国资央企“要多用、善用资本市场”有哪些深意

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for state-owned enterprises (SOEs) to enhance their integration capabilities in strategic emerging industries and to effectively utilize capital markets for structural adjustments and industrial upgrades [1] Group 1: Investment and Market Dynamics - Since the beginning of the 14th Five-Year Plan, central enterprises have invested a total of 8.6 trillion yuan in strategic emerging industries, with investments in 2024 expected to exceed 40% of total investments, and revenue from these industries approaching 30% [1] - The capital market is identified as an "accelerator" for SOEs to cultivate strategic emerging industries, providing a full-cycle funding support system through various channels such as IPOs, refinancing, and bond issuance [1] Group 2: Mergers and Acquisitions - The SASAC outlines a new path for mergers and acquisitions, allowing central enterprises to inject non-core but promising strategic emerging businesses into other core enterprises' listed platforms, facilitating mutual benefits [2] - This approach aims to enhance the integration of technology, capacity, and market resources among central enterprises, reducing redundant investments and resource waste [2] Group 3: Valuation Logic Transformation - The injection of strategic emerging industry assets into core enterprises is expected to shift the valuation logic of SOE-controlled listed companies from static asset pricing to dynamic innovation premiums [3] - This policy direction will encourage the market to focus on dynamic indicators such as R&D intensity and technological barriers, addressing the undervaluation of state-owned enterprises and enhancing their competitiveness in key sectors [3]