Core Viewpoint - The Henan Province Reform and Development State-Owned Enterprise Equity Investment Fund, with a scale of 5 billion yuan, has initiated the regular selection of fund management institutions for the 2026 annual sub-fund [1] Investment Focus - The investment direction for this year emphasizes capital market incubation for state-owned enterprises, key industry clusters in Henan Province, cultivation of strategic emerging industries, and focus on the main business of state-owned enterprises [1] - Key industries targeted for investment include advanced aluminum-based materials, advanced copper-based materials, advanced alloy materials, electronic information, advanced equipment, biomedicine, and high-end medical devices [1] Sub-Fund Requirements - Sub-fund management institutions are required to secure investment intentions for at least 50% of the total scale of the proposed sub-fund (excluding contributions from the mother fund) [1] - The management fee for the sub-fund (and partnership fee) shall not exceed 2% per year, with specific arrangements to be negotiated [1] - Sub-funds are generally expected to set a hurdle return rate of no less than 6% per year [1] Fund Background - The Henan Province Reform and Development State-Owned Enterprise Equity Investment Fund was initiated by the Henan State-Owned Capital Operation Group Co., Ltd. in September 2024, aiming to leverage the leading role of state-owned enterprises, optimize capital layout in Henan Province, and promote industrial upgrading and innovative development [1]

热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 为深入贯彻落实省委、省政府和省政府国资委关于国企改革的决策部署，优化河南省资本布局，推 动产业升级与创新发展，充分发挥国有企业的引领带动作用，河南国有资本运营集团有限公司（以 下简称"河南资本集团"）于2024年9月发起设立河南省赋豫国企改革发展股权投资基金（以下简 称"国改母基金"或"母基金"），规模50亿元，已开展运作并取得良好的社会经济效果。现结合发 展需求启动2026年度子基金管理机构常态化遴选。 来源：河南资本 每日｜荐读 子基金在本年度将以国资国企资本市场孵化、河南省重点产业集聚、战略性新兴产业培育、国企主 业聚焦等领域为重点投资方向。聚焦河南省内外先进铝基材料、先进铜基材料、先进合金材料、电 子信息、先进装备、生物医药、高端医疗器械等产业链优质项目。 ...

来源：新浪证券-红岸工作室 1月14日，中金公司跌0.39%，成交额14.29亿元，换手率1.36%，总市值1718.50亿元。 主力持仓 异动分析 期货概念+国企改革+中字头股票 1、2023年年度报告：公司控股子公司中金期货有限公司，注册资本人民币3亿5千万，为公司的全资子 公司；主业务为商品期货经纪、金融期货经纪、期货投资咨询、资产管理。 2、公司属于国有企业。公司的最终控制人为中央汇金投资有限责任公司。 3、公司为中字头股票，公司实控人为国资委或中央国有企业或中央国家机关。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入1329.21万，占比0.01%，行业排名15/50，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-2.55亿，连续2日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入1329.21万4761.85万-4194.29万-1.65亿-8.17亿 主力没有控盘，筹码分布非常分散，主力成交额3.91亿，占总成交额的1.41%。 技术面：筹码平均交易成本为36.13元 该股筹码平均交易成本为36.13 ...

Core Viewpoint - Qinhuangdao Port Co., Ltd. is a major player in the port services industry, focusing on integrated port operations and experiencing slight fluctuations in stock performance recently [1][2]. Company Overview - Qinhuangdao Port Co., Ltd. is located in Hebei Province and provides comprehensive port services including loading, storage, warehousing, transportation, and logistics [2][7]. - The company is state-owned, with the ultimate control held by the Hebei Provincial Government's State-owned Assets Supervision and Administration Commission [2]. - It operates primarily in coal, metal ores, oil and liquid chemicals, containers, and general cargo, making it the largest public bulk cargo terminal operator globally [2][7]. - The revenue composition includes 66.61% from coal and related services, 21.36% from metal ores, 8.80% from other general cargo, 1.50% from container services, and 0.47% from liquid cargo services [7]. Recent Developments - In the past year, the company has been subject to a stake acquisition by Great Wall Life Insurance Co., which now holds 5.00% of the total shares [3]. - As of September 30, the number of shareholders decreased by 6.72% to 47,500, with no change in average circulating shares per person [8]. Financial Performance - For the period from January to September 2025, the company reported revenue of 5.212 billion yuan, reflecting a year-on-year growth of 2.81%, and a net profit attributable to shareholders of 1.391 billion yuan, up 3.87% year-on-year [8]. - The company has distributed a total of 3.565 billion yuan in dividends since its A-share listing, with 1.335 billion yuan distributed over the past three years [9]. Market Activity - On January 14, the stock price of Qinhuangdao Port fell by 0.85%, with a trading volume of 110 million yuan and a turnover rate of 0.65%, resulting in a total market capitalization of 19.556 billion yuan [1]. - The stock has seen a net inflow of 3.6133 million yuan from major investors today, with the industry ranking at 8 out of 35 [4].

