宏观点评：从三中全会解读国企改革

Reform Direction and Logic - The 20th CPC Central Committee's Third Plenary Session emphasizes systematic integration and effectiveness in state-owned enterprise (SOE) reforms, focusing on market, SOEs, private enterprises, finance, and talent as a whole to enhance production relations and productivity[2] - SOE reforms are classified into three levels: macroeconomic structural adjustment, mid-level industrial strengthening, and micro-level efficiency improvement, aiming to ensure national economic security, enhance core competitiveness, and address innovation and industrial system weaknesses[2] - The reform logic involves returning to core businesses, improving efficiency, and increasing investment in basic research, while reducing the pursuit of short-term profits and scale expansion[2] Key Areas of Reform - In the power sector, reforms have opened up power generation and sales to various ownership types, while transmission networks remain under state control due to high investment and public welfare requirements[2] - SOEs are classified into two categories: those related to national security and public welfare, which maintain monopoly status, and those in competitive sectors, which will face market competition to improve efficiency[8] - The reform aims to optimize the layout and structure of the state-owned economy, focusing on key industries such as national security, public services, and strategic emerging industries[11] Reform Measures and Evaluation - A new evaluation system for SOEs will focus on three dimensions: added value, functional guarantees, and strategic missions, ensuring that SOEs fulfill their social responsibilities while improving efficiency[2] - Economic Value Added (EVA) will be introduced as a key performance indicator to measure the true profitability and value creation of SOEs, encouraging long-term efficiency over short-term profits[13] - The reform emphasizes the importance of improving total factor productivity, with a focus on both output quantity and quality, to enhance the overall efficiency of the state-owned economy[17] Challenges and Risks - The reform faces risks such as potential deviations in policy interpretation and adjustments, as well as the impact of global uncertainties on the pace of reform[18]