The policy requires state-owned enterprises to actively use the capital market to deepen reform, enhance the intrinsic value of listed companies, and promote the realization of market value. On May 27, 2022, the State-owned Assets Supervision and Administration Commission issued the Work Plan for Improving the Quality of Listed Companies Controlled by State-owned Enterprises, requiring state-owned enterprises to actively use the capital market to deepen reform, adhere to the balance between value creation and value realization, and improve fundamentals to enhance the intrinsic value of listed companies and promote the realization of market value. It is clearly pointed out that "the function of market allocation of resources is not fully played, and the mismatch between value realization and value creation is still prominent". It shows that the valuation of central enterprises in the secondary market is low, which is less than the enterprise value and social value they create. The key to building a valuation system with Chinese characteristics lies in the revaluation of state-owned enterprises. In the future, the important goal of state-owned enterprises is to unswervingly strengthen and optimize state-owned capital and state-owned enterprises, enhance the core competitiveness of enterprises, enhance core functions, and strive to build modern new state-owned enterprises. From this point of view, we not only need to have sound financial fundamentals, but also need to consider the enterprise's scientific and technological innovation ability, value creation ability, corporate governance ability, resource integration ability, brand leading ability and other soft power. These soft powers play a vital role in the development of enterprises, but they are easily ignored by the market. In the special evaluation system, the "one profit and five rate" operating indicators formulated by the SASAC will continue to improve the core competitiveness of central enterprises and build world enterprises. The value of central enterprises and state-owned enterprises will be re-recognized and revalued.

There are 13 central enterprises in the fields of mining and metallurgy, gold and steel, second only to the field of energy and power. As of December 2022, there are 98 enterprises directly under the central government of China (referred to as central enterprises). The names of the enterprises start with the prefix "China". Most of the enterprises have entered the ranks of the world's top 500, covering energy, finance, real estate, transportation, aerospace, military industry and other fields, which are directly related to the lifeline of China's national economy. The State-owned Assets Management Commission of the State Council (SASAC) is responsible for daily management. There are as many as 13 central enterprises in the fields of mining and metallurgy, gold and steel, second only to strong monopoly industries such as energy and power.

The non-ferrous steel sector totaled 30 listed companies under the central state-owned enterprises, accounting for 16.3 percent, covering all sub-sectors. According to the SW industry classification, the SW non-ferrous metals sector contains 136 listed companies, of which 18 are subordinate to central state-owned enterprises, accounting for about 14%, covering copper, aluminum, lead, zinc, lithium and other secondary industries. SW steel plate contains 48 listed companies, of which 12 are subordinate to the central state-owned enterprises, accounting for 25%, covering general steel, special steel and other secondary industries. The non-ferrous steel sector totaled 30 listed companies under the central state-owned enterprises, accounting for 16.3 percent.

In the steel plate, the market value of listed companies under the central enterprises accounts for a relatively large proportion, and the listed companies under the central enterprises in the non-ferrous metals plate cover a more comprehensive sub-industry, which is the focus of the "special assessment. As of May 5, 2023, in the SW steel sector, the total market capitalization of 12 listed companies under central enterprises accounted for 46%, much higher than the overall average of A- shares, second only to banks, defense and military industries and other strong monopoly industries and utilities industry. In the SW non-ferrous metals sector, the total market capitalization of 18 listed companies under central enterprises accounts for 15%, but covers a more comprehensive range of secondary industries, including copper, aluminum, lead and zinc, lithium, small metals and new metal materials. The non-ferrous steel plate is the key plate affected by the "medium special assessment.

Non-ferrous steel plate in the central enterprises under the listed companies PB low, high dividend rate, ROE is expected to improve, investment value or will benefit from the "special valuation" and improve. The PB of listed companies under the central enterprises in the non-ferrous steel sector is low. The average PB of listed companies under state-owned enterprises in the non-ferrous metals sector has long been lower than the average PB of listed companies under private enterprises and local state-owned enterprises. As of April 28, 2023, the average PB of listed companies under central enterprises in the non-ferrous metals sector was 2.36, while the average PB of listed companies under local state-owned enterprises and private enterprises was 2.37 and 2.53, respectively. The average PB of listed companies under central enterprises in the steel sector is often below 1. As of April 28, 2023, the average PB of listed companies under central enterprises in the steel sector was 0.84, while the average PB of listed companies under local state-owned enterprises and private enterprises was 0.86 and 1.63, respectively.