Group 1 - The core focus of the news is on the ongoing reforms and developments in Guizhou province, particularly in state-owned enterprises, aimed at enhancing their efficiency and market competitiveness [3][13][26] - The Guizhou provincial government has implemented a reform plan that emphasizes "all reform, all transfer, all withdrawal; reducing total numbers, reducing levels, and reducing personnel" to strengthen state-owned enterprises [3][26] - By the end of 2025, Guizhou's state-owned enterprises are projected to achieve operating income of 113.835 billion yuan and total profits of 9.103 billion yuan, with a significant reduction in the number of enterprises from 2,095 to 1,349 [3][13] Group 2 - Guizhou South Dairy has undergone a market-oriented transformation, maintaining a 60% market share in the province and expanding towards the Beijing Stock Exchange [20][16] - The company has adopted a strategy of introducing strategic investors and developing large-scale dairy farms to enhance its market presence [16][20] - The restructuring of Guizhou South Dairy is part of a broader trend of state-owned enterprises focusing on core competencies and improving operational efficiency [21][27] Group 3 - The Guizhou Tire Company has integrated party leadership with production operations, resulting in enhanced productivity and recognition as a "lighthouse factory" in the tire industry [29] - The company has implemented a smart manufacturing process that has significantly improved its operational capabilities [29] - The Guizhou provincial government is focusing on optimizing resource allocation and enhancing the efficiency of public transportation systems to better serve the community [22][24]

Core Insights - The three-year action plan for deepening state-owned enterprise (SOE) reform has largely been completed, with significant achievements in structural layout, technological innovation, corporate governance, and regulatory mechanisms [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes that while the action plan has concluded, the reform process must continue to deepen and consolidate its results [2] Group 1: Achievements in Reform - SOEs have undergone fundamental changes through multiple rounds of reform, contributing significantly to economic and social development, although challenges remain in original innovation capabilities and safety support in key areas [3] - Central enterprises have established 97 original technology sources and 23 innovation consortia, promoting collaborative research and development [3] - Central enterprises have opened 134 pilot verification platforms and created over 800 application scenarios across 16 key industries [3] Group 2: Strategic Developments - In the strategic emerging industries, central enterprises achieved revenues exceeding 11 trillion yuan from January to November 2025, with significant investments in biopharmaceuticals and low-altitude economy sectors [4][5] - The SASAC is promoting the restructuring and professional integration of SOEs to enhance efficiency and focus on key sectors [5] Group 3: Future Reform Directions - The "14th Five-Year Plan" and subsequent actions have shifted SOE reform from institutional construction to efficiency enhancement, laying a foundation for deeper changes in the "15th Five-Year Plan" [7] - The SASAC plans to further improve the modern enterprise system with a focus on enhancing core functions and competitiveness of SOEs [7][8] - The restructuring of major state-owned enterprises, such as the merger between Sinopec and China Aviation Oil, is seen as a significant step towards optimizing layout and responding to international competition [8][9]

