April 30thPokerrulesforbeginnersA Chinese reporter from the Securities Times brokerage learned from the State-owned assets Supervision and Administration Commission of the State Council that on April 28, SASAC held a video conference to inform central enterprises about the economic operation of central enterprises in the first quarter. At the meeting, Zhang Yuzhuo, secretary of the party committee and director of the State-owned assets Supervision and Administration Commission of the State Council, signed a letter of responsibility for business performance in 2024 with responsible persons of central enterprises on behalf of the State-owned assets Supervision and Administration Commission of the State Council. On the same day, SASAC of the State Council also convenedPokerrulesforbeginnersThe promotion meeting of large-scale equipment renewal work of central enterprises was held.

The first quarter report card of central enterprises is released.

Data show that state-owned central enterprises achieved an added value of 2.5 trillion yuan in the first quarter, fixed asset investment increased by 10.4% over the same period last year, annualized labor productivity increased by 5.1%, and R & D investment continued to grow. At the meeting, SASAC of the State Council used "a smooth start and a good start" to evaluate this performance.

A Chinese reporter from the securities times brokerage noted that fixed asset investment in state-owned central enterprises increased by 10.4% in the first quarter compared with the same period last year, 5.9 percentage points higher than the national level. Hu Chi, a researcher at the Research Center of the State-owned assets Supervision and Administration Commission of the State Council, told the Securities Times brokerage Chinese reporter that this performance should be related to the acceleration of central enterprises to promote investment in strategic emerging industries. According to the target set by the SASAC of the State Council, by 2025, the proportion of strategic emerging industries income of central enterprises should reach 35%, the proportion of income should be increased, and investment should be given priority.

Zhou Lisa, research director of the China Modern State-owned Enterprise Research Institute at Tsinghua University, told the Securities Times brokerage Chinese reporter that central enterprises continue to release investment momentum and play an all-round role in promoting economic development.

At the meeting, SASAC of the State Council stressed that it is necessary to focus on key areas, strive to expand effective investment, speed up the landing of major projects and projects in the 14th five-year Plan, implement key projects that sign strategic cooperation agreements with local governments to a high standard, expand forward-looking strategic industrial investment, further strengthen investment control, and strictly prevent investments that deviate from the main industry and exceed financial affordability.

Emphasize the continuous improvement of the ability to create cash in operation.

In the deployment of the next stage of work, the meeting once again stressed the need to strengthen value creation, continuously improve the ability to create cash in operation, adhere to the principle of "cash is king" and "revenue and expenditure", and form more profitable income and cash flow profits. we will increase efforts to reduce costs and increase efficiency, control losses, and vigorously improve the quality of operation.

In 2024, the SASAC of the State Council will maintain the target management system of "one profit and five rates" for state-owned central enterprises as a whole, with the specific requirements of "steady growth of one benefit and continuous optimization of five rates", that is, the steady improvement of the efficiency of central enterprises, the coordinated growth of total profits, net profit and return net profit, the improvement of the rate of return on net assets, total labor productivity and operating cash ratio compared with the same period last year, and the continuous improvement of R & D investment intensity and science and technology output efficiency. The overall asset-liability ratio remained stable.

Zhou Lisa said that since 2023, SASAC has increased the "return on net assets" and "operating cash ratio" in its assessment system for central enterprises, and will retain these two indicators in 2024. Cash flow is the lifeblood of enterprise survival and the cornerstone of development.

Ou Liping, an associate professor at the School of Accounting of Chongqing University of Technology, told the Securities Times brokerage Chinese reporter that the ability to create cash is closely related to the operating cash ratio, and the improvement of other indicators is also conducive to the improvement of the ability to create cash.

Hu Chi believes that in view of the fact that policies guide enterprises to speed up investment in strategic emerging industries and future industries, while emphasizing the ability to create cash, they should also take into account the assessment of medium-and long-term investment.

Guard against the behavior of "super shareholders" and strictly control the entrance of financial business

At the meeting, SASAC of the State Council made detailed arrangements and arrangements around risk prevention. The meeting demanded that it is necessary to strictly prevent and control debt risks, strengthen penetration monitoring, strengthen rigid constraints, prevent the behavior of "super shareholders", effectively prevent and defuse financial business risks, and focus on key areas such as trusts, financial companies, commercial factoring, funds, and so on. we will solidly promote special governance, strictly control the entry of financial business, and strengthen the risk control of financial derivatives business.

