资本市场“工具箱”持续升级 助国企改革向深突破

Group 1 - The capital market plays a crucial role in the reform of state-owned enterprises (SOEs) by facilitating fundraising, improving corporate governance, and promoting mixed-ownership reform [1] - Various policy tools will be utilized to further assist central SOEs in resource integration, enhancing key links in the industrial chain, and optimizing the layout of state-owned capital towards strategic emerging industries [1] - The trend of mergers and acquisitions (M&A) among state-owned enterprises has intensified, with 95% of asset restructuring cases involving horizontal integration and strategic cooperation since the introduction of the "M&A Six Guidelines" [2] Group 2 - State-controlled listed companies are encouraged to strengthen the integration of technological innovation resources and focus on long-term strategic projects to foster high-value innovative companies [3] - Capital markets are emphasizing value creation and realization, with SOEs actively using market tools for value enhancement [4] - The implementation of value management practices is becoming more prevalent among SOEs, with initiatives to improve operational performance, investor returns, and corporate governance [4][5] Group 3 - Local governments are exploring new practices in value management tailored to their specific contexts, integrating it into the performance assessment of state-owned listed companies [5][6] - A virtuous cycle of "value creation - market value realization - capital feedback" is being established, signaling high-quality development and boosting market confidence in SOEs [6]