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我们认为在上市公司中,国资重组将会大面积发生的行业主要有钢铁和电力行业。这两个行业规模庞大,国有企业众多,这两个行业的上市公司多为剥离部分资产上市,集团内仍有大量未上市的优良资产。由于这两个行业的主要上市公司几乎都存在母公司注资的前景,因此我们认为这两个行业监应该享有一定程度的“重组溢价”。
We think the major sectors that will be reorganized by state-owned assets in the listed companies are the steel and power industries. These two industries are large-scale and have a large number of state-owned enterprises. Most of the listed companies in these two industries divest some of their assets and there are still a large number of outstanding unlisted assets in the group. As almost all of the major listed companies in these two sectors have prospects of capital injection from parent companies, we think the two sectors should enjoy a certain degree of “restructuring premium.”