央企新兴产业故事：已出现供需失衡、增量不增效

Core Viewpoint - The article discusses the challenges faced by central enterprises in the new materials and new energy sectors, particularly the issues of "supply-demand imbalance" and "incremental growth without efficiency" as they expand their investments in strategic emerging industries [1][3][4]. Group 1: Supply-Demand Imbalance - Central enterprises in sectors like new materials and new energy are experiencing a mismatch between supply and demand, leading to overcapacity and underutilization of resources [3][4]. - The investment in strategic emerging industries has increased significantly, with a reported investment of 2.18 trillion yuan in 2023, marking a 32.1% year-on-year growth [12]. - Despite the push for expansion, many enterprises are struggling with low capacity utilization rates, with some reporting rates below 30% [9][22]. Group 2: Incremental Growth Challenges - Companies are facing difficulties in achieving expected returns on their investments, leading to a situation where increased production does not translate into proportional revenue growth [21][23]. - The carbonates industry, for example, saw a projected gross margin of less than 10% in 2024, significantly below the industry average, due to falling prices and excess inventory [22]. - The construction sector is also experiencing similar issues, with rapid capacity expansion in offshore wind projects leading to market saturation and reduced profit margins [24][25]. Group 3: Strategic Direction and Policy Alignment - The State-owned Assets Supervision and Administration Commission (SASAC) has set clear quantitative targets for central enterprises, aiming for 35% of their revenue to come from strategic emerging industries by 2025 [4][28]. - Enterprises are encouraged to balance policy directives with market realities, as they face challenges in aligning their operational capabilities with ambitious targets set by SASAC [27][29]. - There is a concern among enterprises about the potential risks of investing in new materials and technologies, particularly if market demand does not meet expectations [28][30].