展望新一轮国有企业改革方案，国企要更好地担当起发展新质生产力、举国体制推动创新、建设统一大市场中的关键角色。 内容来源 | 央视新闻、智通财经、证券时报 据新华社消息，中央经济工作会议12月10日至11日在北京举行。分析当前经济形势，部署2026年经济工作。 在部署明年主要任务时，会议特别提到，制定和实施进一步深化国资国企改革方案。 中国企业联合会特约高级研究员刘兴国对智通财经表示，明年的国企改革，应该会在当前已有改革的基础上向深向难推进，既要通过改革激发发展活力， 为"十五五"发展开好新局，也要通过改革增强创新动能，推动科技创新、产品创新取得更好成果。另外，要通过改革优化管理模式、管理制度，实现更有 效率更有质量的发展。 在刘兴国看来，明年国企改革的重点可能在三个方面，一是深化"三项制度"改革，建立更具激励效果的手段多元化的激励制度；二是完善创新机制，优化 创新环境，变革创新模式，促进成果转化应用，全面激发创新动能；三是构建统筹国资安全和发展活力的监管模式，既要保障国资安全，更要实现国资增 值。 中国企业改革与发展研究会研究员周丽莎对智通财经表示，展望新一轮国有企业改革方案，国企要更好地担当起发展新质生产力 ...

Core Points - The Central Economic Work Conference was held in Beijing on December 10-11, focusing on key tasks for economic work in the coming year [1] - Emphasis on reform to enhance high-quality development and vitality [1] Group 1: Key Tasks - Formulate a national unified market construction regulation to address "involution" competition [1] - Develop and implement further reforms for state-owned enterprises and improve supporting regulations for the promotion of the private economy [1] - Accelerate the clearance of overdue corporate payments [1] Group 2: Market and Financial Reforms - Promote win-win development for platform enterprises, operators, and workers [1] - Expand pilot programs for market-oriented reforms of factors [1] - Improve the local tax system [1] - Deepen the reduction and quality enhancement of small and medium-sized financial institutions, and continue to advance comprehensive reforms in capital market investment and financing [1]

人民财讯12月4日电，12月3日，湖北省国资委召开全省国资国企"十五五"规划编制专家座谈会。会议强 调，要坚持服务全局，准确把握国有企业战略使命和功能定位，不断增强核心功能、提升核心竞争力， 积极服务国家和全省重大战略，为推动加快建成中部地区崛起的重要战略支点贡献国资国企力量。要坚 持突出重点，找准制约国资国企高质量发展的突出短板和薄弱环节，聚焦"三个集中"明确国有经济布局 优化和结构调整方向，不断加快实体产业高质量转型发展，扎实推动科技创新和产业创新深度融合，全 面深化国资国企改革，做强做优做大国有企业和国有资本。要坚持质效并重，把握吃透上级规划精神， 加强同省级专项规划横向衔接，进一步修改完善我省国资国企规划文本，按照时序进度高质高效完成规 划编制工作。 ...

Group 1: Core Views - The core viewpoint emphasizes the importance of invigorating various business entities to enhance high-quality economic development in China, as outlined in the 20th Central Committee's Fourth Plenary Session [1] Group 2: State-Owned Enterprises (SOEs) - The state-owned enterprises (SOEs) are deemed essential for the material and political foundation of socialism with Chinese characteristics, necessitating their strengthening and optimization to enhance competitiveness and innovation [2] - Reforming state-owned assets and enterprises is crucial to eliminate barriers to high-quality development, improve internal management, and enhance market-oriented operations [3] Group 3: Optimization and Structural Adjustment of State-Owned Economy - The focus is on optimizing the layout and structure of state-owned capital, directing investments towards strategic sectors and public services, and promoting the development of the real economy [4] - Emphasis on strategic and professional restructuring to enhance efficiency and avoid redundant construction and disorderly competition [4] Group 4: Enhancing Core Competencies of SOEs - SOEs are encouraged to leverage market forces to fulfill national strategic missions, with a focus on enhancing core functions and competitiveness [5] - Establishing a comprehensive evaluation system for SOEs to align their development with national strategic goals [5] Group 5: Support for Non-Public Economy - The non-public economy, particularly private enterprises, plays a significant role in China's economic development, contributing over 90% of enterprises and 80% of urban employment [6][7] - Continuous optimization of the business environment for private enterprises is essential, including legal protections and fair competition [8] Group 6: Support for SMEs and Individual Businesses - Small and medium-sized enterprises (SMEs) and individual businesses are vital for innovation and employment, necessitating enhanced support and services [9] - Encouragement for collaboration between large enterprises and SMEs to strengthen supply chains and promote innovation [9] Group 7: Protection of Property Rights - The protection of property rights for both public and non-public economies is emphasized, with a focus on establishing a robust legal framework to support the development of the private sector [10] Group 8: Building World-Class Enterprises - The development of world-class enterprises is crucial for national economic strength and global competitiveness, requiring a focus on innovation and governance [11] - Enhancing the modern enterprise system and promoting the entrepreneurial spirit are key to achieving this goal [12][13] Group 9: Accelerating the Creation of World-Class Enterprises - Support for leading enterprises to deepen reforms and enhance innovation is essential for gaining international competitive advantages [14]

