(CICC: policy dividend support undervalued state-owned enterprises may bring medium-term investment opportunities)-- China International Capital Corporation pointed out in a research report that undervalued state-owned enterprises have performed well, and there is still room for continued repair in valuations. At present, the PB valuation of state-owned enterprises / central enterprises is 1.16x and 1.0x, and there is still a discount with the 2.71x of non-state-owned enterprises. Compared with the first-class overseas enterprises in various fields, there is still a significant valuation discount for large central enterprises in China at the price-to-book ratio level. Central state-owned enterprises are expected to properly optimize their own growth, governance mechanism and information exchange under the guidance and support of policies. if the factors that suppress valuation can be gradually resolved, the current phenomenon of low valuation is expected to continue to be repaired. and bring better relative benefits.