It is necessary to strengthen the management and control of risks in foreign-related business, attach great importance to the risks of the industry, systematically study rectification and reform measures and promote their implementation in view of the problems pointed out by the central inspection, and thoroughly study the relevant measures for optimizing and adjusting the layout structure. we will fundamentally expand the space for development and actively develop the layout of new-quality productive forces.

It is necessary to earnestly enhance the ability to operate in compliance with the law, strengthen the construction of the compliance system, continue to do a good job in "reduction", and resolutely put an end to the problem of non-control and false holding. It is necessary to tighten the responsibility for production safety, pay close attention to the key parts and key links in various fields, further promote the inspection and rectification of production safety, do a solid and meticulous job in ensuring the supply of important livelihood products such as coal, electricity, oil and gas, and constantly improve and upgrade the quality of service.

Zhou Lisa told the Securities Times brokerage China reporter that the interim measures for the Administration of shareholding of State-owned Enterprises issued in September 2023 required that, "Article 24, in addition to shares held strategically or during the development period, state-owned enterprises shall withdraw inefficient and invalid shareholdings that have not been paid dividends, long-term losses or non-sustainable operations for more than five years. Withdraw from shareholding investment which is seriously inconsistent with the responsibility orientation of state-owned enterprises and does not have competitive advantage, high risk, and difficult to grasp the operating situation. "

Securities Times brokerage China reporter noted that focusing on the main business and serving the real economy, state-owned enterprises are cleaning up their financial assets. For example, China Nonferrous Metals Construction Co., Ltd. intends to transfer 370.2 million shares of Minsheng Life Insurance Co., Ltd. (accounting for 6.1709% of the total share capital). Guohua Energy Investment Co., Ltd. intends to transfer 7.6933% shares of Guodu Securities at a clearing price of 1.009 billion yuan. According to media statistics, there have been more than 20 related trading announcements since last year.

Renew a batch of advanced equipment of "three high"

At the promotion meeting of the large-scale equipment renewal work of the central enterprises, Zhang Yuzhuo stressed that the state-owned central enterprises should speed up the progress of both supply and demand in promoting large-scale equipment renewal.

In terms of demand, state-owned central enterprises should aim at building world-class enterprises, speed up the renewal of advanced equipment, focus on improving efficiency, advanced production capacity and independent controllability, and strengthen benchmarking with the global advanced level. update a number of advanced equipment with high technology, high efficiency and high reliability Speed up the digital transformation, vigorously promote the "intelligent change to network connection", the application of intelligent manufacturing equipment, and the construction of digital infrastructure, speed up the deep integration of new technologies such as artificial intelligence with the whole manufacturing process and all elements, and accelerate the promotion of green transformation. strengthen the promotion of green equipment and equipment energy efficiency management, strengthen docking with platform companies, and form a virtuous circle of products from R & D and manufacturing to recycling. We will speed up the promotion of essential safety, increase the transformation of outdated devices, the application of safety technology and safety equipment, and reduce safety risks and hidden dangers from the source.

On the supply side, Zhang Yuzhuo also stressed that state-owned central enterprises should speed up the strengthening of effective supply, equipment manufacturing enterprises should strengthen the research and development of new equipment and equipment, and shipbuilding enterprises should increase the research and development of new energy and power ships. relevant enterprises should speed up product optimization and upgrading.

"it is necessary to strengthen organizational leadership, make good use of support policies, advance in a safe and orderly manner, earnestly grasp all kinds of work, and promote the high-quality development of enterprises through large-scale equipment renewal." Zhang Yuzhuo said.

Zhao Chenxin, member of the party group and deputy director of the National Development and Reform Commission, said at the meeting that it is hoped that the central enterprises "one enterprise, one policy" will formulate a work plan for equipment renewal, focus on key areas and products, and promote the agglomeration and large-scale development of enterprises in processing and utilization of renewable resources. In addition, increase capital investment to promote the upgrading of enterprise technology and equipment and the development of related industrial cluster parks.

Editor: Wang Lulu

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