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interface news reporter | chen huidong

on september 23, the concept of state-owned enterprise reform in a-shares continued to be active. as of the close of september 23, the overall state-owned enterprise reform sector of oriental fortune rose by 0.34%, with baobian electric (600550.sh), baota industry (000595.sz), changshan beiming (000158.sz), dongfang communication (600776.sh), dianke network security (002268.sz), datang telecom (600198.sh) and a total of 25 stocks hitting the daily limit. among them, baobian electric achieved 10 daily limits in 14 days, and changshan beiming achieved 5 daily limits in 8 days.

baobian electric released a stock price change announcement on the evening of september 23rd, showing that as of the date of this announcement, the company has no major events or important information that should be disclosed but have not been disclosed, except for the announcement of the integration of power transmission and transformation equipment business between china north industries group corporation and china electric equipment corporation; and currently does not involve the company's asset injection, business restructuring, major business cooperation, etc. this integration does not involve significant changes to the company's fundamentals and will not have a significant impact on the company's normal production and operation activities.

on september 23, baobian electric saw a net outflow of 359 million yuan from major funds today, and a total outflow of 237 million yuan from major funds in the past three days. as of the close, baobian electric reported 12.23 yuan per share, up 9.98%.

data shows that china national electric equipment, as a large central enterprise in the power industry, directly and indirectly controls seven listed companies, including pinggao electric (600312.sh), china xd electric (601179.sh), and xuji electric (000400.sz), all of which are leading companies in power transmission and transformation, transformers, and uhv. in addition, the performance of pinggao electric, china xd electric, and xuji electric has maintained a growth trend in the past two years, and pinggao electric's 2023 net profit attributable to the parent company has increased by 284.47% year-on-year.

baobian electric's own performance is not good. from 2022 to the first half of 2024, the company's revenue changed by -16.76%, 0.48% and 45.82% year-on-year respectively; the net profit attributable to the parent company changed by -32.07%, -797.36% and 157.6% year-on-year respectively.

according to wind data, since 2024, there have been more than 150 mergers and acquisitions or restructuring plans in the a-share market, which has exceeded the full-year level of 2023 (about 130). in september alone, 8 major asset restructuring plans were released.

among them, the actual controller of salt lake co., ltd. (000792.sz), the state-owned assets supervision and administration commission of the qinghai provincial government, and the controlling shareholder qinghai state investment group will jointly reorganize with china's largest metal mining group, china minmetals group, and are said to build a "aircraft carrier" for salt lake. china shipbuilding (600150.sh) and china heavy industry (601989.sh) have put forward a plan for the largest absorption and merger transaction in the history of a-share listed companies. china shipbuilding will absorb and merge china heavy industry by issuing a-shares to all shareholders of china heavy industry. in this share exchange merger, the average transaction price of china heavy industry's stock is determined to be 5.05 yuan per share, and each share of china heavy industry can be exchanged for 0.1335 shares of china shipbuilding. at present, the total share capital of china heavy industry is 22.802 billion shares, and the total price of this transaction may exceed 110 billion yuan.

qu fang, an investment consultant at wanlian securities, told jiemian news that in recent years, my country's state-owned enterprises have effectively improved their asset returns by focusing on their core businesses and merging and restructuring. in 2023, the added value, revenue, and profits of central state-owned enterprises doubled compared to 2012. in addition, state-owned enterprises are involved in many fields, and mergers between state-owned enterprises and acquisitions of high-quality private assets are gradually increasing. through mergers, outdated production capacity is eliminated and the industry market share is increased, prompting the market to re-evaluate and price them. some central state-owned enterprises are responsible for the transformation of the industrial structure. the industries they are in involve the core areas of new quality productivity and will have the potential to become a new type of private enterprise in the future.domestic substitutionthe above factors give the market ample room for imagination.

qu fang believes that as for the attributes of state-owned enterprise reform that will continue to receive capital speculation: the lifeline of the national economy, such as energy, has been the focus of corporate mergers and acquisitions in recent years. by absorbing and merging high-quality assets, the industry's internal friction competition can be reduced and the return on assets of state-owned enterprises can be improved; the key enterprises invested by national industrial funds also have a large room for growth.