Analysis of the situation and forecast of the newly established central enterprise group
Li Jin
After the establishment of new central enterprises such as aero engines, towers, national pipe networks, China star networks, and power transmission and distribution equipment manufacturing, central enterprises such as modern logistics, rare earths, grain reserve processing, and offshore equipment will be reorganized and professionally integrated, and central enterprises may return to 100.
Entering 2021, the news of the restructuring of central enterprises continues, especially the newly formed central enterprise groups, which attracts special attention. In the first half of the year, The establishment of China StarNet Group became the first central enterprise with its headquarters registered in Xiong'an; in the second half of the year, the manufacturing of power transmission and distribution equipment landed in Shanghai. In the next step, we will focus on advanced manufacturing and scientific and technological innovation, and vigorously promote the restructuring and professional integration of central enterprises in the fields of modern logistics, strategic resources rare earths, grain reserve processing, and offshore equipment, and the total number of central enterprises may return to 100.
Characteristics of the newly formed central enterprise group
Since the beginning of this year, the professional integration of advantageous enterprises as the main body has been the top priority of the restructuring of central enterprises. During the "Fourteenth Five-Year Plan" period, the reorganization of China's central enterprises will take "becoming stronger, better, and larger, and achieving high-quality development" as the main line, will give more prominence to the standards of the main business and core competitiveness, take the business as the goal of becoming stronger and more refined, better promote reorganization, integration, adjustment, and optimization, and accelerate the construction of a number of leading enterprises in the industry, a group of leading enterprises in scientific and technological innovation, a number of "specialized and specialized" champion enterprises, and a number of backbone enterprises for basic support, so that the central enterprises will truly become the main responsible business and have a prominent function. A national team that strongly supports economic and social development.
The restructuring in the past few years is basically the reorganization of two or three companies, and in recent years, because of the professional restructuring, new central enterprises will often be derived. There are four cases in this regard, one is the integration of the tower company, which was established by the three major operators to allocate their own tower site resources. With the establishment of the tower company, the three major operators no longer build their own base station towers, but carry out unified construction through the tower company.
The establishment of the National Petroleum Pipeline Network Group established on December 9 last year can be described as a typical representative, in 2020, the National Pipeline Network Group acquired the relevant pipeline assets of the three major oil companies through market-oriented methods, breaking the traditional pattern of china's oil and gas trunk pipelines mainly operated by the three major oil companies to implement the integration of upstream, middle and downstream businesses, improving the level of interconnection, and promoting the initial formation of the "X+1+X" oil and gas market operation mechanism with Chinese characteristics and the new pattern of "national one network". It has effectively guaranteed the safe and stable supply of oil and gas energy in China. This professional integration involves 4 listed companies, spanning the capital markets of Shanghai, Hong Kong, New York and London, with a transaction consideration of 406.18 billion yuan, and simultaneously completed the reform of equity diversification at the level of the National Pipe Network Group, introducing 243.7 billion yuan of funds, creating the world's largest transaction in 2020, the largest transaction in the global oil and gas industry in the past 5 years, and the world's largest market-oriented private equity financing project so far. At present, the company has 91,000 kilometers of oil and gas pipelines in service, 11 gas storage depots and 10 LNG receiving stations, with a total asset size of more than 800 billion yuan. In the next step, we will accelerate the integration process of the provincial pipe network, accelerate the construction of key pipe network projects such as the fourth line of the West-to-East Gas Transmission Line, accelerate the cultivation and development of the platform operation model, and accelerate the construction of a modern enterprise governance system with the characteristics of the national pipe network group in the new era.
In April this year, by concentrating the superior strength of relevant central enterprises in the field of satellite Internet, the newly established China Satellite Network Group unified the operation and management of China's "space assets". It is a major measure based on the overall national strategy and conforming to the general trend of change in the science and technology industry, and is of great significance for accelerating the development of China's satellite Internet cause.
