According to the CITIC Construction Investment Securities Research Report, last week, the marginal change in China's central enterprise reform was that the policy side began to clearly embed mergers and restructuring into industry governance and industrial upgrading. At the press conference on the new energy vehicle industry, the National Development and Reform Commission proposed supporting large enterprise groups to promote mergers and restructuring through market-based and rule-of-law methods. The Securities Regulatory Commission simultaneously sends signals of a more inclusive merger, acquisition and restructuring system. The policy is shifting from principle encouragement to naming industries and improving system supply. The reform of central enterprises continues to advance along “reducing the number of households, strengthening capital, and improving the main business”. Sinopec completed the restructuring and integration of China Aviation Fuel, and the number of central enterprises dropped to 99; the Ministry of Finance supported 8 central financial enterprises with 300 billion yuan of special treasury bonds to supplement 360 billion yuan of core Tier 1 capital, and structural optimization went hand in hand with capital replenishment.

According to the CITIC Construction Investment Securities Research Report, last week, the marginal change in China's central enterprise reform was that the policy side began to clearly embed mergers and restructuring into industry governance and industrial upgrading. At the press conference on the new energy vehicle industry, the National Development and Reform Commission proposed supporting large enterprise groups to promote mergers and restructuring through market-based and rule-of-law methods. The Securities Regulatory Commission simultaneously sends signals of a more inclusive merger, acquisition and restructuring system. The policy is shifting from principle encouragement to naming industries and improving system supply. The reform of central enterprises continues to advance along “reducing the number of households, strengthening capital, and improving the main business”. Sinopec completed the restructuring and integration of China Aviation Fuel, and the number of central enterprises dropped to 99; the Ministry of Finance supported 8 central financial enterprises with 300 billion yuan of special treasury bonds to supplement 360 billion yuan of core Tier 1 capital, and structural optimization went hand in hand with capital replenishment.