Focus on the whole page of securities daily： accelerating the development of new quality productivity

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Activate the new kinetic energy of high-quality development of central enterprises with new quality productivity

From the phenomenal explosion of ChatGPT last year to the emergence of Sora this year, the multi-modal large model is becoming more and more mature, and the rapid development of digital technology represented by AIGC (Artificial Intelligence Generated Content) is a microcosm of the formation of new quality productivity.

Since "new quality productivity" was first put forward in September last year, how to understand its connotation, grasp its essence and accelerate the development of new quality productivity has become an inevitable choice for China to achieve sustainable development and breakthrough in the face of severe and complicated external situation. As the pillar of China’s economic and social development, state-owned central enterprises need to speed up the layout and cultivate new quality productivity, thus releasing new impetus for high-quality economic and social development.

Zhang Yuzhuo, secretary of the Party Committee and director of the State-owned Assets Supervision and Administration Commission of the State Council, said at the first "Ministerial Channel" of the Second Session of the 14th National People’s Congress on March 5th that to accelerate the development of new-quality productive forces, innovation should be placed in a prominent position, and innovation and quality are the top priorities. When talking about how the central enterprises can accelerate the development of new quality productivity in the future, Zhang Yuzhuo summed it up with "source", "rise" and "state", that is, the source of technology, industrial upgrading and industrial ecology.

Take on the heavy responsibility, state-owned central enterprises play the main role

"Novelty" and "quality" are the key to distinguish the new quality productivity from the traditional productivity. How to develop new quality productivity? The central economic work conference held at the end of last year clearly pointed out that it is necessary to promote industrial innovation with scientific and technological innovation, especially to promote new industries, new models and new kinetic energy with subversive technologies and cutting-edge technologies, and to develop new quality productivity.

Yuan Lei, deputy director of the Institute of Economics of the Chinese Academy of Social Sciences, said in an interview with the Securities Daily that the "14 th Five-Year Plan" period is a crucial period for China to cross the middle-income trap, and its key lies in realizing the transformation of the dynamic mechanism of economic growth and achieving high-quality development with the improvement of total factor productivity as the core symbol. Therefore, China must optimize and adjust the industrial structure, lead the construction of modern industrial system with scientific and technological innovation, and improve the quality and efficiency of economic development.

From the perspective of China’s innovation system, central enterprises have an important and special position. According to the data of the State-owned Assets Supervision and Administration Commission of the State Council, in 2023, the national R&D expenditure exceeded 3.3 trillion yuan, of which the central enterprises were 1,066 billion yuan, close to 1/3 of the country; If calculated by added value, the national R&D investment intensity is 2.64%, and the central enterprises are as high as 10.2%. Looking at the time dimension, from 2012 to 2023, the central enterprises invested more than 8.3 trillion yuan in research and development, becoming a veritable "main force".

"Central enterprises have strong innovation ability, innovation strength and organizational platform advantages. The meeting of heads of central enterprises held at the end of last year further put forward the requirement of’ focusing on improving innovation ability and value creation ability’, indicating that innovation ability has become an irreplaceable core competitiveness of state-owned enterprises, and central enterprises need to play a greater role in innovation leading. " The relevant person in charge of CIIC Management Consulting Co., Ltd. said that since the key to new quality productivity lies in scientific and technological innovation, the next step is for central enterprises to pay more attention to scientific and technological innovation, focus on developing new quality productivity, and strengthen their scientific and technological innovation layout and the construction of basic research innovation system.

In an interview with the Securities Daily, Wang Jiang, a senior economist at the Research Center of the State Council State-owned Assets Supervision and Administration Commission, said that in the future, state-owned enterprises should continuously optimize their asset structure, constantly realize comprehensive innovations such as organizational innovation, mechanism innovation, management innovation and business model innovation, further integrate scientific and technological innovation resources, shape unique competitive advantages, actively develop and cultivate strategic emerging industries and future industries, continuously enhance their value creation capabilities, accelerate the realization of China’s scientific and technological self-reliance, and become the vanguard of building Chinese modernization in an all-round way with high-quality development.

The "future" has come, and the two major industries have become the main positions.

