作者丨CV
2017 年度 A 股上市公司“義利 99”以滬深 300 成分股為對象， 以中證指數有限公司 2017 年 6 月更新名單為基準， 經以下步驟評估生成：
在本輪“義利 99”評估中， “篩選子模型”剔除了 3 家上市公司。 其中恒生電子(600570.SH)的財務審計意見為帶強調事項段的無保留意見， 信威集團(600485.SH) 停牌超 6 個月仍未複牌， 樂視網 (300104.SZ) 同時存在上述兩個問題。 其餘297家上市公司入圍， 依據“評分子模型”進行了社會價值量化評分。
榜單概況
從整體情況看， 2017 年度“義利 99”的社會價值貢獻和市值表現均優於滬深 300。 其中， “義利 99”社會價值總分 5,976 分， 滬深 300 社會價值總分 14,918 分， 前者占比 40.06%；“義利 99”平均 60.36 分。
滬深 300 平均 49.73 分， 前者高出 21.39%；截至 2017 年 9 月 30 日， “義利 99”總市值為 20.86 萬億元（人民幣， 下同）， 滬深 300 總市值為 32.21 萬億元， 前者占比 64.76%。 此外， 滬深 300 的平均分尚不足 50， 說明上市公司的社會價值貢獻仍有較大提升空間。
榜單全貌
中國建築（601668.SH）、長江電力（600900.SH）和正泰電器（601877.SH）位列 2017 年度“義利99”前三強。
中國建築（601668.SH）是中央國有企業， 於 2007 年 12 月成立， 2009 年 7 月在上交所上市， 屬建築與工程行業。 中國建築以“拓展幸福空間”為使命， 以“品質保障， 價值創造”為核心價值觀， 打造綠色建築全產業鏈。 2016 年， 中國建築獲國家星級綠色建築標識認證 42 項， 主編國家標準、行業標準各 3 項， 獲得國家科技進步二等獎 1 項， 科技成果鑒定 268 項。 2016 年， 中國建築營業收入為 9,597.65 億元， 淨利潤為 411.72 億元；截至 2017 年 9 月 30 日，
長江電力（600900.SH）是中央國有企業， 於 2002 年 11 月成立， 2003 年 11 月在上交所上市， 屬電力行業。 長江電力以“為長江提供防洪保障， 為社會奉獻清潔能源”為使命， 構建以精益安全為核心的“精益—責任” 文化體系， 推進長江經濟帶建設。 2016 年， 長江電力四座梯級樞紐攔蓄洪水 122.7 億立方米， 省部級科技管理成果獎共 3 項。 2016 年， 長江電力的營業收入為 489.39 億元， 淨利潤為 209.38 億元；截至 2017 年9 月 30 日， 總市值為 3,315.40 億元， 市盈率為 15.63 倍。 在 2017 年“義利 99”榜單中位列亞軍， 總分73.62 分、目標 | 驅動力 6.53 分、方式 | 創新力 21.52 分、效益 | 轉化力 45.57 分、合一度係數 92%。
正泰電器（601877.SH）是民營企業， 於 1997 年 8 月成立， 2010 年 1 月在上交所上市，
English Version
The 2017 China’s SV 99 Ranking of A-Share Listed Companies studied CSI 300 constituent companies in accordancewith the list provided by China Securities Index Co., Ltd. updated in June 2017, and was generated by the following steps:
In this round of SV 99 assessment, 3 listed companies were eliminated through the Sub-models for Screening:Hundsun Technologies (600570.SH) got an unqualified opinion with emphasis-of-matter paragraph in its audit report;Xinwei Group (600485.SH) had been suspended from trading shares for over 6 months and failed to resume trading;and LETV (300104.SZ) suffered from both problems. The remaining 297 companies were shortlisted with their socialvalue assessed through the Sub-models for Scoring. (Please refer to Chapter 4 for a detailed introduction to themodels.)
Ranking Overview
Generally speaking, SV 99 outperformed CSI 300 Index in terms of social value contribution and Market Value of theconstituent companies in 2017. SV 99 companies altogether scored 5,976 in social value, taking up 40.06% of that ofCSI 300 companies scoring 14,918. SV 99 companies recorded an average social value of 60.36, 21.39% higher thanthat of CSI 300 companies (49.73). As of 30 September 2017, total Market Value of SV 99 reached RMB 20.86 trillion ,accounting for 64.76% of the total RMB 32.21 trillion of all CSI 300 companies. Moreover, the average score of CSI300 companies was less than 50, indicating huge improvement potential.
Detailed List
China State Construction Engineering (601668.SH), China Yangtze Power (600900.SH) and ZhejiangChint Electrics (601877.SH) were ranked top 3 in 2017 SV 99 List.
As a state-owned enterprise (SOE) in the construction and engineering sector, China State Construction Engineering(CSCE) was established in December 2007 and listed in July 2009 in Shanghai Stock Exchange (SSE). Envisioning to“Contribute to a Happy Environment” with the core values of “Quality Assurance and Value Creation”, CSCE aims tocreate a green chain for the entire construction industry. In 2016, CSCE acquired 42 China’s National Green BuildingEvaluation Labels, compiled 3 national standards and 3 industry standards, won second prize for State Scientific andTechnological Progress Awards, and passed 268 appraisals of sci-tech achievements. In 2016, the operating revenueof CSCE was RMB 959.77 billion with a net profit of RMB 41.17 billion. Its total market value reached RMB 278.4billion as of 30 September 2017 at a PE ratio of 8.75. Topping the 2017 SV 99 List, CSCE got a total score of 76.55,with AIM scoring 5.10, APPROACH 25.35, and ACTION 46.10, and its Consistency Coefficient was 75%.
China Yangtze Power (CYPC), a SOE in power industry, was established in November 2002 and listed in November2003 in SSE. Envisioning to provide flood control capabilities against the Yangtze River and contribute clean energy tothe society, CYPC strives to build a “Lean-Responsibility” Culture System pillared on lean safety so as to promote thedevelopment of the Yangtze River Economic Belt. In 2016, CYPC succeeded in impounding 12.27 billion m3 of floodwater with its 4 cascaded hydropower plants, and was honoured with 3 provincial awards for sci-tech management.In the same year, the operating revenue of CYPC was RMB 48.94 billion with a net profit of RMB 20.94 billion. Itstotal market value recorded RMB 331.54 billion as of 30 September 2017 at a PE ratio of 15.63. Ranked second in the2017 SV 99 List, CYPC got a total score of 73.62, with AIM scoring 6.53, APPROACH 21.52, and ACTION 45.57, and itsConsistency Coefficient was 92%.
Zhejiang Chint Electrics (Chint), a privately-owned electrical appliance enterprise founded in August 1997, was listedin January 2010 in SSE. Envisioning to become a world-recognized brand and make contributions to China withoutstanding performance in the electrical appliance industry, Chint values integrity and compliance, and focuses onperformance and constant reforms, leading innovations in the low-voltage electrical appliance sector. In 2016, Chintacquired 447 patents, formulated or revised 5 sets of industry standards and received 83 certifications from homeand abroad. In the same year, the operating revenue of Chint was RMB 20.17 billion with a net profit of RMB 2.62billion. Its total market value was RMB 46.01 billion as of 30 September 2017 at a PE ratio of 17.44. Ranked third inthe 2017 SV 99 List, Chint got a total score of 71.24, with AIM scoring 8.10, APPROACH 20.76, and ACTION 42.38, andits Consistency Coefficient was 91%.