Reform of the military trumpet
asset reorganization is expected to speed
military and civilian integration has increased to Authorities recently issued on the establishment and improvement of military and civilian people and letting military weapons and equipment research and production system in a number of observations (the industry as This is an important guiding document, the Can be expected,
rose to military and civilian integration
for the implementation of the In this context, military reform is expected to accelerate again.
According to an authoritative source, the relevant departments will be encouraged to guide the orderly participation of private military companies, promoting investment and tax equalization policies, and create a moderate competition and orderly market environment, while two-way transfer of civilian technology for military use.
Everbright Securities in a research report said, One is to cultivate qualified market competitors, the basic completion of military enterprises joint-stock reform; the other is military reform has achieved positive progress in scientific research institutes; The third is to engage in various types of weaponry research and production enterprises in the financial investment, tax policy, market access, investment in fixed assets, military equalization; The fourth is the perfect sound system of military withdraw from the market, open sharing of military and civilian resources; The fifth is the equipment competitive procurement, centralized procurement, integration, procurement steadily.
According to report, relevant departments will foster a number of military and civilian industrial bases, the development of nuclear energy, aviation, shipbuilding, electronic information and other military and civilian industries, promote the national defense technology industry and local economic integration, and support to strengthen national defense features subordinates University Major Construction and Key Laboratory of construction, basic research in national defense and science and technology of major projects.
is worth noting that the Army Academy of Military Sciences Research Office, the Ministry of Construction of the letter in Sichuan recently in a media interview, also said that civil-military integration is
letter in Sichuan analysis pointed out that civil-military integration is the development trend of the modern world the inevitable choice of building socialism with Chinese characteristics is a strategic choice, military and civilian integration will necessarily result in
', the state enterprise reform large military policies have been set, the pattern of relatively closed military industry will be broken,' iron rice bowl 'era will be gone forever, replaced by an open, orderly and fair competition, a new system of dynamic .
industry have pointed out, civil-military integration has been established as a Can be expected,
encourage social capital to participate in military enterprises joint-stock
development in the strategic goal of integration of military and civilian, the authorities will vigorously promote the reform of military industry, in particular, to deepen military industrial enterprises, encourage social capital to participate in military industrial enterprises, joint-stock reform.
proper arrangements for employees. The document also explicitly encourage qualified military enterprises of social capital in joint-stock reform.
In fact, experience from abroad, military, mergers and acquisitions, asset securitization is the rapid development of foreign military industry an important way.
Britain's BAE Systems, Thales Group in France mostly through continued financing from the capital market, ongoing mergers and acquisitions, to achieve rapid development.
According to analysis, in the above background, the next five years to China's military assets into the listed company is expected to speed the process. The main reason is, first of all, and now the balance of military industrial rate levels have been generally more than 60% (asset-liability ratio of foreign military enterprises generally below 30%), continued large-scale issuance of bonds or through bank loans is not realistic, the stock market financing will be preferred; second, related research and development of military assets, arduous task, an urgent need for significant capital investment.
Group (34.05%), followed by Aviation Industry Group and Ordnance Group (respectively 18.62% and 19.21%), average of 13.36%, the future can be much room for improvement.
reporter has learned that the aircraft industry and other military enterprises are in-depth study,
Two main concern
investment
market participants believe that for some time, with the great development of military industry and military industrial enterprises, speed up the reorganization process, the relevant investment opportunities will become increasingly clear. Among them, the asset injection and strategic emerging industries is the most concerned about two main lines.
Aviation security analysis that under the Wind data, military industry has been enjoying a high premium, the main reason is that investors in the asset restructuring military industry, into the high expectations. The listed companies in 2011, driven by sustained the valuation of assets into the overall upgrade worth the wait, now several military groups are committed to using the capital market and further completion of the Group or the Group and between groups within the professional restructuring. According to analysis, air force, aerospace electronics, and aerospace morning Dengjun the existence of such possibilities.
Everbright Securities believes that the reorganization is expected to have strong companies, including China Heavy Industries, Dongan Panthers, Aviation Precision Machinery, China Aviation Optical and north of the shares and the Northern International. The CSC analysis, the morning of your flight and space assets in shares of the expected higher injection, it is worth focusing on.
the other hand, strategic and emerging industries and in the civilian business has good momentum of development of the company, is one of the hot market attention. In this regard, Everbright Securities that do a good civilian military enterprises, including Lingyun shares, Jinxi Axle, your shares in Air, Space Information, China Aviation Optical and China Heavy Industries. Air China Securities analyst in Dongan even more optimistic about the Panthers, the aircraft heavy machine, the future Chinese satellite and aerospace electronics development space.
In addition, has certain advantages, but also by some market attention. (Shanghai Securities News editors Durham Road Zhou Yi Qing Wang Xiaohua)
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