CITIC Securities: Transformation of financial business of central state-owned enterprises in the low interest rate era

According to the research report of CITIC Securities, in a low interest rate environment, the traditional financial profit model relying on the interest rate spread of deposits and loans is facing fundamental challenges. State-owned enterprise financial sectors urgently need to transition from "scaling up" to "value creation", with three main paths: constructing a balanced comprehensive income structure, restructuring full life-cycle solutions centered around customers, and fully promoting digital transformation. CNPC Capital relies on the full license layout of the oil group, following the path of "integrating industry and finance, using finance to promote industry". CPI Investment in Energy takes the opposite approach - divesting in finance and investing in nuclear power, transitioning into the third largest nuclear power operation platform. In terms of industry-investment synergy, China Mobile's "Rainbow Bridge" model provides a replicable template for large enterprises to integrate industry and investment by synchronizing pre-investment, mid-investment, and post-investment mechanisms and six major synergistic models. Overall, the transformation of state-owned enterprise financial businesses is transitioning from the passive response to declining interest rates to an active strategic decision-making process - the defensive value of undervalued financial control platforms and the incremental value of industry-finance synergy are worth paying attention to.