Core Viewpoint - The Tianjin municipal government emphasizes the high-quality development of state-owned enterprises (SOEs) during the "14th Five-Year Plan" period, highlighting significant progress in innovation, investment, and strategic focus on emerging industries [1][2]. Group 1: Financial Performance - Since 2021, the total profit of municipal state-owned enterprises has seen an average annual compound growth of 14%, consistently exceeding the national average growth rate by 10 percentage points for three consecutive years [1]. - The asset-liability ratio has been effectively controlled, with a continuous decline, and per capita GDP has been steadily increasing [1]. Group 2: Investment and Strategic Focus - During the "14th Five-Year Plan," municipal state-owned enterprises are expected to invest an average of 70 billion yuan annually, with over half of the non-financial enterprises focusing on strategic emerging industries [1]. - A total of 370 enterprises related to strategic emerging industries have been established, and 680.3 million square meters of real estate have been revitalized, generating 45.03 billion yuan in revenue [1][2]. Group 3: Innovation and Development - The number of high-tech enterprises under municipal supervision has reached 183, with 11 recognized as "specialized and innovative" small giants [2]. - Research and development (R&D) investment by regulatory enterprises has totaled 18 billion yuan, with an annual growth rate of 10.56%, and the proportion of R&D investment in industrial enterprises has been steadily increasing [2]. - The establishment of innovation platforms includes 11 national-level enterprise technology centers and 60 municipal-level centers, along with 18 key laboratories and 13 industry technology innovation alliances [2].

Core Insights - The report presented by the Beijing Municipal Government highlights significant progress and achievements in the management of state-owned assets for the year 2024 [1][2] Group 1: State-Owned Asset Scale - The total assets of state-owned enterprises (excluding financial enterprises) in Beijing reached 9.59 trillion yuan, a year-on-year increase of 2.99% [1] - The total assets of financial enterprises in the city amounted to 10.62 trillion yuan, reflecting a year-on-year growth of 6.79% [1] - The total assets of administrative and public institutions reached 1.53 trillion yuan, with an increase of 8.33% year-on-year [1] - The total area of state-owned land is 355,000 hectares, with 129 types of mineral resources discovered [1] - Forest resources cover a total area of 864,000 hectares, and the total volume of water resources is 5.29 billion cubic meters [1] Group 2: Management Efficiency and Reforms - The efficiency of state-owned asset management in Beijing has significantly improved, with over 70% of the tasks in the new round of "deepening and enhancing state-owned enterprise reform" completed [1][2] - The restructuring of state-owned capital continues to optimize its layout, focusing on strategic emerging industries such as integrated circuits [1] - The management of state-owned financial capital has strengthened, effectively supporting the development of the real economy [1] Group 3: Future Directions - The city plans to enhance the management and governance of state-owned assets, aiming to boost the high-quality development of state-owned enterprises [2] - There will be a focus on improving financial services for the real economy and refining the management of administrative and public assets [2] - Efforts will be made to promote the integration of natural resource protection and urban development, ensuring that state-owned assets contribute to the qualitative and quantitative growth of the capital's economy [2]

Core Viewpoint - The Guangdong Provincial Financial Support Plan aims to enhance enterprise integration and mergers within the industrial chain, emphasizing the importance of state-owned enterprises (SOEs) in this process [1] Group 1: Policy Initiatives - The plan explores incorporating mergers and acquisitions, as well as asset revitalization, into the performance assessment system for SOEs [1] - It encourages listed SOEs to flexibly utilize financing tools such as targeted placements, special convertible bonds, and acquisition loans [1] - The initiative aims to strengthen and optimize the industrial chain through active mergers and acquisitions in advantageous sectors [1] Group 2: Resource Integration - There is a focus on enhancing internal resource integration within SOEs, utilizing existing financing platforms [1] - The plan promotes asset restructuring and equity swaps to channel more quality resources into listed companies, thereby increasing asset securitization levels [1] - Support is provided for state capital operation companies to leverage private equity investment funds to assist other enterprises in conducting upstream and downstream integration [1] Group 3: Operational Focus - The plan guides provincial, municipal, and county-level SOEs to concentrate on their primary responsibilities and core businesses [1] - It aims to improve the resilience and security of the industrial and supply chains [1]

