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securities times reporter huang xiang

recently, concept stocks related to state-owned enterprise reform have continued to be active, and related stocks have seen a surge in daily limit prices.

on september 20, baobian electric once again hit the daily limit, and the company's stock price achieved "9 daily limits in 13 days" in the past half month. in addition, more than 20 stocks in the sector, including haitai development, yu development, mogao shares, and datang telecom, hit the daily limit that day, among which guozhong water group hit the daily limit 4 times in 8 days, datang telecom hit the daily limit 4 times in a row, and haili shares hit the daily limit 3 times in a row.

since september, there have been continuous mergers and acquisitions of central state-owned enterprises, and stocks related to state-owned enterprise reform have become a hot market sector. data shows that on september 20, the turnover of stocks related to state-owned enterprise reform was 199 billion yuan, with an inflow of 55.664 billion yuan on the day and 255.521 billion yuan in the past five days.

this week, many state-owned enterprise reform stocks have continued to rise sharply. among them, baobian electric, which has been rising for 9 days in 13 days, is the most popular leading stock. the company's cumulative increase since september 2 has reached 150%, and its share price has risen from the initial 4.88 yuan/share to 11.12 yuan/share.

baobian electric announced on the evening of september 1 that its controlling shareholder, china north industries group corporation, is integrating its power transmission and transformation equipment business with china national electric equipment corporation, which may lead to a change in the company's controlling shareholder. since then, baobian electric's stock price has soared, and during this period, baobian electric issued two risk warnings and stock price change announcements, which could not stop the market enthusiasm.

industry insiders believe that listed companies carrying out asset restructuring often attract investors' attention and generate positive market reactions, especially for leading stocks in the sector. thanks to their advantages in scale and resources within the industry, such companies can better integrate resources, improve corporate efficiency, and thus increase their own market value. driven by this expectation, the company's stock price also rises accordingly.

at present, mergers and acquisitions are entering an "active period". since september, the shanghai and shenzhen stock markets have disclosed eight major asset restructuring plans, such as china shipbuilding's plan to absorb and merge china heavy industry, guotai junan's plan to exchange shares and absorb and merge haitong securities, and silinjie's plan to issue shares and pay cash to purchase the controlling stake in kekai electronics, all of which have attracted great attention from the market.

according to statistics, since the beginning of this year, a-share companies have announced nearly 100 major restructuring events that have been completed or are in progress, of which the restructuring of central state-owned enterprises accounts for more than 40%, becoming an important force in mergers and acquisitions and restructuring in the capital market.

since last year, especially after the release of the new "nine national regulations", the china securities regulatory commission has taken multiple measures to stimulate the vitality of the m&a and restructuring market to further optimize the restructuring policy environment. the third plenary session of the 20th cpc central committee held this year proposed seven major directions for the future reform of state-owned assets and state-owned enterprises, deepened the reform of state-owned assets and state-owned enterprises, promoted the strengthening, optimization and expansion of state-owned capital and state-owned enterprises, enhanced core functions, and improved core competitiveness.

in addition, the state council executive meeting held on september 18 mentioned that it is necessary to vigorously develop the equity transfer and m&a markets, promote the pilot program of physical distribution of stocks, encourage social capital to establish market-oriented m&a funds or venture capital secondary market funds, and promote a virtuous cycle in the venture capital industry.

kaiyuan securities released a research report saying that since the promulgation of the new "nine national regulations", against the backdrop of the continued shrinking ipo market, the uncertainty of ipo exits has been high and the rate of return has continued to decline. exiting through mergers and acquisitions has become the first choice for many investment institutions.

"for acquirers, there is a demand for mergers and acquisitions amid declining profits and intensified competition, and over-subscribed funds can provide financial support for mergers and acquisitions and restructuring; for acquired companies, multiple pressures such as poor management, new regulations on share reduction, and intergenerational inheritance are driving listed companies' willingness to sell assets; for investors, against the backdrop of continued tightening of ipo reviews, the uncertainty of ipo exits is high and the rate of return is declining, and the advantages of m&a exits are gradually becoming more prominent." kaiyuan securities believes that a new round of mergers and acquisitions is imminent.

it is worth noting that industry insiders have reminded that under the current market conditions where the market continues to bottom out and fluctuate, the pace of rotation of industry hotspots is relatively fast, and there is a risk of capital speculation in the concept of state-owned enterprise reform, which requires vigilance.

from the market perspective, this week, the differentiation of state-owned enterprise reform concept stocks is also quite obvious. among them, after a sharp rise due to restructuring in the early stage, the china shipbuilding group has been falling for two consecutive days, with china heavy industry falling more than 7%, china shipbuilding and china shipbuilding technology falling nearly 6%. in addition, hainan haiyao's stock price plunged after six consecutive gains, and has hit the limit down for three consecutive times so far.