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recently, stocks with m&a and restructuring concepts have been active, including china shipbuilding's absorption and merger with china heavy industry, china minmetals' plan to acquire salt lake co., ltd., and the controlling shareholder of baobian electric co., ltd. may change. after several listed companies issued m&a and restructuring announcements, many stocks in this sector hit the daily limit.

on september 25, yicheng new energy rose 12%, shuangcheng pharmaceutical achieved 9 consecutive gains, and yatai group achieved 3 consecutive gains. funds tracking state-owned enterprise reforms also reaped rich rewards, with e fund csi state-owned enterprise reform a rising 8.44% and fuguo state-owned enterprise reform a also rising 2%.

however, a reporter from securities china found that many funds had already bought heavily in these stocks before the sharp rise, but after the stocks rose to highs, funds began to diverge between small and medium-sized stocks, and some concept stocks began to pull back.

many stocks hit the daily limit, and the concept of mergers and acquisitions and restructuring continued to be active

from the market perspective, recently, small and medium-sized stocks in the concept of state-owned enterprise reform have performed more actively. on september 25, baota industrial once again hit the daily limit, recording 5 daily limits in 6 trading days, with a cumulative increase of 63.18%. shuangcheng pharmaceutical achieved 9 consecutive daily limits, and yatai group achieved 3 consecutive daily limits.

specifically for individual stocks, shuangcheng pharmaceutical announced that it plans to purchase 100% of aola shares by issuing shares and paying cash.

influenced by this news, shuangcheng pharmaceutical has gone up for 9 consecutive days. the shenzhen stock exchange disclosed that shuangcheng pharmaceutical's cumulative increase from september 11 to september 24 reached 113.98%. during the period of severe abnormal increase, natural persons bought 124 million yuan, accounting for 59.20%. among them, small and medium-sized investors bought a total of 3.5519 million yuan, accounting for 1.70%. institutional investors bought a total of 85.4105 million yuan, accounting for 40.80%.

from august 25 to september 25, 2024, the csi soe reform index constituent stocks had a return rate of 1.44%, and the index rose 4.42% this week. on september 25, the index closed up 1.40%, with e fund csi soe reform a up 8.44% and fuguo soe reform a also up 2%.

it is worth noting that on september 24, the china securities regulatory commission issued the "opinions on deepening the reform of the listed company merger and acquisition market", guiding securities companies to increase investment in financial advisory business, give full play to the role of transaction matchmaking, and actively promote merger and acquisition transactions. regularly publish outstanding merger and acquisition cases to play a leading role.

gf securities research believes that the recent news of central soe restructuring has continued, including china shipbuilding's absorption and merger of china heavy industry and china minmetals' plan to acquire salt lake co., ltd., marking a new round of climax in the restructuring of central soes. according to wind data, excluding those that failed to restructure and those who sold, there are eight a-share central soe listed companies that have disclosed the progress of mergers and acquisitions since the second half of the year.

gf securities believes that china shipbuilding and china heavy industry both resumed trading after their restructuring plans were clarified. due to the plans, the share prices of the two companies did not perform very well, but the entire state-owned enterprise reform sector was very active, indicating that the market pays more attention to the direction of reform rather than the plan itself.

funds diverge, some high-priced stocks collapse

however, china securities journal reporters noticed that as these stocks rose to highs, some hot stocks in the concept of mergers and acquisitions began to collapse. the popular leader baobian electric continued to fall on the 25th after hitting the "ceiling and floor" on the 24th. datang telecom rose to the daily limit at the opening, and then plunged to the daily limit, showing a "ceiling and floor" trend.

on the evening of september 1, baobian electric announced that its controlling shareholder, china north industries group corporation, is integrating its power transmission and transformation equipment business with china national electric power equipment group corporation. this integration may lead to a change in the company's controlling shareholder, but will not lead to a change in the actual controller, which will still be the state-owned assets supervision and administration commission of the state council.

affected by this, baobian electric opened at the daily limit on september 2, and the stock price continued to rise. on september 24, it once reached 13.45 yuan per share during the trading session, an increase of 202.93% compared with the stock price range at the end of august.

after the stock price rose to a high level, funds began to diverge among high-priced stocks. baobian electric went through the "ceiling and floor" market on the 24th, and continued to hit the limit down on the 25th. another big bull stock in the concept of state-owned enterprise reform, changshan beiming, has seen its stock price rise by 106% since august 16. on september 24, changshan beiming also went through the "quasi-ceiling and floor" market, with an amplitude of 19.70% on the day, and finally closed down 7.19%. after six consecutive trading days of limit up, hainan haiyao also began to fluctuate at a high level and "ate" three limit downs in a row.

funds are planning to invest in state-owned enterprise reform concept stocks in advance

a reporter from securities china found that several fund companies bought popular stocks such as baobian electric, changshan beiming, and shuangcheng pharmaceutical in the first half of the year, capturing the recent rising cycle.

the 2024 semi-annual report shows that 32 fund companies have newly entered baobian electric. xingquan hexing hybrid securities investment fund (lof) has newly acquired 6.0536 million shares, ranking tenth among the top ten circulating stocks. bosera fund has a total of 10 products holding 6.2101 million shares. the three products managed by bai peng of china post fund, china post future new blue chip, china post energy innovation a and china post low-carbon economy, hold a total of 3.6499 million shares.

however, unlike baobian electric, changshan beiming has only four fund company products in its institutional holdings, and the number of holdings is relatively low. four products managed by well-known veteran feng mingyuan of cinda australia and asia, including cinda new energy industry, cinda zhiyuan three-year holding period a, cinda research selection c, and cinda leading smart selection, hold a total of 20,100 shares. ten products of six funds including e fund, western profit, and guojin have newly held shuangcheng pharmaceutical.

the reporter noticed that on september 24, chengyang investment, a subsidiary of china chengtong, also increased its holdings of several china chengtong central state-owned enterprise etfs, including the central enterprise reform etf, the belt and road etf, and the china state-owned enterprise etf. this move sent a positive signal to the market that it continues to be optimistic about the allocation value of central state-owned enterprise listed companies.

china chengtong said that chengyang investment fully utilizes the role of indexes and etfs as market indicators. by increasing its holdings of central state-owned enterprise etfs, it effectively guides funds to focus on key national industries and introduces more social capital and market attention to the development of strategic emerging industries.

huaan fund stated that looking ahead to the future market, the start of the us interest rate cut cycle and the domestic low interest rate environment are beneficial to the hong kong stock dividend strategy. driven by the reform of central state-owned enterprises, central enterprises have strong dividend potential and willingness. the value of dividend allocation of hong kong-listed central enterprises with high dividends and low valuations is becoming increasingly prominent.