央企新兴产业故事：已出现供需失衡、增量不增效

Core Insights - The article discusses the challenges faced by state-owned enterprises (SOEs) in the strategic emerging industries, particularly in new materials and renewable energy sectors, highlighting issues of supply-demand imbalance and ineffective growth despite increased investments [2][6][30]. Group 1: Industry Challenges - SOEs in the strategic emerging industries are experiencing a common issue of "supply-demand imbalance and ineffective growth," as noted by Liu Bing, a project leader in a new materials SOE [2]. - Many SOEs are still in the early stages of capital investment or output, with significant revenue opportunities yet to materialize [2]. - The National State-owned Assets Supervision and Administration Commission (SASAC) has set a target for SOEs to achieve a 35% revenue share from strategic emerging industries by 2025 [5][32]. Group 2: Investment and Market Dynamics - Since 2025, SASAC has focused on key industries such as new energy vehicles and new materials, which are crucial for the transformation and upgrading of China's manufacturing sector [3]. - In 2023, central enterprises invested 2.18 trillion yuan in strategic emerging industries, marking a 32.1% year-on-year increase [14]. - Despite the optimistic market outlook for carbonates, the industry faces significant challenges, including low capacity utilization rates and inconsistent product quality [10][25]. Group 3: Financial Implications - The rapid expansion of production capacity has not been matched by market demand, leading to a decline in product prices and a significant drop in profitability for enterprises [23][27]. - In 2024, the overall operating rate of the carbonate industry was less than 40%, with profit margins expected to fall below 10%, significantly lower than the industry average [21][25]. - To address inventory buildup, companies have resorted to price reductions, but this strategy has not yielded the desired results, further exacerbating the industry's profitability issues [28][29]. Group 4: Strategic Considerations - SOEs must balance policy directives with market realities, as highlighted by concerns over potential market demand shortfalls impacting investment returns [32][34]. - The SASAC's push for SOEs to enter emerging industries aims to align with national strategies, but companies face challenges in meeting ambitious targets while ensuring economic viability [32][34]. - Liu Bing's team emphasizes the need to focus on quality and effectiveness in addition to meeting quantitative targets set by SASAC [34].