文 ： 华创证券首席经济学家 张瑜（执业证号：S0360518090001） 联系人： 袁玲玲（微信 Yuen43） 一 、中纪委全会的四大关注点 中国共产党第二十届中央纪律检查委员会第五次全体会议，于 2026 年 1 月 12 日至 14 日在北京举行。中共中央总书记、国家主席、中央军委主席习近平出席全会并发表重 要讲话。中共中央政治局常委、中央纪律检查委员会书记李希代表中央纪委常委会作工作报告《以更高标准、更实举措推进全面从严治党，为实现"十五五"时期目标任务提供 坚强保障》 （参考往年情况，或于 2 月下旬发布报告全文） 。 （一） 金融、国企、能源、开发区、招投标仍是重点行业 2025 年和 2026 年中纪委全会中，金融、国企、能源、开发区、招投标这五个行业，连续两年均被列为年度反腐重点行业。 其中对于金融行业， 2018 年十九届中纪委二次 全会以来，每次会议都将其列入重点行业； 2023 年，二十届中纪委二次全会首次将其放在首位，到今年已连续四年位居首位。 | 时间 | কার্যা | 重点行业 | | --- | --- | --- | | 2026年1月12日至14日 | 二十届中央纪委 ...

Core Viewpoint - The Hubei state-owned enterprise reform sector experienced a decline of 1.62% on December 16, with Hubei Yihua leading the drop [1] Market Performance - The Shanghai Composite Index closed at 3824.81, down 1.11% - The Shenzhen Component Index closed at 12914.67, down 1.51% [1] Capital Flow - The main capital outflow from the Hubei state-owned enterprise reform sector amounted to 362 million yuan - Retail investors contributed a net inflow of 180 million yuan, while speculative funds saw a net inflow of 182 million yuan [1]

Core Viewpoint - Zhuhai Zhu Guang Group has acquired 90.21% of Zhuhai Da Hengqin Group's shares from the Zhuhai State-owned Assets Supervision and Administration Commission, marking a significant step in the reform of state-owned enterprises in Zhuhai [1][2]. Group 1: Acquisition Details - The acquisition agreement was signed on September 1, 2023, allowing Zhu Guang Group to gain control over Zhuhai Da Hengqin Group, which was previously the controlling shareholder of several listed companies [2]. - Following the acquisition, Zhu Guang Group indirectly holds 30.58% of the voting rights in Shijie Lianhang (SZ002285), 37.96% in *ST Baoying (SZ002047), and 60.28% in Shiron Zhaoye (SZ002016) [3]. Group 2: Financial Overview - As of 2024, Zhu Guang Group reported a revenue of 2.699 billion yuan and a net profit of 19.817 million yuan [4]. Group 3: Broader Context of State-Owned Enterprise Reform - The Zhuhai State-owned Assets Supervision and Administration Commission has been actively pursuing strategic restructuring and optimization of state-owned enterprises since early 2025, with multiple companies undergoing changes in their controlling shareholder structures [5]. - This restructuring initiative is part of a broader effort to concentrate quality resources in leading enterprises and to align with national and provincial directives for state-owned enterprise reform [2][5].

Core Insights - Beihai City is actively promoting the high-quality development of state-owned enterprises (SOEs) through reforms and upgrades, with significant improvements in asset growth and investment levels [1][2] Group 1: Financial Performance - The total assets of the 10 state-owned enterprises under Beihai's State-owned Assets Supervision and Administration Commission reached 45.298 billion yuan, representing a year-on-year increase of 11.07%, ranking third in the region [1] - Fixed asset investments amounted to 0.983 billion yuan, showing a remarkable year-on-year growth of 72.80%, the highest growth rate in the region [1] - The asset-liability ratio of Beihai's municipal enterprises remains around 35%, the lowest in Guangxi [1] Group 2: Policy and Structural Reforms - Beihai City has implemented 10 measures, including improving the state-owned asset regulatory system and promoting the construction of key and livelihood projects, to accelerate the integration and utilization of state-owned resources [1][2] - The city has introduced the "Management Measures for the Responsibilities of State-owned Assets Supervision and Administration Commission of Beihai City" to facilitate the transition from managing enterprises to managing capital [2] Group 3: Financing and Investment Initiatives - The transfer of 215 existing assets from municipal administrative units to Beihai Hengye Group has raised 61.95 million yuan through three rounds of mortgage financing to support major projects in Tieshan Port Industrial Zone [2] - A financing cooperation agreement totaling 389.9 million yuan was signed between five state-owned enterprises and five financial institutions during the 2025 Beihai City Government-Financial Enterprise Financing Matchmaking Conference [2] Group 4: Risk Management and Oversight - Beihai City has established a comprehensive system for monitoring the financial operations of its state-owned enterprises, utilizing digital and information technology to enhance oversight [2] - The online monitoring system allows for real-time tracking of financial flows, providing early warnings for situations exceeding debt warning lines or payments to blacklisted entities [2]