① The signing ceremony for the State-owned Enterprise Stock Asset Optimization and Upgrading Fund was held in Beijing. The fund was approved by the State Council's State-owned Assets Administration Commission, and China Guoxin co-sponsored by China Cinda, China Oriental, and China Great Wall, with a total scale of 40 billion yuan. ② The Guotai Junan Strategy Team pointed out that in the future, the opportunities are still “development and safety” around the “chain owners” and specialized integration of the industrial chain proposed by the State Assets Administration Commission, focusing on high-end equipment, transportation, and energy.
On January 25, the signing ceremony for the State-owned Enterprise Stock Asset Optimization and Upgrading Fund was held in Beijing. The fund was approved by the State Council's State-owned Assets Administration Commission, and China Guoxin co-sponsored by China Cinda, China Oriental, and China Great Wall, with a total scale of 40 billion yuan. As a comprehensive fund that specializes in investing in the field of revitalizing stock assets, the state-owned enterprise stock asset optimization and upgrading fund mainly invests in state-owned enterprise infrastructure assets with large stocks and high potential for growth.
Since Chinese state-owned enterprises assume social responsibility and complex corporate governance, shareholder returns and valuations of state-owned enterprises have been at a low level for a long time, which has also become an opportunity for current state-owned enterprises to reevaluate. By the end of the third quarter of 2023, the overall ROE inflection point for A-share central enterprises was the first to appear after excluding finance, and there is strong certainty that it will continue to rise in 2024. After continuous market adjustments, the overall PE and PB of central enterprises were basically the same as when the “China Special Assessment” was first proposed in November 2022, and the cost performance ratio is still prominent. The Guotai Junan Strategy Team pointed out that at present, the concentration of state-owned assets in key industries is not prominent, and there is an urgent need to upgrade to further maintain industrial safety. In the future, around the “chain owners” and specialized integration of the industrial chain proposed by the State Assets Administration Commission, the opportunities are still “development and safety.”
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