On December 5, the concept of central enterprise reform was active. China Telecom Research, China Hi-Tech, China Rallway, China Jiajian, China Haicheng, China Railway Construction Corporation and others rose by the daily limit, Aluminum Corporation Of China Ltd and China Unicom rose by more than 9%, and China Chemical and China Weitong rose by more than 8%.
In terms of ETF, central enterprise innovation ETF, Castrol ETF and Castrol central enterprise innovation ETF rose by more than 4%. Central enterprise ETF, Hang Seng state-owned enterprise ETF, central enterprise reform ETF all rose by more than 3%.
On the face of the news, in order to implement the work Plan of improving the quality of listed companies controlled by Central Enterprises by the State-owned assets Supervision and Administration Commission of the State Council, the Shanghai Stock Exchange has recently formulated a new round ofThree-year Action Plan for Integrated Services of Central EnterprisesThe details are as follows:
(1) focus on services to promote the valuation of central enterprises to return to a reasonable level, by promoting listed companies of central enterprises to take the initiative to communicate with investors, enhance transparency, and organize and guide all kinds of investors to enter, understand and identify with central enterprises.
(2) the action plan focuses on cooperating with SASAC of the State Council to carry out the professional integration of central enterprises, providing more tools and channels for the integration of central enterprises, and promoting the establishment of a number of flagship listed companies of central enterprises.
(3) this action plan will actively serve and improve the modern enterprise system with Chinese characteristics, continue to promote listed companies of central enterprises to strengthen the leadership of the Party in improving corporate governance, and guide listed companies of central enterprises to make good use of equity incentives, employee stock ownership and other capital tools, constantly improve the system and mechanism to achieve high-quality development.
In addition, on November 21, the Chairman of the Securities Regulatory Commission delivered a keynote speech at the 2022 Financial Street Forum, which mentioned the structure and valuation of listed companies."explore the establishment of a valuation system with Chinese characteristics and promote the function of market resource allocation to be brought into better play."
As of November 22, the number of A-share listed central enterprises has reached 435, accounting for 8.7% of all A-shares, and the total market value of central enterprises has also reached 24.47 trillion, accounting for 27.9% of all A-shares. Mainly distributed in national defense, public utilities, computer, machinery and equipment and transportation and other industries.
Looking back at the current round of prefix stocks, the prefix sector index has risen nearly 13% since November 21.
At present, there are a number of ETF on the theme of central enterprises on the market. As of last Friday, the average decline so far this year was-10.63%, outperforming the Shanghai Composite Index (- 13.29%).Among them, Huaxia Hang Seng Chinese company ETF, which performed best in November, has seen its fund share rise and fall sharply recently. The share of the fund increased by 237 million shares in October, and then decreased by another 131 million shares in the following period.
It is worth mentioning that "smart money" northbound funds have been pre-emptive layout, last week, northward capital inflows reached 26.5 billion, looting central enterprises more than 3.6 billion, China exemption, China Construction last week received northbound funds to buy the most, lower valuation (PETTM) of China Merchants Steamship, China Merchants Bank, Shanghai Agricultural Commercial Bank and so on also received northward funds to buy more.
Guotai Junan Securities said: under the valuation system with Chinese characteristics, the intrinsic value of central enterprises is expected to be further recognized by the market. This round of state-owned enterprise reform may pay attention to "national economic security construction based on high-quality state-owned enterprises". Central enterprises have advantages in ensuring national strategic security, undertaking the important task of stable growth and good internal governance mechanism. under the valuation system with Chinese characteristics, the intrinsic value of central enterprises is expected to be further recognized by the market, and the allocation value will be enhanced.
It is worth noting that the central infrastructure enterprises in a large number of prefix stocks in the performance of the most prominent.Soochow Securities proposes to focus on the investment opportunities of central construction enterprises in the following three directions:
(1) the valuation of central construction enterprises is at the bottom of the 10-year historical valuation, while the concentration continues to rise. at the same time, the main line of stable growth of infrastructure is clear: from January to October 2022, the cumulative total of narrow infrastructure (excluding electricity) / broad infrastructure solid investment is + 8.7% and 11.4% respectively compared with the same period last year. On October 27, the National standing Committee pointed out that more physical workload should be created in the fourth quarter; the NDRC requires all localities to prepare for the 2023 special debt project in a timely manner. Steady growth continues to make efforts to improve the prosperity of the municipal chain of infrastructure, and it is optimistic that valuations of leading infrastructure enterprises with historically low valuations and sound performance will continue to be repaired.
(2) there are bright spots in the demand structure and investment opportunities under the incremental development of new business: with the promotion of policies such as dual-carbon strategy and green energy-saving buildings, the fields of prefabricated buildings, energy conservation and carbon reduction and infrastructure segments related to new energy are relatively high, and enterprises with relevant transformational layouts are expected to benefit.
(3) the direction of state-owned enterprise reform: 2022 is the end of the three-year action of state-owned enterprise reform. It is expected that the reform of state-owned enterprises will be carried out steadily at the same time. Previously, the reform dividend in the aspects of corporate governance structure, strengthening incentives, mixed reform and improving efficiency and vitality is expected to enter the release period. It is suggested that attention should be paid to performance improvement, new business transformation layout and asset restructuring under cost reduction and efficiency.
At present, there are four infrastructure ETF on the market, of which the largest is the infrastructure 50ETF, which tracks the CSI infrastructure project index.
Anxin Securities said that prior to the intensive release of economic underpinning and investment overweight policies, many policies will be more effective in the fourth quarter, optimistic about the strength of stable economic policies and the effectiveness of landing throughout the year, and infrastructure underpinning is expected to be strong. Since May, the cumulative growth rate of infrastructure investment has continued to increase month-on-month, reflecting to a certain extent the accelerated progress of project construction after the landing of the previous policy. Since September, the state has repeatedly stressed the issuance of a package of policy succession policies. with the implementation of the policy, effective investment in Q4 is expected to continue to expand, infrastructure investment can continue to accelerate, and the subsequent landing of reserve requirements and the reconstruction of the valuation system will be superimposed. Traditional infrastructure and new infrastructure are ushered in development opportunities.
