央国企动态系列报告之36：市值管理行动常态化，央企参与积极性显著提升

Group 1: Market Participation - As of March 30, 2025, 214, 108, and 16 state-owned enterprises (SOEs) participated in market value management special actions, published market value management systems, and released valuation enhancement plans, respectively, accounting for approximately 15% of all announced enterprises[2] - The participation rate of SOEs in market value management actions is significantly higher than the overall A-share market, with SOEs representing less than 8% of the A-share market[2] - Over half of the SOEs have issued relevant announcements regarding market value management, indicating a notable increase in participation willingness compared to the initial three months of the special actions[9] Group 2: Value Management Systems - 21.8% of SOEs have officially announced market value management systems, while 5.3% plan to establish such systems, demonstrating a proactive approach to value management[14] - Small-cap SOEs with negative net asset values show a higher enthusiasm for establishing market value management systems compared to the market average[14] - The content of these systems includes measures such as share buybacks, cash dividends, and enhanced public opinion monitoring and response strategies[14] Group 3: Valuation Enhancement Plans - More than 50% of long-term negative net asset SOEs have released valuation enhancement plans, which is higher than other ownership types[20] - The proportion of long-term negative net asset SOEs is close to 8%, exceeding the overall negative asset ratio of the A-share market by 4 percentage points[20] - Valuation enhancement plans focus on core business operations, market expectations, and information disclosure, with some companies committing to increase dividend payouts from 30% to 40%[20] Group 4: Economic Indicators - In the first two months of 2025, the industrial added value of state-controlled enterprises grew by 5.9% year-on-year, while fixed asset investment increased by 7.0%, surpassing the national average of 4.1%[24] - The total revenue and profit of state-owned enterprises for January and February 2025 were 12.5 trillion yuan and 0.63 trillion yuan, respectively, with year-on-year growth rates of -0.3% and 0.1%[24] - The asset-liability ratio of state-owned enterprises stood at 64.9% as of the end of February 2025[24]