宏观专题：理解国有经济增加值（EVA）

Key Points on State-Owned Economic Value Added (EVA) - The Third Plenum emphasizes the importance of "State-Owned Economic Value Added" (EVA) as a key metric for state-owned enterprise (SOE) reform, potentially becoming a critical component of the "One Profit, Five Ratios" financial indicator system for central SOEs[1][6] - EVA reflects the value created by SOEs in the production process and measures their incremental contribution to the national economy, offering a more objective assessment of value creation compared to traditional profit metrics[2][8] - Central SOEs' EVA grew from 71.4 billion yuan in 2010 to 842 billion yuan in 2022, with a 12-year CAGR of 22.83%, significantly outperforming private enterprises in both scale and growth rate[2][22] - The EVA of central and local SOEs has shown better improvement compared to private enterprises since 2020, with a more moderate decline during recent economic downturns[2][24] - Key industries such as upstream resources, infrastructure, and real estate dominate the EVA scale of central SOEs, while sectors like automobiles and food & beverages are significant for local SOEs[26][27] Evolution of SOE Performance Evaluation System - The SOE performance evaluation system has evolved from single-type (1978-1992) to comprehensive (1993-2002) and then to classified performance evaluation (2013-present), with EVA gaining importance as a key metric[11][12] - Since 2019, the central SOE performance evaluation system has shifted from "Two Profits, One Ratio" to "One Profit, Five Ratios," incorporating metrics like ROE and operating cash ratio to enhance profitability and operational efficiency[19][20] Risks and Challenges - The application of EVA in China's SOEs is still immature, with potential limitations and difficulties in practical implementation[3][30] - The deepening of SOE reforms into more complex areas may face delays, and the strengthening of state capital could potentially crowd out private capital, impacting the high-quality development of the private economy[3][30]