嘉实基金：新质动能重塑央国企价值 市值管理开启成长新篇章

Core Viewpoint - Central state-owned enterprises (SOEs) are playing a crucial role in the modernization of the national economy, focusing on technological innovation and capital market management to enhance their intrinsic value and shareholder returns [1][2]. Group 1: Value Creation - Since the start of the 14th Five-Year Plan, the overall strength of central SOEs has significantly improved, with total assets increasing from less than 70 trillion yuan to over 90 trillion yuan, and total profits rising from 1.9 trillion yuan to 2.6 trillion yuan, reflecting annual growth rates of 7.3% and 8.3% respectively [1]. - The operating income profit margin has improved from 6.2% to 6.7%, with indicators such as return on state-owned capital and return on net assets also showing continuous improvement, indicating a significant enhancement in value creation capabilities [1]. Group 2: Technological Innovation and Industry Integration - Central SOEs have invested over 1 trillion yuan in R&D for three consecutive years, actively participating in national major technology projects and forming strong collaborative innovation networks [2]. - The transformation of central SOEs is accelerating, with a focus on intelligent, green, and high-end development, leading to an average annual investment growth rate exceeding 20% in strategic emerging industries [2]. Group 3: Market Valuation and Future Outlook - Despite the significant increase in market capitalization, central SOEs are still valued relatively low historically, with the China Securities Central Enterprises Index (000926) having a price-to-earnings ratio of 12.30 and the Central Enterprises Innovation Index (000861) at 14.76 [3]. - Approximately 260 central SOEs are trading below net asset value, representing about 59% of the total number of such companies in the A-share market, indicating substantial potential for valuation recovery [3]. - The company anticipates that high-quality central SOEs will continue to enhance their value creation and operational capabilities, transitioning from a "theme-driven" investment logic to a "value-led" approach, thereby optimizing resource allocation in the capital market [3]. Group 4: Investment Opportunities - To assist investors in seizing opportunities in central SOEs, the company has been optimizing its product offerings, including ETFs that cater to diverse investment needs in technology innovation, digital economy, and new energy sectors [4].