to the Group. This is the largest, most extensive and deepest reform since 2006.

Manage the capital reform to advance simultaneously and deeply. The relevant person in charge of SDIC said that the next step will be to base on the foundation and advantages, make good use of the experience in equity investment and capital operation, actively participate in the professional integration of central enterprises, give full play to the advantages of funds, promote the optimization of industrial chain resource allocation, cultivate a group of specialized and special small and medium-sized enterprises, and play a greater role in the optimization and adjustment of state-owned capital layout structure.

According to the data of the State-owned Assets Supervision and Administration Commission of the State Council, as of the beginning of September this year, the completion rate of the reform accounts of all central enterprises and local governments exceeded 98%.

'The three-year reform of state-owned enterprises has reconstructed the institutional system and market system of central enterprises, reshaped the organizational structure and rules of central enterprises, and greatly improved the ability of central enterprises to fulfill important missions.' Song Xiangqing, deputy dean of the Institute of Government Management of Beijing Normal University, believes that this round of reform has improved the competitiveness, innovation, control, influence and anti-risk ability of the state-owned economy.

Leverage the capital market to become a new trend

The three-year reform of state-owned enterprises ended in a sprint. As the main front of the reform and development of listed companies, central enterprises are actively leveraging the capital market to promote value enhancement and realization.

Take mergers and acquisitions as an example. According to the data provided by Zhiben Consulting Company, as of October 19th, this year, listed companies controlled by central enterprises have implemented 34 major mergers and acquisitions, with a year-on-year increase of 206%. In terms of IPO, up to now, a total of 18 central enterprises holding companies have been listed this year, and the total amount of funds raised is about 125.9 billion yuan.

'The listed companies of central enterprises have further strengthened their strategic restructuring and professional integration, and their development momentum is strong. This year, the structure of listed companies of central enterprises newly landed in the capital market has been greatly optimized, and the characteristics of hard technology have been further highlighted. ' Chang Yanjun, a partner of this consulting company, said.

According to Zhou Lisha, research director of Modern State-owned Enterprise Research Institute in China, Tsinghua University, by promoting the merger and reorganization of listed companies of central enterprises, we can fundamentally reduce repeated investment and homogenization competition, improve industrial concentration and core competitiveness of enterprises, and finally realize the high-quality development of listed companies of central enterprises. At the same time, holding enterprises of central enterprises have many advantages in listing in science and technology innovation board. In the future, they will further make good use of capital market tools and listed company platforms to speed up the channel of transforming scientific and technological achievements into productive forces.

'Active use of the capital market will become a new trend in the reform and development of central enterprises.' Song Xiangqing added that in the future, listed companies of central enterprises will increase capital operation, increase investment in innovation, improve profitability, and realize the simultaneous increase of market value while enhancing intrinsic value.

Market value Shuang Sheng

With the deepening of reform, the overall performance and market value of listed companies of central enterprises have been improved, and their anti-risk ability and medium-and long-term value have also attracted more attention from market institutions.

According to the data released by the China Association of Trade and Industry recently, in the first half of this year, the listed companies of central enterprises realized a total operating income of 13.55 trillion yuan and a total profit of 1.17 trillion yuan, and the basic role of listed companies in central enterprises has been highlighted. As of August 2022, the total market value of listed companies in central enterprises totaled 17.27 trillion yuan.

Zhang Xia, chief strategist of China Merchants Securities, believes that through the three-year reform of state-owned enterprises, the profitability of listed companies of state-owned enterprises has increased, the leverage ratio has decreased, the incentive mechanism has become more sound, the technological innovation capability has been continuously enhanced, and the long-term investment value has been highlighted. 'In the short term, central enterprises have obvious countercyclical attributes, high valuation performance and high dividend yield.' Zhang Xia said.

According to a recent report released by orient securities, the overall dividend yield of listed companies in central enterprises is higher than 3.7% at present, and they have stronger ability to resist risks. At the same time, the P/E ratio of CSI Central Enterprise Composite Index is close to a 10-year low.

Wind data shows that since the beginning of this year, the overall dividends of listed companies controlled by central enterprises in Shanghai and Shenzhen stock markets have exceeded 680 billion yuan, accounting for about 45% of the total dividends of all A-share listed companies in the same period.


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