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the industrial-financial integration model of central enterprises is mainly reflected in the following aspects:

• improved capital operation efficiency: through financial business, central enterprises can make better use of their own funds and resources, thereby improving the efficiency of capital operations.
• lower financing costs: for some large state-owned enterprises, financial services can reduce financing costs and provide more flexible financing methods.
• expanding the service capabilities of the industry chain: central enterprises can extend industrial chain services through financial business and provide more stable support for the development of their main businesses.

however, the combination of industry and finance also brings new risks:

• lack of effective interaction between industry and finance: in the process of industrial and financial integration, central enterprises often regard financial business as the operation of an independent department, resulting in insufficient synergy between the two and difficulty in realizing their maximum potential.
• the asset-liability ratio of financial business is too high：the asset-liability ratio of the financial business of some central enterprises is too high, which increases the financial risks and liquidity problems of the enterprises.

some cases reflect the complexity of the process of industrial-financial integration:

• ppp project cases：construction central enterprises have encountered risk accumulation and exposure in ppp projects, mainly due to policy orientation adjustments and insufficient internal risk management.
• excessive pursuit of financial business development：some central enterprises have been too focused on the development of financial business and neglected the stability and improvement of their main business, resulting in an imbalance in resource allocation.

with the introduction of the "financial restriction order", central enterprises will pay more attention to the stable industrial and financial integration model. the two modes of holding and participating in shares have shown different advantages and challenges in practice:

• holdings：enterprises have greater say and are more directly involved in industrial and financial operations, but the risks are relatively higher.
• shareholding: companies expect high returns, but also face restrictions on decision-making power, as well as issues such as transparency and accountability for investments in financial assets.

in the future, state-owned enterprises need to maintain clear goals and strategies, and actively seek external cooperation and integrate resources to meet new challenges in order to achieve long-term development and sustainability.

suggestion:

• retain core financial assets: avoid over-investment and ensure the long-term stability and sustainable development of the enterprise.
• rationally allocate non-core financial assets: flexible configuration based on market conditions and corporate strategy, which may sometimes require timely sale or reorganization.
• be transparent and accountable: ensure all operations maximize enterprise value and minimize risk.