Core Viewpoint - The article discusses the significant progress made in the reform of state-owned enterprises (SOEs) in China, highlighting achievements in structural layout, technological innovation, corporate governance, and regulatory mechanisms, while also acknowledging existing challenges that need to be addressed for future reforms [4][5]. Reform Achievements - The State-owned Assets Supervision and Administration Commission (SASAC) reported that the reform of SOEs has fundamentally changed their overall appearance and contributed significantly to economic and social development, although issues such as insufficient original innovation capabilities remain [4][5]. - Central enterprises have established 97 original technology sources and led the construction of 23 innovation consortia, promoting collaborative research and development [5][6]. - In the strategic emerging industries sector, central enterprises achieved over 11 trillion yuan in revenue from January to November 2025, with significant investments in biopharmaceuticals and low-altitude economy sectors [5][6]. Strategic Restructuring and Integration - The SASAC has facilitated the restructuring and integration of state-owned enterprises to enhance their core competitiveness, with notable mergers involving assets exceeding 100 billion yuan [6][11]. - New central enterprises have been established, improving resource allocation efficiency, and various regions have initiated strategic reorganizations involving 229 primary enterprises [6][11]. Future Reform Directions - The "14th Five-Year Plan" and subsequent directives emphasize the need for SOEs to strengthen their core functions and enhance competitiveness, setting a clear direction for the next five years [9][11]. - The SASAC aims to deepen reforms by focusing on problem-solving and improving the effectiveness of reforms, with an emphasis on modern corporate governance and management systems [10][11]. - The recent merger between China Petroleum and Chemical Corporation and China Aviation Oil is highlighted as a significant event in the ongoing restructuring of central enterprises, aimed at optimizing their operational focus and responding to international competition [11].

为期三年的国企改革深化提升行动主体任务已基本完成，国有企业在布局结构、科技创新、公司治理、监管机制等方面都取得了明显成效。 日前，国务院国资委举行国有企业改革深化提升行动经验交流会，亮出了最新一轮改革"成绩单"。 国务院国资委副主任李镇表示，改革永远在路上，深化提升行动在时间上虽已"收官"，但深化改革不能"收兵"，要继续推动改革任务深化、巩固改革成效， 并认真谋划好下一步改革。 "国资国企历经多轮改革，整体面貌发生了根本性变化，为经济社会发展作出了突出贡献，但仍存在原始创新能力仍显不足、部分重点领域安全支撑能力还 不够等问题。"李镇表示，各单位要深入分析本地区、本企业国资国企改革仍存在的共性突出问题，提出针对性措施，为新一轮改革做好准备。 随着国企改革不断向深水区挺进，更多深层次体制机制障碍得到有力破除。在优化科技创新体制机制方面，中央企业牵头建设97个原创技术策源地。不少地 方和中央企业出台原始创新长周期激励和创新免责制度。 数据显示，中央企业主导建设23个创新联合体，不少地方、中央企业大力推动科研组织架构资源优化，联合机动攻关、揭榜挂帅、赛马制等广泛应用，8家 中央企业转制科研院所成立共性技术研究院。此外 ...

证券之星消息，1月13日，国企改革（399974）指数报收于2001.08点，跌0.85%，成交2707.41亿元，换 手率1.18%。当日该指数成份股中，上涨的有36家，中海油服以6.03%的涨幅领涨，下跌的有60家，西 部超导以10.02%的跌幅领跌。 国企改革（399974）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，国企改革（399974）指数成份股当日主力资金净流出合计165.71亿元，游资资金净流入 合计44.48亿元，散户资金净流入合计121.24亿元。成份股资金流向详情见下表： ...

今日主力净流入-808.24万，占比0.05%，行业排名11/27，连续3日被主力资金减仓；所属行业主力净流 入-10.68亿，连续2日被主力资金减仓。 来源：新浪证券-红岸工作室 1月13日，弘业期货跌2.00%，成交额1.61亿元，换手率1.95%，总市值108.84亿元。 异动分析 期货概念+创投+国企改革 1、弘业期货股份有限公司主要从事商品期货经纪、金融期货经纪、期货投资咨询、资产管理、基金销 售、金融资产投资业务。是期货行业首家A+H股上市公司。 2、公司认缴弘瑞新时代创业投资有限公司，出资金额 2,200 万元，持股比例为 22%。弘瑞新时代的主 要经营地为江苏省南京市，主营业务为创业投资和管理咨询。 3、公司属于国有企业。公司的最终控制人为江苏省政府国有资产监督管理委员会。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 机构持仓方面，截止2025年9月30日，弘业期货十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股286.47万股，相比上期减少320.06万股。南方中证1000ETF（512100）位居第八大流通股 东，持股211.3 ...