破局“估值洼地”：发展科技主题产品推动国资央企价值实现路径分析

Core Viewpoint - The article emphasizes the critical role of state-owned enterprises (SOEs) in driving technological innovation in China, highlighting the need for improved market valuation and capital support to enhance their innovation capabilities and overall performance [1][2]. Group 1: Strategic Importance and Achievements of SOEs in Technological Innovation - Since the 18th National Congress, China has prioritized innovation as the primary driver of development, with SOEs positioned as the "national team" in technological innovation [2]. - In 2024, strategic emerging industry investments by SOEs surpassed 40% of total investments, with effective invention patents reaching 496,000 [2]. - By 2025, SOEs aim for strategic emerging industries to account for 35% of their revenue, with a focus on future industries like quantum information and controlled nuclear fusion [2]. Group 2: Capital Market Empowerment Mechanisms for Technological Innovation - The capital market provides diversified direct financing to alleviate funding constraints for innovation activities, particularly for SOEs requiring long-term investments [3]. - The market's pricing mechanism can enhance resource allocation by reflecting the technological strength and growth potential of SOEs, which are currently undervalued [3]. - Long-term patient capital, such as pension funds, can stabilize market fluctuations and support SOEs in focusing on long-term innovation investments [4]. Group 3: Valuation Challenges and Causes for SOE Technology Sectors - SOEs, especially those in technology, face a persistent undervaluation in the capital market, with an average price-to-earnings (PE) ratio of 29.8 compared to the market median of 38.6 in 2025 [5][6]. - This undervaluation creates a negative cycle of funding constraints, reduced market recognition, and limited product development opportunities [6]. - The lack of long-term capital and a preference for short-term investments exacerbate the funding challenges faced by SOEs [8]. Group 4: Financial Product Shortages and Value Transmission Issues - There is a significant shortage of financial products focused on SOEs, with only 21 central enterprise-themed ETFs available, of which only 8 focus on technology [9]. - The total scale of technology-focused SOE funds is approximately 9 billion, which is insufficient compared to the total market capitalization of SOE listed companies [11]. - The limited product ecosystem hinders effective capital allocation and prevents sustained inflows of new capital into the SOE technology sector [11]. Group 5: Misalignment in Valuation Logic - The current valuation of technology SOEs relies heavily on traditional financial metrics, which do not adequately capture their long-term strategic value [12]. - The market's focus on short-term growth predictions has led to a mispricing of the inherent value of SOEs, particularly in critical sectors [12]. - There is a need for a systematic update of valuation logic to incorporate the long-term strategic missions of SOEs, ensuring their contributions to national interests are recognized [12]. Group 6: Measures to Enhance SOE Valuation - Strengthening top-level policy guidance is essential to increase the allocation of patient capital to SOEs, addressing their long-term funding needs [14]. - Developing a comprehensive range of thematic financial products can facilitate better market access and investment in SOEs, creating a positive feedback loop [15]. - Improving investor relations and market communication is crucial to reshape perceptions and enhance the understanding of SOEs' long-term value propositions [17].