公用事业：央、国企市值管理持续深化，关注年报季电力资产价值发现

Investment Rating - Industry rating: Recommended (maintained) [1] Core Viewpoints - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated a comprehensive assessment of market value management for listed companies, encouraging enterprises to enhance returns to investors through various means such as cash dividends and share buybacks [3][5] - The acceleration of capital operations in the electric power sector among state-owned enterprises (SOEs) is expected to strengthen their core competitiveness, driven by policies supporting mergers and acquisitions [3][5] - The upcoming annual report season is anticipated to catalyze the revaluation of electric power assets, with a focus on the deepening of market value management practices [3][5] Summary by Sections Market Value Management - The SASAC has emphasized the importance of market value management, integrating it into the performance evaluation of central enterprise leaders, which is expected to enhance the market performance of controlled listed companies [3][5] - Various SOEs in the public utility sector are actively implementing market value management measures, including increased dividends and share buybacks, to stabilize investor confidence [3][5] Capital Operations - The electric power sector is witnessing a notable acceleration in capital operations, with SOEs actively restructuring and integrating quality assets to enhance their market presence [3][5] - Recent policies from the SASAC and the China Securities Regulatory Commission (CSRC) are designed to support mergers and acquisitions, thereby improving the investment value of listed companies [3][5] Investment Recommendations - Investors are advised to pay attention to the revaluation of electric power assets in light of the deepening market value management and the upcoming annual report season, which may lead to a reassessment of undervalued assets [3][5] - The current price-to-book (PB) ratio for the sector is around 1x, suggesting potential investment opportunities in central and local SOEs such as China Resources Power, Huadian International, and Datang Power [3][5]