2025 年 11 月 02 日 国有"三资"改革大幕拉开，国资并购重组未来已来 中小盘研究团队 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本周专题：国有"三资"改革大幕拉开，国资并购重组未来已来 政策："国有"三资改革大幕拉开，有望开启新一轮国资并购潮。2025 年 10 月 16 日，湖北省省长李殿勋在武汉调研国有"三资"管理改革并召开推进会时， 提出要进一步深化认识，更加深刻把握"一切国有资源尽可能资产化、一切国有 资产尽可能证券化、一切国有资金尽可能杠杆化"三项原则。在湖北之后，10 月 24 日，安徽省多部门联合发布《推进"大资产"统筹管理总体工作方案》，明 确 2025 年 9 月至 12 月组织实施"大资产"统筹管理工作，开展清查、确权、统 筹盘活、与债务联 ...

Core Viewpoint - Local governments are intensifying efforts to promote the reform of state-owned "three assets" (state-owned resources, state-owned assets, and state-owned funds), which directly contributes to the growth of related fiscal revenues [3][4]. Summary by Sections Jilin Province - In the first three quarters of this year, Jilin Province's non-tax revenue reached 45.55 billion yuan, a year-on-year increase of 22.1%. The revenue from the paid use of state-owned resources (assets) grew by 59.9% due to enhanced management and coordination of state-owned "three assets" [3]. - The Jilin Provincial Finance Department is restructuring the local fiscal resource allocation mechanism, aiming to transform fiscal management from a focus on funds to managing state-owned "three assets" [3]. Anhui Province - Anhui Province has issued a comprehensive work plan to promote "large asset" management, starting from September, focusing on the inventory and coordination of eight types of assets, five types of resources, and two types of funds [4][5]. - In 2024, Anhui's non-tax revenue from the paid use of state-owned resources (assets) is projected to be approximately 73.95 billion yuan, reflecting an 11% year-on-year growth, significantly higher than the local general public budget revenue growth of 2.6% [6]. Hubei Province - Hubei Province has also increased efforts in promoting the reform of state-owned "three assets," leading to significant fiscal revenue growth. In 2024, the non-tax revenue from the paid use of state-owned resources (assets) is expected to be around 67.79 billion yuan, a year-on-year increase of approximately 60% [7][8]. - The provincial government is focusing on deepening the management reform of state-owned "three assets" to enhance the efficiency of state-owned economic operations and address current economic challenges [8]. General Trends - The overall trend indicates that local governments are leveraging the management of state-owned "three assets" to boost fiscal revenues amid economic downturns and challenges in the real estate market [8][9]. - Despite the growth in non-tax revenues from state-owned resources, there are concerns about the sustainability of this income growth as the pool of available assets for revitalization diminishes [8].

Core Insights - Local governments are intensifying efforts to reform state-owned "three assets" (state-owned resources, assets, and funds), leading to significant growth in related fiscal revenues [1][2][4] Group 1: Non-Tax Revenue Growth - In Jilin Province, non-tax revenue reached 45.55 billion yuan in the first three quarters of this year, marking a 22.1% year-on-year increase, with state-owned resource usage income growing by 59.9% [1] - In Anhui Province, non-tax revenue from state-owned resources is projected to be approximately 73.95 billion yuan in 2024, reflecting an 11% year-on-year increase, significantly outpacing the general public budget revenue growth of 2.6% [3] - Hubei Province anticipates non-tax revenue from state-owned resources to be around 67.79 billion yuan in 2024, showing a substantial 60% year-on-year increase [4] Group 2: Asset Management Initiatives - Anhui Province has implemented a comprehensive plan to manage "large assets," focusing on the inventory and revitalization of eight asset categories, five resource types, and two funding categories [2] - Hubei Province is conducting a thorough inventory of state-owned assets, aiming to transform resources into capital through market-oriented operations, having already revitalized assets worth 370.8 billion yuan [4][5] - The Ministry of Finance reported a 4% increase in non-tax revenue from state-owned resource usage nationwide, driven by local governments' multi-channel asset revitalization efforts [6] Group 3: Challenges and Future Outlook - Local governments face increasing fiscal pressure due to economic downturns and a sluggish real estate market, prompting a focus on revitalizing existing assets to boost revenue [5] - There are concerns regarding the sustainability of revenue growth as the pool of available assets for revitalization diminishes, leading to a push for more efficient resource allocation through state-owned "three assets" reforms [5]

Group 1 - The recent conference outlined major development goals for the next five years, emphasizing high-quality development, technological self-reliance, and comprehensive reform [2] - The significance of reform is highlighted as essential for development, with Anhui province initiating a comprehensive management plan for state-owned assets [3] - Shenzhen aims for a total market value of listed companies to exceed 20 trillion yuan by 2027, focusing on mergers and acquisitions as a key strategy for achieving this goal [4][6] Group 2 - Shenzhen encourages both the listing of companies and mergers and acquisitions, setting targets for over 200 completed projects and a total transaction amount exceeding 100 billion yuan [6] - Hubei province is also pursuing similar reforms, emphasizing the importance of state-owned asset management to enhance operational efficiency and support economic stability [8][11] - The reform direction in Hubei includes asset securitization and leveraging state-owned funds, with a focus on revitalizing resources and expanding financing options [9][12] Group 3 - The case of Yangtze Memory Technologies, which completed its shareholding reform, exemplifies successful state-owned asset management and is expected to boost local employment and economic stability [13][14] - The strategic restructuring of five listed companies in Henan aims to optimize resource allocation and enhance operational efficiency, with a combined total asset exceeding 500 billion yuan [15][16] - The urgency and importance of comprehensive reform are underscored across various provinces, indicating a collective effort to achieve breakthroughs in state-owned enterprise reform [17][18]