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央企改革再加速!国资委明确六大抓手,中字头强势崛起

The reform of central enterprises has accelerated again! The State Assets Administration Commission clearly identified six key players, and the Chinese character rose strongly

證券之星 ·  Jan 19, 2022 12:04

Source: Securities Star

Shortly after the beginning of the year in 2022, the market is still in a period of high and low switching, with twists and turns. On January 17, as the speculation of demon stocks cooled, the Chinese prefix stocks with sound fundamentals soared collectively. On the face of the news, the reform of central enterprises has reached a decisive year.

According to state regulations, only enterprises that have a bearing on people's livelihood and have a great impact on the national economy can be named at the beginning of China. At the same time, the main shareholders or controlling shareholders of the "Chinese prefix" are related to the State-owned assets Supervision and Administration Commission, most of which are central state-owned enterprises.

The same is true for listed companies. Therefore, the market uses the "Chinese prefix" to represent those state-controlled giant listed companies, and most of the funds involved are social security, insurance, Huijin and other national team funds. The rise and fall of "Chinese prefix" stocks has also attracted much attention in the market.

Shortly after the beginning of the year in 2022, the market is still in a period of high-and low-level switching, fengshui turns, high-prosperity track stocks continue to fall, the speculation of demon stocks was once frenzied. On January 17, as the speculation of demon stocks cooled, the Chinese prefix stocks with sound fundamentals rose sharply.

In terms of individual stocks, A shares of China Stock Exchange and Construction closed up by the daily limit, while China Electric Power Construction and China Chemical rose more than 7%, and once rose by the daily limit. China Rallway, China Construction, China Railway Construction Corporation, China Metallurgical, China Railway Assembly, China Energy Construction, China Shenhua Energy, COSCO Shipping Holdings, Petrochina and other stocks rose.

It can be seen that several Chinese prefix stocks that have risen sharply all belong to the engineering construction industry. On the news, the National Development and Reform Commission said at a regular press conference that infrastructure investment should be carried out in advance to speed up the implementation of 102 major projects in the 14th five-year Plan. This has also given rise to the pursuit of funds for central enterprises in related industries.

Taken apart, economic growth consists of consumption, investment, and import and export carriages. at a time when the epidemic is still uncertain, it is very difficult for imports and exports to improve greatly, and consumption and infrastructure investment are naturally necessary to stabilize economic growth. Today, the rise of the prefix may also be that market funds see a new direction.

SASAC defines the six key points in the reform of central enterprises

On the news side, a few days ago, the Office of the State Council leading Group on State-owned Enterprise Reform held a special promotion meeting on the three-year action of state-owned enterprise reform. This meeting will further deploy the key reform work in 2022 at the grass-roots level in summarizing the progress of the three-year action on the reform of state-owned enterprises in 2021.

Data show that in terms of the construction of the board of directors, by the end of 2021, all levels of subsidiary enterprises of central enterprises and local state-owned enterprises have basically been built. The majority of completed external directors at the sub-enterprise level of central enterprises and local state-owned enterprises reached 99.3% and 94.2%, respectively.

Weng Jieming, deputy director of the State Council State Enterprise Reform leading Group Office, stressed: it is necessary to ensure that fundamental breakthroughs are made in key and difficult tasks in the first half of the year, and that the main tasks of the three-year action on state-owned enterprise reform are completed before the 20th CPC National Congress, and the clean-up work is completed by the end of this year.

First, deeply promote the unity of strengthening the leadership of the party and improving corporate governance, and effectively improve the quality of the construction and operation of the board of directors.

Second, we should closely focus on improving efficiency and stimulate vitality, and promote various measures of the market-oriented mechanism to be carried out in an all-round way.

Third, scientific and technological innovation incentives should be more accurate and powerful, and create a number of original technology sources.

Fourth, it is necessary to step up efforts to promote structural readjustment and slimming, and resolutely prevent and defuse major risks.

