Galaxy Securities stated that it values the investment potential of central state-owned enterprises in the process of China-style modernization. Firstly, the current round of state-owned enterprise reform aims to enhance core competitiveness and strengthen core functions, and the process of mergers and acquisitions and resource integration among central state-owned enterprises may accelerate. Secondly, the market-oriented operation mechanisms of central state-owned enterprises are continuously improving, and by 2025, there will be a general implementation of a bottom-ranked adjustment and an incompetence exit system, which is expected to further enhance operational levels and profitability. Thirdly, in the context of boosting capital markets, the requirements for "market cap management" of central state-owned enterprises may be strengthened, leading them to pay more attention to the market performance of listed entities, increase dividend payouts, and timely initiate shareholdings or buybacks as confidence-boosting measures, which will become more common. Fourthly, against the backdrop of overseas uncertainties and the transition of new and old economic drivers domestically, central state-owned enterprises will play a leading role in stabilizing growth and expanding investment, serving as a certainty amid uncertainties.