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recently, a series of eye-catching restructuring and integration events of central state-owned enterprises have attracted widespread attention. especially in the energy field, the pace of reorganization and integration of central and state-owned enterprises has accelerated significantly. state-owned enterprises in many places across the country are optimizing resource allocation and adjusting industrial layout through integration and reorganization.

industry insiders said that driven by policies, central enterprises have integrated industrial chains through mergers, acquisitions and reorganizations, which will further promote the optimization and structural adjustment of the state-owned economy, better stimulate the endogenous power and innovation vitality of the state-owned economy, and help improve the efficiency of economic operations.

01

promote effective allocation of resources

on september 18, the news came out that the state grid corporation of china and china southern power grid corporation signed the "shareholder investment cooperation agreement of guangdong zangyue dc power operation co., ltd.", adding another new example of the integration of central energy enterprises.

relevant industry insiders believe that the joint establishment of a cross-regional dc power operating company by the two power giants is a pre-signal for the realization of "one national network" in the power field. it also plays an important role in power transmission and distribution, especially in optimizing power resources. configuration, ensuring energy security and promoting clean and low-carbon energy transformation.

zhang zhigang, chairman of the state grid corporation of china, said he expected the two parties to take the signing of this cooperation agreement as an opportunity to comprehensively deepen pragmatic cooperation, complete the cross-operating area dc transmission project construction tasks with high quality and efficiency, ensure the safe and stable operation of the project, and promote the construction of power grid interconnection and power market. strengthen exchanges and cooperation in areas such as reform of state-owned enterprises and state-owned enterprises to better serve high-quality economic and social development.

meng zhenping, chairman of china southern power grid corporation, expressed the hope that the two parties will work together to conduct in-depth research on the reform of state-owned assets and state-owned enterprises, the construction of a national unified power market, digital and intelligent green transformation, and the prevention and resolution of major risks to better promote reform and development. it is expected that the two parties will take the signing of the agreement as a new starting point to jointly promote the construction of cross-operating area dc transmission projects into a new stage, promote the optimization of the national power productivity layout with a higher position and a larger pattern, promote the optimal allocation of energy and power resources, and resolutely carry out firmly adhere to the responsibilities and missions of central energy enterprises and contribute the power of power grid enterprises to the promotion of chinese-style modernization.

as for the cooperation between state grid and china southern power grid in dc transmission, it is actually earlier than this signing. on march 28 this year, zhang zhigang and meng zhenping signed a strategic framework cooperation agreement between the two parties on cooperation in "cross-operating area dc transmission projects" and other aspects. in fact, as early as july 2022, the fujian-guangdong electric power interconnection line project, the first provincial-level inter-power grid interconnection project cooperated by the state grid and china southern power grid, has been put into operation.

02

the restructuring market continues to be active

since september, the reform and reorganization of central state-owned enterprises has continued, and state-owned enterprise reform concept stocks have also become a hot sector in the market. data show that the turnover of state-owned enterprise reform concept stocks on september 20 was 199 billion yuan, with capital inflows of 55.664 billion yuan that day, and capital inflows of 255.521 billion yuan in the past five days.

on september 20, baoding tianwei baobian electric co., ltd. (hereinafter referred to as baobian electric) hit the daily limit again, with its stock price hitting a seven-year high. in addition, more than 20 stocks in the sector, including haitai development and datang telecom, reached their daily limit on that day. among them, china water affairs had "4 boards in 8 days" and datang telecom had 4 consecutive boards.

on september 2, baoding electric issued the "informative announcement of baoding tianwei baobian electric co., ltd. on the controlling shareholder's planning of major matters", disclosing that the company's controlling shareholder china ordnance equipment group co., ltd. regarding the integration of power transmission and transformation equipment business, this integration may lead to changes in the controlling shareholder of baobian electric. if it goes well, this move will promote the professional integration and upgrading of the power transmission and distribution equipment business. since then, baobian electric's stock price began to soar. during this period, baobian electric issued multiple risk warnings and stock price changes announcements, which could not resist the market enthusiasm.

recently, many stocks of state-owned enterprise reform stocks have surged continuously. among them, baobian electric, which has "9 boards in 13 days", is a popular leading stock. since september 2, baobian electric's cumulative increase has reached 150%, with its stock price rising from the initial price of 4.88 yuan. /share rose to 11.12 yuan/share.

it is worth mentioning that as early as three years ago, the power transmission and distribution equipment business underwent a consolidation. on september 25, 2021, the founding meeting of china electric equipment group co., ltd. was held in shanghai. it was formed by the reorganization and integration of china xidian group and state grid's xuji group, pinggao group, shandong electrical group, etc., focusing on high-end manufacturing and comprehensive solutions for electrical equipment, based on power generation, transmission, transformation, distribution, power consumption and other power fields, integrated energy services, energy storage, rail transit, industrial automation and other fields, as well as strategies for upstream and downstream extension of the industrial chain emerging industries.

up to now, china electric equipment group owns 6 listed companies, including china xidian, xuji electric, pinggao electric, baoguang co., ltd., xigaoyuan, and hongsheng huayuan. if baobian electric is successfully transferred, the listed companies of china electric equipment group will one more will be added.

industry insiders believe that asset restructuring by listed companies often attracts the attention of investors and generates positive reactions from the market, especially leading stocks in the sector. thanks to their advantages in scale and resources within the industry, such companies are able to better integrate resources, improve corporate efficiency, and thereby increase their market value. driven by this expectation, the company's stock price also rises.

