On February 27, the State Assets Administration Commission held the first special promotion meeting for state-owned enterprise reform, deepening and upgrading actions in 2024. The conference pointed out that all regions, central enterprises and local state-owned enterprises have earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council, taken advantage of the momentum and made every effort to push forward the new round of state-owned enterprise reform, focus on enhancing core functions and improving core competitiveness, and have made a series of positive progress in strengthening scientific and technological innovation, building a modern industrial system, playing a safety support role, and deepening institutional mechanism reform to achieve a good start.

Haitong Securities believes that with the steady progress of actions such as adjusting and optimizing the assessment standards of the central state-owned enterprise management index system and the holding of the National Action Mobilization Conference for State-owned Enterprise Reform, Deepening and Upgrading Action, the curtain on a new round of state-owned enterprise reform has begun. Over the past year, the central state-owned enterprise assessment system has been optimized from various perspectives, such as asset restructuring and operating efficiency, to promote the improvement of the central state-owned enterprise management system. Currently, the valuations of central state-owned enterprises are clearly discounted. At the stage of economic recovery and improvement, the importance of state-owned enterprises is further highlighted, and market value management assessments may require or push for valuation restoration of listed companies of central state-owned enterprises.