The key to developing new quality productivity lies in scientific and technological innovation, and the direction is industrial upgrading. Zhang Yuzhuo pointed out that on the one hand, central enterprises should use new technologies to transform traditional industries, carry out high-end, intelligent and green transformation, and improve the efficiency of traditional industries. On the other hand, industrial upgrading must put strategic emerging industries and future industries in a prominent position.

In this context, since last year, the State Council State-owned Assets Supervision and Administration Commission (SASAC) has started to implement the central enterprises’ strategic emerging industries rejuvenation and future industries sailing around the new generation of strategic emerging industries such as mobile communication, artificial intelligence, biotechnology and new materials, and the future industries such as future information, making clear the development focus and direction, and refining the task objectives and paths. Focusing on new industries, new models and new kinetic energy, in 2023, the investment in strategic emerging industries of central enterprises was 2.2 trillion yuan, up 32.1% year-on-year, accounting for 35.2% of the total investment, and the layout was strengthened.

Zhang Yuzhuo emphasized that by 2025, the revenue of strategic emerging industries of central enterprises should reach 35%, and the brain-like intelligence, quantum information and controlled nuclear fusion should be laid out in advance.

"There are both connections and differences between strategic emerging industries and future industries." Liu Xingguo, a special senior researcher in china enterprise confederation, told the reporter that the difference is that strategic emerging industries refer to industries with existing development foundations, strategic importance and need to increase development; Future industries tend to be developed in the future, but they are still studying the industries in the gestation stage. Those future industries with good market prospects and strategic importance in the future are expected to become new strategic emerging industries.

Judging from the work deployment of state-owned central enterprises this year, vilen, deputy director of the State Council State-owned Assets Supervision and Administration Commission, once described it as "a very important task". Among them, in terms of strategic emerging industries and future industries, vilen emphasized that it will improve the promotion mechanism, optimize support policies, gather the strength of the whole system, and make persistent and all-out efforts to develop.

Specifically, it includes planning and promoting a number of major projects, selecting "100 projects" for strategic emerging industries, building a number of strategic emerging industrial clusters, implementing special actions such as "artificial intelligence AI+", and making efforts to form landmark achievements in key areas such as biology, new materials and new energy vehicles; Accelerate technological breakthroughs to support industrial development, accelerate the cultivation of sailing enterprises, leading enterprises and unicorn enterprises, and form landmark products in the fields of brain-like intelligence, quantum information, deep sea and laser manufacturing; Systematically build a new industrial ecology, innovate the cooperation mode between central enterprises, local enterprises and large, medium and small enterprises of all kinds of ownership, strengthen cross-enterprise and cross-field coordination, build an industrial ecology with efficient coordination and benign development, accelerate the landing of strategic emerging industry funds, effectively promote industrial innovation with scientific and technological innovation, and give full play to the leading role of state-owned central enterprises in accelerating the formation of new quality productivity and enhancing new development momentum.

Yang Jie, member of the Standing Committee of Chinese People’s Political Consultative Conference and chairman of China Mobile, said that with the further development of the new round of scientific and technological revolution and industrial transformation, data has become a new production factor, computing power has become a new basic energy, and artificial intelligence has become a new production tool, which together constitute an important driving factor for new quality productivity and bring broad space for the development of information service industry. In the next step, China Mobile will actively grasp the trend of the "AI+" era, promote the extension of "5G+" to "AI+", integrate innovation in an all-round, systematic and deep way, and open up a new path of transformation and upgrading.

The relevant person in charge of China Minmetals Group told the Securities Daily reporter that in the future, China Minmetals will stick to the foundation of the real economy, grasp the importance of new quality productivity, and exert efforts at both traditional and emerging ends to improve the gold content and new content of industrial development. On the one hand, traditional industries should be transformed into new technologies, new formats and new models, focusing on the transformation and upgrading of high-end, intelligent and green industries, and improving industrial competitiveness through equipment updating, process upgrading and digital empowerment; On the other hand, strategic emerging industries should exert their efforts in the fields of new energy, new materials and new infrastructure, and lay out and plan ahead, focusing on battery raw materials, cemented carbide, silicon-based materials, materials in special fields, ecological protection, inspection and testing, etc.

The reporter learned that the central enterprises have clear tasks and objectives in developing strategic emerging industries and promoting scientific and technological innovation, and this year, the State Council State-owned Assets Supervision and Administration Commission will focus on implementation.