Fifth, due to the reform of the classification of enterprises according to local conditions, we should focus on the key points to improve the accuracy.

Sixth, it is necessary to comprehensively strengthen professional, systematic and legal supervision, and give full play to the effectiveness and advantages of state-owned assets supervision. In addition, it is also necessary to strengthen the supervision of shareholding enterprises and resolutely crack down on illegal affiliated and counterfeit state-owned enterprises.

There are excess returns in the reform of state-owned enterprises

The reform of state-owned enterprises has been developing in depth for more than 40 years, and it has entered the stage of full implementation since the two sessions put forward a three-year action plan for the reform of state-owned enterprises in 2020. As the examination year of the three-year action plan in 2022, the relevant state-owned enterprises will have more motivation to actively manage market value and transmit company value.

The reform of state-owned enterprises, focusing on restructuring and merger, the introduction of war investment and equity incentive have all played a positive role in promoting the stock price of the company.

According to the Zhongtai Securities Research report, in terms of restructuring and merger, the first forecast day of restructuring information has a strong profit-making effect, and there is excess income as a whole after the completion of the reorganization. The five companies that restructured in 2021 rose significantly on the day of the restructuring information forecast, and the "2020 restructuring index" rose 17.0 per cent in 2021.

In the aspect of introducing war investment, the excess return of state-owned enterprises and central enterprises introducing strategic investors is significant. The "war investment index" will be constructed with 36 equal weights in 2020, which will rise by 16.3% in 2021.

In terms of equity incentives, the implementation of equity incentives in state-owned enterprises and central enterprises can significantly improve their performance. Since 2018, the central state-owned enterprises that announced the equity incentive plan (excluding the unapproved) will hold the plan for two weeks after the announcement, and the median annualized excess return relative to the Shanghai and Shenzhen 300 can reach 15.7%. The focus on equity incentive is mainly on the achievement after implementation. The performance of the central and state-owned enterprises that implemented equity incentives in 2019 and 2020 also improved significantly in the following years.

High-quality targets will emerge in the prefix.

In the past two years, the default rate of state-owned enterprises deviated from that of private enterprises, the default rate of state-owned enterprises was significantly lower than that of private enterprises, and the leaders of state-owned enterprises had a higher dividend yield. Based on the logic of steady growth and low valuation repair, state-owned enterprises are expected to be the first to benefit.

Zhongtai Securities believes that this round of stable growth will focus on low-valued state-owned enterprises and central enterprises. Maintain the spring market will be undervalued blue chip repair-based feature judgment, of which, the central enterprise leader is particularly worthy of attention.

Based on the consideration of many factors, such as restructuring and merger, the introduction of strategic investment, the implementation of equity incentives, industry prosperity, valuation performance-price ratio and other factors, Sino-Thai Securities explored the key industries of state-owned enterprise reform and screened out the target of state-owned enterprise reform in 2022 from the bottom up. Including AVIC, China Shenhua Energy, China Coal Energy, Sinosteel International and other stocks.

On the news, the Information Office of the State Council is scheduled to hold a press conference at 3 pm on Wednesday, January 19, 2022. Peng Huagang, secretary general of the State-owned assets Supervision and Administration Commission of the State Council and spokesman, will introduce the economic operation of central enterprises in 2021.

Tianfeng Securities pointed out that under the medium-and long-term growth dimension of "construction +" leader, enterprises in the layout of "new energy" and "chemical" industries have gradually entered the performance cash period, and their performance is expected to grow high. Under the dimension of valuation and repair of value varieties, the leaders of local state-owned enterprises are expected to enjoy the high prosperity of regional infrastructure, the profit elasticity brought about by the improvement of operating efficiency has initially emerged, and there are both opportunities for steady growth and improvement of report quality in the medium and long term. The increase in the market share of central enterprises supports sustained revenue growth.

Edit / lydia

The translation is provided by third-party software.


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