中信证券：东风私有化后 汽车行业被低估的国企估值逻辑可能发生重构

Core Viewpoint - The privatization of Dongfeng may lead to a restructuring of the valuation logic for undervalued state-owned enterprises (SOEs) in the automotive industry, highlighting the importance of market value management among these companies [1] Group 1: Capital Operations - Recent privatization cases indicate that SOEs in the automotive sector are increasingly focusing on market value management, which may result in more intensive capital operations in the future [1] - These capital operations are expected to help address the financing challenges faced by SOEs [1] Group 2: Transformation and Collaboration - The delayed but ongoing transformation towards smart electrification among SOEs is contributing to improvements in their fundamentals [1] - Investment opportunities in the automotive industry can be approached from two perspectives: collaboration with technology companies like Huawei and the reverse technology output from joint venture brands leading to changes in business models [1]