In the state-owned capital management system, state-owned capital investment companies and operating companies each perform their own duties and play different functions and roles. First of all, investment companies mainly focus on national strategies to enhance industrial competitiveness through industrial adjustment, integration and cultivation, with the goal of enhancing the control and influence of state-owned capital. Its operating model emphasizes "financing, investment, mergers and securities". Financing is through financing and fund operations, investment is based on strategy, supplemented by financial investment, and promotes industrial transformation by integrating resources; and mergers optimize the industry through internal and external cooperation. Ecology; bonds focus on capital securitization.

In contrast, state-owned capital operating companies focus more on improving operational efficiency and returns. Their operating models also include "financing, investment, mergers and securities", but they are different. Through fund operation, financial investment and value management, it activates existing assets, guides social capital, and achieves the reasonable flow, preservation and appreciation of state-owned capital. In terms of investment, operating companies place more emphasis on market orientation, focusing on funds and supplemented by direct investment. They focus on post-investment management and orderly exit. The goal of the operating company is to transform state-owned assets into capital form through market mechanisms, flexibly adjust the layout, and achieve the "subtraction" effect of the state-owned economy.

In summary, state-owned capital investment companies and operating companies respectively play the role of investment guidance and structural adjustment, as well as optimizing capital operation efficiency. Both have different focuses on investment and operation strategies.*** and serve the overall economic development of the country.