Each has its own emphasis, and central enterprises increase "new" and "quality"

For the new-quality productive forces, where innovation plays a leading role, the characteristics of high technology, high efficiency and high quality are in sharp contrast with the traditional productive forces.

For example, as a representative of China’s advanced productive forces, China’s independent nuclear energy brand "Hualong No.1" has entered the stage of mass production. Xu Pengfei, member of Chinese People’s Political Consultative Conference and deputy chief engineer of China National Nuclear Corporation, told the reporter that the nuclear industry is a high-tech strategic industry and a data-intensive industry. It is imperative to build a digital nuclear industry under the requirements of accelerating the development of the digital economy, promoting the deep integration of the digital economy and the real economy, and building a digital industrial cluster with international competitiveness. The batch construction of "Hualong No.1" makes it the most promising nuclear power model to realize the delivery of "digital nuclear power plant", which is also the concrete implementation of accelerating the development of new quality productivity. With the batch construction of "Hualong No.1", it will continue to promote the technological innovation of nuclear power.

Green development is the background of high-quality development, and new quality productivity itself is also green productivity. Member Chinese People’s Political Consultative Conference, Party Secretary and Chairman of China Huadian Group Co., Ltd. Kong Ngai said in an interview with Securities Daily that in 2024, around accelerating the formation of new quality productivity, china huadian will further carry out a new round of deepening and upgrading of state-owned enterprise reform, improve the scientific and technological system and mechanism compatible with green and low-carbon development, and enhance the vitality of enterprises with scientific and technological innovation as the driving force; Accelerate the key core technology research in the fields of electric power industrial control, gas turbine, hydrogen energy, etc., and promote the further integration of innovation chain industrial chain capital chain talent chain; We will lay out forward-looking strategic emerging industries with greater efforts, and strive to form a number of high-quality strategic emerging industrial clusters and create new growth poles.

Focusing on the goal of building a world-class reloading enterprise, Xiaojun Han, deputy to the National People’s Congress and secretary and chairman of SINOMACH, told the Securities Daily reporter that in the future, SINOMACH will focus on high-end equipment fields such as clean energy, aerospace, advanced metallurgy, petrochemical industry, energy conservation and environmental protection, accelerate the transformation and upgrading of major equipment to high-end, intelligent and green, lead industrial innovation with scientific and technological innovation, and promote the integration of talent chain and innovation chain. Including accelerating the development and innovation in emerging fields, increasing the transformation and industrial application of research and development achievements in emerging business fields such as clean energy, new energy storage and advanced environmental protection, and striving to run out of "acceleration" in the field of new materials; Build a modern industrial service industry around "manufacturing+service", cultivate extended businesses with characteristics such as inspection and testing, logistics and transportation, industrial installation and operation and maintenance services, speed up the industrial layout of new track, and help improve the construction of modern industrial system.

Zhu Changming, a partner of Sunshine Times Law Firm and the head of the mixed reform center of state-owned enterprises, said in an interview with the Securities Daily that it is a systematic project for state-owned central enterprises to develop new quality productivity, which not only involves scientific and technological innovation and industrial innovation, but also forms institutional mechanisms and new production relations that meet the development requirements of new quality productivity through deepening reform.

First of all, to develop new quality productivity, state-owned central enterprises need to strengthen key core technology research, especially to play the role of chain length and original technology source of state-owned central enterprises, to drive all kinds of entities in the industrial chain in innovation chain, and to solve key core technology problems together. Secondly, state-owned central enterprises should focus on the "three concentrations" of state-owned capital and make concerted efforts in traditional industries, strategic emerging industries and future industries. Finally, it is necessary to speed up the construction of institutional mechanisms conducive to the development of new quality productive forces, which requires state-owned central enterprises to further comprehensively deepen reforms, not only to improve the scientific and technological innovation mechanism, but also to focus on creating modern new state-owned enterprises with new development methods, new corporate governance, new management mechanisms and new layout structures, and to get through the blocking points that constrain the development of new quality productive forces.

"Accelerating the development of new quality productive forces has become the inevitable road for the development of central enterprises." Liu Xingguo said.

New quality productivity is the productivity change under the "two-wheel drive"

At the National People’s Congress this year, "new quality productivity" became one of the hot topics.