In September this year, the power transmission and distribution equipment manufacturing industry was reorganized, which is another new central enterprise. As a newly established central enterprise, China Electric Equipment Group focuses on the construction of a new generation of power transmission and distribution, new energy and energy Internet, aims at the strategic positioning of "leader of electrical technology, promoter of energy revolution, and practitioner of green development", gives full play to the synergy effect, and accelerates integration and aggregation. Following the stripping of the green hair by the State Grid, this is another divestiture and a key step in the "separation of main and auxiliary" in the reform of the power system of the State Grid. The establishment of DENSO Group marks the further deepening of China's power system reform along the direction of "separation of government and enterprises, separation of government and supervision, separation of factory networks, separation of main and auxiliary", and has laid a front station for the establishment of power transmission and distribution companies. Grasp the transmission and distribution links, and let go of others, this is the direction. The establishment of the transmission and distribution equipment manufacturing company will be conducive to the establishment of the transmission and distribution company, which is the front station.
Forecast for the prospects for the newly formed central enterprise group
Under the background of the in-depth promotion of the three-year reform of state-owned enterprises, the optimization of the layout of the state-owned economy and the structural adjustment will achieve substantial results, and new central enterprises will continue to appear. In the new stage of development, the professional integration of central enterprises is still the focus. Professional integration is an effective means, and the result and content of professional reorganization is the recombination of business and the re-optimization of resource allocation. The professional reorganization of central enterprises is considered from the current situation of central enterprises. Central enterprises have made great progress in their main businesses on the whole, but there are also drawbacks such as dispersed resources and non-prominent main businesses, as well as homogeneous competition and disorderly competition in a certain profession. The integration in previous years focused on solving the "chaotic" word brought about by diversification, and did not reach the "special" word. Therefore, it is necessary to focus on the long term and think about and promote professional integration from the perspective of core ability cultivation. In accordance with the needs of market development, in accordance with the overall goal of high-quality development, with advantageous enterprises as the main body, through gratuitous transfers, paid acquisitions, joint-stock cooperation and other ways, vigorously promote the integration of specialization, through the optimal allocation of resources, effectively enhance the core competitiveness of enterprises, to create a world-class enterprise with global competitiveness.
First, focus on serving the national strategic deployment, steadily promote the restructuring of the central enterprise group, and promote the integration of logistics resources and the transfer of China's South-to-North Water Diversion Group.
The implementation of supply-side structural reform, innovation-driven development, military-civilian integration development, the construction of a manufacturing power and other major national strategies as the starting point and focus of the restructuring of the central enterprise group, steadily promote the integration of resources in the fields of logistics, transmission and distribution equipment manufacturing, and strive to solve the problems of prominent structural contradictions, key technology "card neck", and insufficient core competitiveness through strategic reorganization. Based on China Iron & Steel and China Chengtong Logistics Plate Enterprises, a modern logistics group was established to build an integrated logistics national team, and was committed to optimizing the layout of the warehousing network and improving the modern logistics system. The enterprises included in the restructuring and integration may involve China Material Storage and Transportation Group, China Travel Service Huamao Logistics and China Logistics Shares under China Iron & Steel and China Chengtong. The professional reorganization of central enterprises in the logistics industry will help optimize the layout of the warehousing and logistics network of bulk commodities, form a whole chain of bulk commodity warehousing and logistics systems, and make up for a short board in China's modern logistics industry. China Iron & Steel and China Chengtong Logistics Sector have considerable accumulation in warehousing, transportation and industrial resources, and enjoy advantages in their respective segments, and professional integration will be conducive to collaboration between enterprises and improve the efficiency of resource allocation.
Grain reserves, oil and oil processing and reorganization. Since COFCO and COFCO belong to both central enterprises, "we will further actively promote (professional integration) in the second half of the year, especially the integration of grain reserves, oil and oil processing, offshore and other industries." Peng Huagang said at a press conference of the Information Office of the State Council. The oilseed oilseed business of central enterprises is mainly concentrated in COFCO and COFCO. The brand held by the oil and fat enterprises under COFCO is Jinding, and the brand under the COFCO Oil and Fat Department is Fulinmen. The cooperation between the two brands can increase the voice of central enterprises in the field of oil and fat.