Core Insights - The report presented by the State Council highlights the robust growth of state-owned enterprises (SOEs) in China, with total assets exceeding 401.7 trillion yuan by the end of 2024, reflecting an average annual growth rate of 11.4% over the past five years [1][4] - The continuous increase in total assets and state capital equity signifies the effectiveness of SOE reforms and underscores their role as a stabilizing force in the national economy [1][4] Group 1: Financial Performance - The total assets of central enterprises grew from 68.8 trillion yuan at the end of the 13th Five-Year Plan to 91 trillion yuan by the end of 2024, with total profits increasing from 1.9 trillion yuan to 2.6 trillion yuan, achieving average annual growth rates of 7.3% and 8.3% respectively [4] - The operating income profit margin improved from 6.2% to 6.7%, while labor productivity per person increased from 594,000 yuan to 817,000 yuan annually [4] Group 2: Investment and Innovation - From 2021 to 2024, central enterprises completed fixed asset investments totaling 19 trillion yuan, with an average annual growth rate of 6.3%, and invested 8.6 trillion yuan in strategic emerging industries [4] - By the end of 2024, central enterprises had established 474 national-level R&D platforms and employed 1.443 million researchers, marking a year-on-year increase of 5.5% [4] Group 3: Asset Management Reform - The report emphasizes the ongoing reform of state-owned "three assets" (resources, assets, funds) management, with provinces like Hubei and Anhui leading the way in implementing systematic plans to activate dormant state assets [1][6] - Anhui's recent plan includes a comprehensive management framework for various types of assets and resources, focusing on immediate asset verification and long-term governance [7] - Hubei's approach involves a diverse strategy for activating resources, including assetization, securitization, and leveraging funds, aiming to enhance the efficiency and value creation of state assets [8][9]

Core Viewpoint - The establishment of five municipal state-owned enterprises in Zhanjiang marks a significant advancement in optimizing state capital layout and enhancing the core competitiveness of state-owned enterprises (SOEs) in the city [3][6]. Group 1: Establishment of New Enterprises - Five municipal state-owned enterprises were officially established: Zhanjiang Urban Development Group Co., Ltd., Zhanjiang Marine and Agricultural Investment Group Co., Ltd., Zhanjiang Tourism Investment Group Co., Ltd., Zhanjiang Public Service Group Co., Ltd., and Zhanjiang Asset Operation Group Co., Ltd. [1] - The establishment is a key measure for deepening SOE reform and optimizing state capital layout in Zhanjiang [3]. Group 2: Economic Impact and Performance - The total assets of municipal regulatory enterprises reached 79.539 billion yuan, an increase of 10.98%, while operating income rose to 4.407 billion yuan, with total tax payments amounting to 759 million yuan [6]. - The new enterprises aim to enhance resource integration and address challenges such as the dispersion of state capital and homogeneous competition [3]. Group 3: Future Development Goals - The five new groups will collaborate to seize opportunities and contribute to Zhanjiang's high-quality development, integrating their growth with national and regional development strategies [8]. - The enterprises are expected to play a crucial role in supporting industrial upgrades, improving livelihoods, and protecting the environment, thereby reinforcing Zhanjiang's position as a key development area in the modern coastal economic belt [8].

Group 1 - The core report presented the management status of state-owned assets in China as of the end of 2024, highlighting total assets of state-owned enterprises (excluding financial enterprises) at 401.7 trillion yuan and state-owned capital equity at 109.4 trillion yuan [1][4] - State-owned financial enterprises reported total assets of 487.9 trillion yuan and state-owned financial capital equity of 33.9 trillion yuan [1][4] - Administrative and public service state-owned assets totaled 68.2 trillion yuan, with net assets amounting to 55.4 trillion yuan [1][4] - The total area of state-owned land reached 52,413 million hectares, and the total water resources for 2024 were reported at 31,123 billion cubic meters [1][4] Group 2 - The report indicated a positive trend in asset management and reform, emphasizing the establishment of a supervisory system for state-owned assets and enterprises, and the enhancement of the modern enterprise system with Chinese characteristics [2] - Future plans include deepening the reform of state-owned enterprises, optimizing the structure of state-owned economy, and enhancing the management of natural resource assets [2] - The report stressed the importance of managing state-owned assets effectively as they are considered a common wealth for all people, aiming to improve asset management efficiency and governance [2]