R emember the name : China Science Publishing & Media ( cspm ) might be the hottest state-owned textbook stock, ever. Shares in the company, which publishes titles such as “Gaseous Detonation Physics and its Universal Framework Theory”, are up 230% since the start of the year. It is not the content, riveting though it is, that has lifted cspm ’s market capitalisation to nearly 30bn yuan ($4.3bn). Across the board, China’s state-owned companies have enjoyed a renaissance—at the request of regulators. Stop focusing on profits, authorities have insisted. Instead, think about firms’ social contributions and their broader impact on the economy. All told, the “reconsideration” of China’s clunkiest firms has been worth 3trn yuan in the first five months of the year.
r emember名称：中国科学出版与媒体（CSPM）可能是有史以来最热门的国有教科书股票。自年初以来，该公司的股票发表了诸如“气态爆炸物理及其通用框架理论”之类的头衔，增长了230％。虽然不是内容，而是将CSPM的市值提高到近300亿元人民币（43亿美元）。在监管机构的要求下，中国的国有公司全面享受了文艺复兴。停止专注于利润，当局坚持。相反，请考虑公司的社会贡献及其对经济的更广泛影响。总而言之，在今年的头五个月中，中国最笨拙的公司的“重新考虑”价值3trn yuan。