The year 2023 is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China, and the first year to start a new journey of building a socialist modern country in an all-round way. "New quality productivity" was put forward in this year, which has far-reaching significance.

Tian Xuan, deputy to the National People’s Congress and vice president of Tsinghua University Wudaokou Institute of Finance, told the Securities Daily reporter that from the internal perspective, China’s economy will enter a "deep water zone" for the transformation of old and new kinetic energy in 2023, and enter a high-quality development stage from a high-speed growth stage. In order to meet the requirements of quality first and benefit first in the high-quality development stage, it is necessary to change the development mode that relied on a large amount of resources and high consumption under the traditional productive forces, from unsustainable to sustainable, and from extensive to intensive. Externally, the global economy is facing the dilemma of high inflation and low growth, geopolitical risks still exist, and the risk of decoupling from China by western countries dominated by the United States still exists.

"In order to meet these challenges, we must find answers from productivity." Tian Xuan said that accelerating the formation of new quality productive forces is not only a new reflection on China’s current development problems, but also a new idea for the future of global sustainable development.

The new quality productivity is put forward at the right time. The change of new technology has given birth to new development momentum in different fields and brought about changes in various fields.

Pay equal attention to the upgrading of traditional industries and future industrial planning.

The proposal of new quality productivity provides scientific guidance for accelerating scientific and technological innovation and promoting high-quality development in the new era and new journey.

Huang Bingfen, deputy to the National People’s Congress and general director of the Hong Kong Re-starting Alliance, said in an interview with the Securities Daily that the new quality productivity is a productivity form with emerging technologies such as information technology, digitalization, automation and intelligence as its core, and its inherent requirement and focus are "innovation, innovation, intelligence and Excellence". Under the guidance of the concept of new quality productivity, the traditional mode of production and organization will accelerate the transformation and upgrading, and the economic structure will continue to be optimized.

"New quality productivity is not only the upgrading of traditional industries, but also the cultivation and growth of strategic emerging industries and the forward-looking planning of future industries." Jia Shaoqian, deputy to the National People’s Congress and secretary of the Party Committee and chairman of Hisense Group Holding Co., Ltd., said in an interview with the Securities Daily that new quality productivity can effectively promote the high-end, intelligent and green development of traditional industries and enhance the current level of productivity development; At the same time, a new generation of strategic emerging industries such as information technology and future industries such as humanoid robots have become the main positions for developing new quality productivity.

Jia Shaoqian further analyzed that the key to forming new quality productivity is to promote industrial innovation with scientific and technological innovation. Enterprises are the main body of scientific and technological innovation, and it is time to adhere to the guidance of scientific and technological innovation and accelerate the formation of new quality productivity. Hisense will continue to strengthen scientific and technological innovation, and make new achievements in high-quality development with the attitude of being a big enterprise and forging ahead.

Although the new quality productivity likes "new", it is not tired of "old". Tian Xuan believes that developing new quality productivity requires actively cultivating emerging industries and future industries, but this does not mean completely denying and abandoning old kinetic energy and traditional industries. In the development process of new quality productivity, traditional industries still have the demand and space for transformation and upgrading, and the transformation of old and new kinetic energy is a step-by-step process. From this point of view, the new quality productivity is a productivity change under the "two-wheel drive".

Stimulating enterprise’s technological innovation with financial "combination boxing"

Giving full play to the role of finance as "accelerator" and "lubricant" and increasing financial support for scientific and technological innovation are important links to help develop new quality productivity.

Tian Xuan said that the new quality productivity is based on innovation. To use financial power to activate innovation kinetic energy, it is necessary to use a set of "combination boxing" to stimulate technological innovation of enterprises.

He further explained that objectively speaking, China’s current financial supply structure is still dominated by indirect financing, showing problems such as insufficient efficiency of service science and technology innovation and many bottlenecks, and the institutional mechanism of financial service science and technology innovation still needs to be further optimized and improved. First of all, we can create a stable, continuous and accurate investment and financing ecology from the policy supply side; Secondly, continue to improve the construction of multi-level market system; Thirdly, support and cultivate a more active venture capital market.

