Xinhua News Agency, April 24, Citic Securities Research newspaper pointed out that a new stage of state-owned enterprise reform began in 2023. Zhang Yuzhuo, minister of the State-owned assets Supervision and Administration Commission, put forward "one goal, two ways, and three functions." Recently, issues related to the reform of state-owned enterprises, including the meeting of the Shenzhen Reform Commission and the expansion of the list of "creating world-class model enterprises", have been continuously promoted, with the aim of better helping state-owned enterprises to accomplish their missions and tasks in the new era. We believe that the valuation can well reflect the attitude of the capital market towards the operating efficiency and development prospects of enterprises, but the current valuation level of state-owned enterprises in various industries is lower than the industry average. The assessment baton emphasizes efficiency to realize the "three functions" of state-owned enterprises, and the central enterprises are expected to enhance their value in the future.