China South-to-North Water Diversion Group was officially inaugurated in October last year, and by the end of 2022, china South-to-North Water Diversion Group was transferred from the Ministry of Water Resources to the sasacretary of the State-owned Assets Supervision and Administration Commission. The establishment of the China South-to-North Water Diversion Group is a major measure to strengthen the operation and management of the South-to-North Water Diversion Project, improve the engineering system, and optimize the allocation pattern of Water Resources in China. The business scope of the South-to-North Water Diversion Group includes the development, construction and operation of water diversion projects, water ecological protection, water pollution control, water production and supply, and comprehensive development of land along the route. The task is to promote the optimal allocation of water resources, effectively build the follow-up project of the South-to-North Water Diversion Project, accelerate the formation of a "four horizontal and three vertical" national backbone water network, and better serve the implementation of major national strategies. The establishment of the South-to-North Water Diversion Group is an epoch-making event in the history of China's water ecological development.
The second is to focus on the layout of state-owned capital and the needs of industrial development, do a good job in the establishment of new central enterprises, and the integration of rare earth resources and offshore equipment will be promoted.
According to the needs of optimization of the layout of state-owned capital and structural adjustment, combined with the actual situation of industrial development, a new central enterprise group will be established in a timely manner to promote the concentration of state-owned capital in forward-looking strategic emerging industries. In the next step, rare earths may form a new group, China accounts for 41.36% of the world's rare earth resources, is a veritable rare earth resource power. Our rare earths did not sell at the price of "rare", but sold the price of "soil". Disorderly mining, low-priced sales, lack of core technology. In the next two years, there is a high probability that global demand will soar. To solve the vicious competition between domestic rare earth mining enterprises, it is necessary to implement strategic reorganization. The restructuring of rare earths in China is imperative, which is conducive to concentrating resources and enhancing the discourse power of Rare Earths in the international market in China.
The integration of offshore equipment bound to the marine industry has also attracted much attention. Since last year, relevant parties have repeatedly stressed the need to actively and steadily promote the strategic restructuring of enterprises in the fields of shipbuilding and chemical industry, and continue to promote the professional integration of offshore equipment and other fields. The problems of serious duplication of construction in this industry, low industrial concentration, weak independent innovation ability, and weak market competitiveness are more prominent. Promote its integration in view of the operational difficulties faced by the offshore equipment industry of many central enterprises, and achieve the purpose of helping them get out of difficulties.
The third is to focus on the national economy and people's livelihood, public services and other fields, strengthen integration, and the health care industry will be developed.
With the decline of the Engel coefficient, the proportion of service consumption expenditure has risen, promoting the concentration of state-owned capital in industries related to the national economy and people's livelihood, providing public services, emergency capacity building and public welfare. With the deepening of China's aging degree, driven by huge demand and national policies, the healthy pension industry has become a new blue ocean. China Health Care Industry Investment Co., Ltd., jointly initiated by three central enterprises of China Chengtong, Tiejian Real Estate, Sinopharm and Daiwa Insurance, was recently established. In recent years, central enterprises such as China Resources, SDIC, and China Chengtong have successively launched a campaign to lay out a healthy pension industry. Central enterprises will give play to the leading and exemplary role of state-owned capital to effectively solve the problems of insufficient effective supply of the old-age service system, insufficient allocation efficiency, low quality of old-age services and sustainable development. Of course, this industry does not yet have the conditions for the establishment of first-level central enterprises, mostly second-level central enterprises. Promoting the concentration of state-owned capital in industries related to the national economy and people's livelihood, providing public services, emergency capacity building and public welfare means that new central enterprises will be established in this field.
Source: Li Jin interprets state-owned assets news
Edit 丨 leaf