国企改革或将带来板块基本面和潜在效率的提升。对于良好有机增长的板块,具有国企背景的企业将提高竞争力(例如通过股权激励计划)。对于具有挑战性前景的产能过剩板块,我们建议选择性布局全国或区域范围内的领先企业,可能会受益于行业整合和资产重组。7月15日,在国务院国资委召开的新闻发布会上,国资委公布了开展“四项改革”试点名单,六家中央企业纳入首批试点。此番国企改革的目的还是在于提升具有国资背景的企业。在二季度经济企稳,GDP高于市场预期,来到7.5%的宏观环境之下,再度提出国企改革,并出台了部分细则,可谓意义深远。花旗最新调升了2014年全 State-owned enterprise reform or will bring the plate fundamentals and potential efficiency. Companies that have a SOE background will be more competitive (for example, through equity incentive schemes) for well-organic growth segments. For the overcapacity sector with challenging prospects, we suggest that selective placement of leading companies nationwide or regionally may benefit from industry consolidation and reorganization of assets. On July 15, at a press conference held by the State-owned Assets Supervision and Administration Commission of the State Council, the SASAC announced the pilot list of launching the “four reforms” and the six central enterprises were included in the first batch of pilot projects. This time the purpose of state-owned enterprise reform is to enhance the background of state-owned enterprises. In the second quarter, the economy stabilized and GDP was higher than the market expectation. Under the macro environment of 7.5%, the reform of state-owned enterprises was again put forward and part of the rules were promulgated, which is of far-reaching significance. Citigroup recently upgraded its 2014 full year