At the same time, we should optimize the indirect financing mechanism. Vigorously promote the construction of social credit system, strengthen credit supervision, establish the supervision mechanism of pre-credit commitment, in-process credit classification supervision and post-credit punishment, and fundamentally solve the problem of financing difficulty and expensive financing for SMEs caused by asymmetric information between banks and enterprises and imperfect credit mechanism. Commercial banks should strengthen their own product innovation, combine the development characteristics of new economic enterprises, and carry out hierarchical and differentiated design on credit, term, quota and mode according to the development stage of science and technology enterprises, so as to continuously innovate and enrich the credit product system supporting new economic enterprises.

In addition, it is necessary to strengthen the reform of bond marketization mechanism. Improve credit support for small and medium-sized enterprises, simplify the issuance and registration process, and support more technology-based enterprises to obtain sustained medium-and long-term financing through issuing bonds. Innovate bond financing tools, enrich diversified bond financing products, promote the development of high-yield bond market, accelerate the development of asset securitization, and focus on supporting bond financing for small and medium-sized enterprises with technological innovation.

Accelerate the development of new quality productivity, and the capital market is exerting its strength at the right time.

On March 5th, Premier Li Qiang of the State Council proposed in his government work report that we should vigorously promote the construction of a modern industrial system and accelerate the development of new quality productive forces.

China’s economy has turned to the stage of high-quality development, and developing new-quality productive forces is an inherent requirement and an important focus to promote high-quality development. Recently, all localities and departments have accelerated the drawing of a "road map" for developing new quality productive forces and accumulated new kinetic energy for development.

The author believes that it is the right time for the capital market to accelerate the development of new quality productivity.

First of all, we should give full play to the financing function of the capital market and guide the precise matching of financial resources with related enterprises.

On the one hand, the capital market should anchor the fundamental task of serving the real economy, give full play to the function of direct financing, and promote all kinds of financial resources to gather in the field of scientific and technological innovation.

This is in line with the development of new quality productive forces. Because the formation of new quality productivity is inseparable from the development and growth of strategic emerging industries and future industries. From the perspective of capital market, science and technology innovation board, Growth Enterprise Market and Beijing Stock Exchange are the main positions to cultivate new quality productivity: science and technology innovation board focuses on supporting new-generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine and other high-tech industries and strategic emerging industries; GEM mainly serves growth-oriented innovative and entrepreneurial enterprises, highlights the theme of "innovation, creation and creativity", supports the deep integration of traditional industries with new technologies, new industries, new formats and new models, and accelerates the formation of strategic emerging industries. The orientation of Beijing Stock Exchange is mainly to serve innovative small and medium-sized enterprises.

Therefore, it is necessary to give full play to the traction role of the capital market, open up the "last mile" of financing for related enterprises, effectively promote the formation of innovative capital, and fully activate market power. Of course, in this process, all parties should tighten their respective responsibilities and resolutely "close the entrance" and tighten the "safety valve" of the capital market.

On the other hand, the refinancing market provides a convenient channel for developing new quality productivity. We have seen that for some time, relevant listed companies have issued refinancing plans, which has enabled scientific and technological innovation in the frontier technology field to obtain key financial support from the capital market, providing a strong guarantee for the company to expand its production scale and break through the bottleneck of innovation and development.

Secondly, related enterprises can become bigger and stronger through mergers and acquisitions.

At present, the policy environment of M&A and reorganization is more optimized. Through market-oriented M&A and reorganization, enterprises in the industrial chain can be linked together, play a synergistic effect, promote win-win development, improve quality and efficiency, become better and stronger, and achieve the effect of "1+1 > 2". Therefore, relevant enterprises should make good use of merger and reorganization tools, seize the opportunity to inject high-quality assets and clear inefficient production capacity, realize the optimal allocation of innovative resources, enhance innovation and specialization capabilities, enhance core competitiveness, and promote the development of new quality productivity.

The regulatory authorities are promoting related work. The symposium on supporting the merger and reorganization of listed companies held by the CSRC recently proposed to support the merger and acquisition of high-quality targets in the same industry or upstream and downstream, which have synergistic effects with the main business, and to enhance the attributes of "hard technology" and "three innovations and four innovations" of listed companies.

In short, the capital market has great potential to develop new quality productivity and empower high-quality development. Relevant listed companies should cultivate "internal strength", enhance innovation strength, hand in high-quality development answers, contribute a steady stream of new kinetic energy to the sustainable development of themselves and the industry, and accelerate the formation of new quality productivity.