China Securities Journal Liu Liliang

　　AVIC Electronics and AVIC Electromechanical recently issued an announcement that AVIC Electronics intends to issue A shares to all shareholders of AVIC Electromechanical, so as to exchange shares to absorb and merge AVIC Electromechanical.

This means that the integration of the "AVIC system" is accelerating, and the domestic airborne system leader is about to emerge.

　　Since the beginning of this year, from the central to the local level, the reorganization and integration of state-owned enterprises has been staged.

As the three-year reform of state-owned enterprises has entered a decisive stage, a new round of state-owned economic layout optimization and structural adjustment will be accelerated, and the restructuring and integration of state-owned enterprises will usher in a new climax.

Experts pointed out that central enterprises will continue to deepen professional integration. It is expected that the construction of industrial Internet, logistics big data, air cargo and other platforms will accelerate, and the integration of mid-to-upstream industries such as shipping and steel is more urgent.

At the same time, the reorganization of local state-owned enterprises is expected to blossom everywhere, and the reorganization of the same industry has become a trend.

Specialization and reorganization of central enterprises accelerated

　　Since the beginning of this year, the pace of professional restructuring of central enterprises has accelerated significantly.

　　Recently, Qilianshan, a holding company of China National Building Materials Group, issued a plan. The company plans to exchange all assets and liabilities with China Communications Construction and six design institutes under China Urban and Rural Areas.

After the transaction is completed, Qilianshan will withdraw from the cement industry and will be engaged in engineering design consulting business in the future, and the controlling shareholder will change from CNBM to China Communications Construction.

　　At present, the professional integration of General Technology Group and China Inspection and Certification Group, China Grain Storage Group and COFCO Group is actively advancing.

In addition, the reorganization of central enterprises in the aviation, steel, grain and oil industries has also continued.

　　"Since the integration, 29 reorganizations have been completed on the platform of listed companies, with a net asset value of more than 83 billion yuan; a total of 52 financings have been raised, with a total financing of over 80 billion yuan, which strongly supports the development of the main aviation industry." A person in charge of the Aviation Industry Corporation of China According to a reporter from China Securities Journal, the group actively integrates resources. For example, AVIC XAC has completed asset replacement, and Hongdu Airlines has reorganized and integrated around the industrial chain, realizing the gathering of "high-quality resources" in the industry to specialized listed companies.

　　The relevant person in charge of Ansteel Group said that the group has implemented the three-year action deployment requirements of state-owned enterprise reform, and on the basis of completing the restructuring of Ansteel and Benxi Iron and Steel, adhered to the independent and standardized operation requirements of listed companies, and focused on the "two main lines" to actively promote the management integration of Anshan Iron and Steel Co., Ltd. and Benxi Iron and Steel. , business synergy, laying the foundation and creating conditions for the final integration of the two listed companies in the steel industry, further improving the development quality of the listed companies, and accelerating the construction of a new high-quality development of Ansteel.

　　"With the 'final battle' of the three-year reform of state-owned enterprises, the trend of professional integration of central enterprises has become more and more obvious, showing the characteristics of highlighting the main business, building platforms, integrating resources, and improving efficiency. This kind of stock integration has a lot of room. "Li Jin, chief researcher of the China Enterprise Research Institute, believes that in the next step, the construction of collaborative development platforms in the fields of industrial Internet, logistics big data, and air cargo will be accelerated.

At the same time, from the perspective of industrial life cycle and national strategy, there is a strong urgency for the integration of middle and upstream industries such as construction, shipping, electrical equipment, petroleum and petrochemical, machinery, non-ferrous metals, steel, and cement.

In addition, upstream and downstream restructuring and integration focusing on the industrial chain will appear one after another.

All regions push for restructuring and integration

　　While the reorganization of central enterprises is accelerating, many localities have further refined the reform of local state-owned enterprises and clarified the roadmap for reorganization and integration.

　　Hubei Province proposed that provincial state-owned enterprises will, in accordance with the principle of "highlighting the main responsibility and main business, focusing on the functions of state-owned enterprises, and focusing on innovation and development", plans to integrate and reorganize 35 enterprises including finance and culture into 13 enterprises.

　　"In March this year, 6 newly established enterprises including Henan Communications Investment, Zhongyu Logistics, and Yuxin Telecom were listed on the market, marking that the restructuring and integration of state-owned enterprises has entered the fast lane." The relevant person in charge of the State-owned Assets Supervision and Administration Commission of Henan Province said that Henan Province has put The three-year action to promote the reform of state-owned enterprises and the implementation of reorganization and integration will be taken as important political tasks, and an implementation plan for reorganization and integration will be issued.

　　The relevant person in charge of the State-owned Assets Supervision and Administration Commission of Gansu Province said that Gansu Province has formulated the "6+1" action plan for the optimization and structural adjustment of the state-owned capital distribution of provincial enterprises, and selected new materials, new energy and equipment manufacturing closely related to the "Big Four" action of Gansu Province. , coal-based, cultural tourism, traditional Chinese medicine, modern agriculture and other 6 industries focus on layout, focus on tackling difficulties, take the lead in breakthroughs, implement the action plan for quality improvement and quantity doubling of provincial listed companies, accelerate the promotion of more high-quality enterprises to go public, guide And support provincial state-owned listed companies to implement mergers and reorganizations around characteristic and advantageous industries, and improve the scale of industries.

　　"The reorganization of local state-owned enterprises is blooming everywhere, and the reorganization of the same industry has become a trend. Many provinces are actively building industrial groups in the industry, thereby enhancing industrial concentration and competitiveness." Li Jin believes.

　　Zhou Lisha, research director of the China Institute of Modern State-owned Enterprises at Tsinghua University, believes that accelerating the reorganization of state-owned enterprises and the integrated development of industries can promote the concentration of state-owned capital in key industries, key fields and advantageous enterprises, and solve the problems of homogeneous development, disordered competition, and industrial integration. Repeated construction and other chronic diseases enhance market competitiveness and reflect a strong cluster effect.

Realize the "1+1>2" effect

　　According to data from Zhiben Consulting, as of May 17, there have been 28 and 44 major restructuring events in centrally-controlled listed companies and local state-controlled listed companies since the beginning of this year, up 267% and 250% year-on-year, mainly in electrical equipment, Machinery, electricity, food, real estate, metals, non-metals and mining and other fields.

　　"From the statistical data, there are more and more state-controlled listed companies implementing integration and reorganization, and there are more local state-owned enterprises than central enterprises." Wang Na, deputy director of the State-owned Enterprise Reform Data Center of Zhiben Consulting, said that in the context of speeding up the integration and reorganization of state-owned enterprises In the future, the integration and reorganization of state-owned enterprises may pay more attention to the combination of the strong and the strong, the strong and the weak, the integration of the industrial chain, the professional reorganization, and the combination of production and research to achieve the "1+1>2" effect.

　　Song Xiangqing, deputy dean of the Institute of Government Management of Beijing Normal University, believes that in the future, central enterprises and local state-owned enterprises will focus on checking and filling vacancies in systems in deepening reforms and implementing professional reorganization. Kejian, organizational fitness.

　　Ye Xin, a member of the Investment Banking Management Committee of CICC, said that the activity of mergers, acquisitions, restructuring and spin-offs in the market is expected to increase significantly.

All central enterprise groups will systematically sort out unlisted and listed resources, focus on advantageous listed companies, increase professional integration, and inject existing unlisted high-quality assets into listed companies in a planned way.