--- title: "Founder Securities: Deepening and Accelerating State-Owned Enterprise Reform Brings New Opportunities for Asset Restructuring in the Coal Utilities Sector" type: "News" locale: "en" url: "https://longbridge.com/en/news/262987496.md" description: "Founder Securities released a research report indicating that state-owned enterprise reform and securitization will drive asset restructuring in the coal and public utility sectors. The policy is divided into three stages: thematic expectations, policy execution, and policy implementation, and is currently in the early expectation stage. Policies in Hubei and Shenzhen will promote the securitization of state-owned assets and corporate restructuring, with state-owned enterprises holding advantages in the coal and public utility sectors, where the state-owned capital ratio reaches 85.4% and 72.5%, respectively. Companies such as State Power Investment Corporation are advancing resource integration, which is expected to trigger market fluctuations" datetime: "2025-10-28T01:43:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/262987496.md) - [en](https://longbridge.com/en/news/262987496.md) - [zh-HK](https://longbridge.com/zh-HK/news/262987496.md) generator: "portal-rs" --- # Founder Securities: Deepening and Accelerating State-Owned Enterprise Reform Brings New Opportunities for Asset Restructuring in the Coal Utilities Sector According to the Zhitong Finance APP, Founder Securities released a research report stating that policies can be divided into three stages: thematic expectations, policy execution, and policy implementation. The firm believes that relevant policies, especially local policies, have not yet been fully introduced and are still in the preliminary expectation stage. Sectors with a high proportion of state-owned enterprises have inherent advantages, with coal and public utilities being particularly typical. The industry is also curbing vicious competition through checks on overproduction and stabilizing coal and electricity prices, laying a financial foundation for restructuring and integration. ## Founder Securities' main viewpoints are as follows: **Policy** In October 2025, the policies introduced by Hubei Province and Shenzhen City to promote the restructuring and securitization of state-owned enterprises caused considerable market fluctuations. Hubei proposed that "all state-owned resources should be assetized as much as possible, all state-owned assets should be securitized as much as possible, and all state-owned funds should be leveraged as much as possible." Shenzhen also proposed to create 20 enterprises with a market value of 100 billion yuan. It can be anticipated that in the future, the securitization of state-owned assets and the mergers and acquisitions of listed companies will become a trend. The firm divides policies into three stages: thematic expectations, policy execution, and policy implementation, and believes that relevant policies, especially local policies, have not yet been fully introduced and are still in the preliminary expectation stage. **Under the background of deepening state-owned enterprise reform, sectors with a high proportion of state-owned enterprises have inherent advantages, with coal and public utilities being particularly typical** In the A-share coal sector, the proportion of state-owned capital reaches 85.4%; in the public utilities sector, the proportion of state-owned capital is about 72.5%. These enterprises have both public welfare attributes and operational attributes, giving them unique advantages in reform actions such as asset injection and spin-off listings. For example, assets under enterprises such as China Energy Group, State Power Investment Corporation, Huadian, and China Resources have begun restructuring and listing, with more examples at the local state-owned enterprise level. Various regions have clearly stated to "promote specialized integration in the energy sector," such as encouraging high-quality assets to be injected into listed platforms in major coal provinces like Shandong and Shanxi. **Focus on the role of State Power Investment Corporation and Shenzhen and Hubei in leading the restructuring and securitization of central state-owned enterprises** Against the backdrop of deepening state-owned enterprise reform, State Power Investment Corporation is promoting the specialized integration of various resources. For instance, Power Investment's future transformation is expected to become a nuclear power operation platform, Yuanda Environmental Protection is integrating domestic hydropower assets, and Shanghai Electric is undertaking the task of building an international platform for the group, leading to significant increases in the stock prices of several listed companies. Looking ahead, it can be expected that state-owned and central enterprises in Shenzhen, Hubei, and other regions will gradually be catalyzed by state-owned enterprise reform and securitization in the context of restructuring and securitization. **The industry is also curbing vicious competition through checks on overproduction and stabilizing coal and electricity prices, laying a financial foundation for restructuring and integration** On July 10, 2025, the National Energy Administration issued a notice on organizing the verification of coal mine production conditions to promote stable and orderly coal supply, officially starting checks on overproduction in the coal industry. On September 25, the State-owned Assets Supervision and Administration Commission further hosted a symposium on the economic operation of some state-owned enterprises, listing "stabilizing electricity prices" and "stabilizing coal prices" as core topics. In addition, capacity electricity price compensation is expected to be further enhanced. The stability of corporate profitability has also laid a financial foundation for restructuring and integration ### Related Stocks - [601901.CN](https://longbridge.com/en/quote/601901.CN.md) ## Related News & Research - [North Sea Crude-WTI weakens on lower offer](https://longbridge.com/en/news/296813963.md) - [EXPLAINER-Haiti's conflict in numbers as gangs inflict another night of terror](https://longbridge.com/en/news/297076683.md) - [Minerals 260 Plans New Share Placement on ASX](https://longbridge.com/en/news/297256901.md) - [Broadcom Stock Making Moves Ahead of Earnings](https://longbridge.com/en/news/297219307.md) - [NFL-NFL, NFLPA tighten discipline for repeat player-safety violations](https://longbridge.com/en/news/297094204.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**