Reevaluation of the value of state-owned enterprises in the integration of capital markets and state-owned enterprise reforms.

At the beginning of 2024, the State-owned Assets Supervision and Administration Commission of the State Council clearly proposed to "incorporate market value management into the performance evaluation of central enterprise leaders." This is not only a major transformation in the capital market, but also a landmark signal that the reform of state-owned assets and enterprises has entered a deep water area. Soon after, a new round of "deepening and enhancing actions for state-owned enterprise reform" was comprehensively launched, with its core goals directly targeting "enhancing core functions" and "improving core competitiveness." A series of intensive deployments clearly indicate that this round of state-owned enterprise reform has bid farewell to the path dependence of scale expansion and instead focuses on connotation-based growth centered on "value creation." In this context, the role of the capital market is undergoing profound changes. It is no longer just a "financing channel" for state-owned enterprises, but has historically been pushed onto the stage of reform as the "core engine" of driving state-owned enterprises to undergo a fundamental transformation, the "touchstone" for testing the effectiveness of reform, and the "discovery platform" for realizing its true value. How to promote deep integration between the capital market and state-owned enterprise reform has become a key proposition determining whether this round of state-owned enterprise reform can achieve substantive breakthroughs.