03

the trend of industrial chain integration is highlighted

judging from the restructuring cases disclosed this year, industrial chain integration has become the "main line" of the restructuring of many energy companies.

according to industry insiders, the integration of the industrial chain not only effectively promotes enterprises to connect the upstream and downstream industries, but also significantly improves the integration level of the industrial chain. by giving full play to synergy, enterprises can promote professional integration, thereby assisting economic transformation and upgrading, and ultimately achieving the goal of high-quality development of the state-owned economy.

since september, various provinces have launched the "two joint ventures" integration of local energy companies to expand the scale of provincial groups by straightening out the equity ownership of local coal companies or integrating energy assets in other ways. currently, shaanxi, hunan and other places are actively promoting strategic asset restructuring.

on september 5, coal giant shaanxi coal industry announced that it had signed an "asset transfer intention agreement" with shaanxi coal and chemical industry group co., ltd. (hereinafter referred to as shaanxi coal group). the agreement states that shaanxi coal group intends to transfer all its shares in shaanxi coal electric power group co., ltd. to shaanxi coal. this transaction is an important measure for shaanxi coal to create a "coal-power integration" operating model. the assets to be acquired are in line with the company's actual operating needs and strategic development direction, and can further reduce related transactions, increase operating income, and extend the main coal industry. chain to promote high-quality development of the company.

in fact, "coal and electricity integration" has become the development trend of energy companies. in 2024, the national energy administration issued the "guiding opinions on energy work in 2024", proposing to promote the integrated joint operation of coal and coal power and rationally arrange supporting and regulating coal power projects. at present, china shenhua, guodian electric power, china power investment energy, wanneng electric power, huaihe energy, etc. are all listed companies integrating coal and electricity.

however, the announcement also reminded that the "asset transfer intention agreement" is an intention agreement, and specific matters need to be further negotiated and implemented. all parties still need to perform their own internal decision-making procedures and have specific transaction agreements signed by all relevant parties. there is uncertainty. nature, and the asset transfer process may be further adjusted based on actual conditions.

on september 11, hunan development announced that the state-owned assets supervision and administration commission of the people's government of hunan province would transfer 82.40% of the equity of hunan coal industry group co., ltd. to hunan energy investment group co., ltd. (hereinafter referred to as hunan energy group) for free. .

hunan energy group is the controlling shareholder of hunan development. on september 10, hunan energy group forwarded the "notice of the hunan provincial state-owned assets supervision and administration commission on the free transfer of the equity of hunan provincial coal industry group co., ltd. to hunan provincial energy investment group co., ltd." to hunan development (hunan provincial asset rights letter [2024] no. 46).

hunan development stated that the above matters do not involve major asset restructuring of the company, changes in the company's actual controller or controlling shareholders, and will not have a significant impact on the company's normal production and operation activities. as of now, the strategic reorganization of the controlling shareholder is in progress.

it is reported that hunan energy group was established in changsha on march 27 this year. it was established by hunan xiangtou holding group co., ltd. with a registered capital of 30 billion yuan. it is positioned as a provincial-level platform for comprehensive energy investment, construction and operation in hunan province and the province's the main body of energy strategy implementation is responsible for implementing the province's energy development strategy, undertaking the functional tasks of ensuring energy supply in the province, implementing the province's energy resource development tasks, undertaking the investment and construction of major energy projects, and will represent the province in carrying out major energy project cooperation inside and outside the province.

industry insiders pointed out that shaanxi coal's acquisition of shaanxi coal and electric power group and hunan energy group's acquisition of hunan coal group are aimed at promoting coal and electricity joint ventures by integrating coal and power resources. this strategy not only contributes to the efficient allocation of resources, but also enhances the company's overall competitiveness and market responsiveness. by optimizing the coal power industry chain, companies from both parties can achieve coordinated development and further enhance their position in the energy market.

qiguan state-owned assets is the official wechat account of enterprise observer newspaper. "enterprise observer" is an all-media platform guided by the state-owned assets supervision and administration commission of the state council and hosted by the china enterprise reform and development research association. it is recognized by the state-owned assets supervision and administration commission of the state council as an "own public opinion platform for state-owned assets and state-owned enterprises" and is committed to professionalism, marketization, and focus on reporting on the reform and development of chinese enterprises from an international perspective.

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