金吾财讯 | 部分中特估国企走高，马鞍山钢铁股份(00323)涨3.79%，联华超市(00980)涨3.28%，中广核电力(01816)涨2.11%，中船防务(00317)涨1.9%，中国铁塔(00788)涨1.83%，中国财险(02328)、中国联通(00762)、中远海控(01919)等涨超1%。华福证券表示，央国企形成长期主线。1）2020年后低估值央国企盈利基本面得到改善。 央国企盈利增速近5年有所提升，盈利基本面从2021年起至今显著提升、反超非央国企，盈利能力改善主要体现在净利润率的提升。近年来，低估值央国企总资产扩张比率、分红维持稳定；资产周转率、销售净利润率提升导致ROA\ROE显著提升，这导致整体的资产回报率上升。近三年行业净利润率改善显著，同时多数行业杠杆下降，低估值央国企资产债务压力有所减缓，为后续加杠杆提供空间。2）每轮牛市为资本投入的映射， 2024年起至今中央财政加杠杆带动央国企成为本轮主线行情。3）2024年一系列政策强化对优质企业并购重组、上市公司回购的支持。并购进一步扩大企业规模和改善盈利能力，回购有效稳定了市场情绪，在政策影响下央国企的回购愈发积极。
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