"Two Sessions" Will Make State-Owned Enterprise Reform Perhaps Benefit Most Garment Enterprises.

"Everyone is concerned. Bailian The suspension of the listing, Shanghai's state-owned assets listed companies will give you a good account this year, and more companies are planning. Ang Lee, vice president of Shanghai Guosheng group, said.

With the introduction of the "four reforms" pilot scheme for central enterprises and the landing of guiding policies for reform of state-owned enterprises throughout the country, the reform process of state-owned enterprises is accelerating in an all-round way. "In 2015, the reform of state-owned enterprises will become a major draught of the capital market. As an important part of the system reform, the two sessions will be an important window for the reform of state-owned enterprises." Guotai Junan's strategy team emphasized the way in its research report.

Bailian's suspension at this time has quickly become a hot topic of concern. It is widely expected that the state-owned enterprise reform process will break through. Familiar with Bailian securities industry analyst 5, also revealed that Bailian stock is expected to start or reorganize high-quality assets, and is likely to be completed in stages, and the follow-up is expected to continue to introduce strategic investors.

　　 Bailian stock suspension cited concern

The sense of smell in the capital market is more sensitive, and Bailian shares have been closed up in March 4th. The other two listed companies of the largest shareholder of Bailian Group, the first pharmaceutical company and the Shanghai material and trade company, also rose steadily after opening in March 5th, which rose by 9.18% and 6.89% respectively.

In the light of the reform process and the trend of capital market, Bailian shares can enjoy the dividend policy in the new round of reform of state owned assets in Shanghai.

At present, Bailian shares are from the original Friendship shares It was renamed in August 8, 2014. In 2011, friendship shares absorbed the original Bailian stock in the form of Stock Exchange (before the cancellation code was 600631.SH). The latter is then written off, and friendship shares will be listed as the two part of the friendship supermarket business and Bailian's department store business. So far, the problem of intra industry competition in Bailian Group has basically been resolved.

At the same time, Bailian Group has no assets such as new road group and so on. Assets include food and general merchandise business, Xuhui tobacco and sugar Wine Co., Ltd. Since 2014, the reform of state owned assets in Shanghai has entered a new stage. The reform of state owned assets will lead to the reform of state-owned enterprises, the development of mixed ownership economy, the establishment of mobile platforms for state-owned assets, and the classified supervision of enterprises. According to the reform idea of classified supervision, Bailian Group, as a full market competition state enterprise, will undertake the reform task guided by the market and maximizing the economic benefits of enterprises.

Immediately, the market expectation of Bailian's assets injection and equity incentive is rising. In 2014, Bailian shares increased by 86.35%. And from 2011 to 2013, Bailian shares fell 48%.

"Reform will drive asset efficiency and value revaluation." Haitong Securities Zero Zero industry analyst Wang Liting said that benefit from the reform of state-owned assets Bailian shares will significantly enhance the operation effect, while the integration possibility of other listed companies platform, the group's next generation of electricity providers and other new business synergy expectations, is also expected to enhance the company's medium-term efficiency.

　　 Plate market or revival

Bailian shares are only a microcosm of Shanghai's state owned SOE reform sector.

Ang Lee introduced that in the breakthrough of state owned enterprise reform in Shanghai, the reform path of listed companies can be summarized as changing funds by stock, introducing resources by stock, adjusting resources by shell, and seeking channels through listing. In addition, it includes introducing external resources to optimize the ownership structure, exchanging resources for value enhancement, and core assets injection to enhance the assets of listed companies. Up to now, there are green group's backdoor investment in Jinfeng as a whole, Shanghai electric compressor business and China Shipbuilding Heavy Industry Cooperation, Fei Le sound acquisition project of Beijing Shen An Group lighting project.

In the two tier market, Haitong Securities analyst also gave out the main line of three nuggets, namely, mixed ownership and salary reform, asset injection expectations and "shell" value. Among them, based on the logic of the combination of war investment and market value management, state-owned enterprises and PE cooperation companies were recommended to focus. And the group has many unlisted assets, or the group that is the only platform of the group and has the same direction of development, is also included in the analyst recommendation list.

In addition, the poor performance of state-owned enterprises is expected to usher in a one-time value revaluation. Guotai Junan's research report pointed out that the reform of state-owned assets management system will also drive the rise of "poor" state-owned enterprises. "Because the integration and listing of internal and external assets will bring greater potential elasticity to performance improvement, the listed state-owned enterprises with poor performance in the past will be sought after by investors and expanded by enterprise valuation."

In terms of Shanghai state owned enterprise reform sector, analysts emphasized retail, real estate, construction, food and beverage, Textile and clothing And other sectors such as utilities are expected to benefit. The relevant beneficiaries include tunnel shares, Bailian shares, Shen Da shares, Jinjiang shares, Shanghai Electromechanical, Hua Changda, and AI Jian shares.

But in the case of Shanghai, the craze for state owned SOEs reform has been fully detonated. According to the regional plate, Guotai Junan pointed out that Guangzhou and Shenzhen are making rapid progress in the new round of reform. Shanghai, Anhui, Jiangsu, Yunnan, Guizhou and other places will also make breakthroughs in the reform process. The capital market will become the main platform for the new stage of mixed ownership reform, and the reform of state-owned enterprises is also the most important investment theme this year. Stocks, including Baiyun Mountain, Guangzhou, London, Orient Guest House, Pearl River Piano, Tianjian group, Xugong machinery, Anhui water conservancy, Yunnan tourism and so on, are expected to benefit first.

In addition, the state-owned enterprises occupy a relatively high competitive industry and are expected to break through the shared benefits through reform. Among them, the military industry is mainly driven by the low asset securitization ratio of military industry group and the maximization of marginal growth. The coal, retail and construction sectors are mainly driven by increasing operational efficiency; food and beverage, social services, automobiles, media, machinery, light industry and electronics industries deserve high attention. Guotai Junan strategic analyst also stressed that the time node, after the top-level design promulgated, the reform of state-owned enterprises will be fully rolled out.