The State owned Assets Supervision and Administration Commission of the State Council has released the 2025 performance report of central enterprises, with two trillion yuan targets receiving much attention. Firstly, the revenue scale of strategic emerging industries of central enterprises exceeds 12 trillion yuan, accounting for more than 10 percentage points higher than the total revenue in 2022. Secondly, central enterprises completed an investment of 2.5 trillion yuan in strategic emerging industries, accounting for 41.8% of the total investment. Two trillion yuan data points indicate significant changes in the layout structure of central enterprises. The former represents that central enterprises are changing the current situation of outdated industrial structure, while the latter conveys the determination of central enterprises to seek innovation and change, and to create a "second curve" of growth. Seeking innovation and change originates from the change of responsibilities and missions. Entering the 15th Five Year Plan, the responsibility and mission of central enterprises is no longer just to maintain and increase the value of state-owned assets, but also to better play the role of technological innovation, industrial control, and security support in building a modern industrial system and a new development pattern. To effectively play the "three roles", central enterprises cannot be absent in the field of forward-looking strategic emerging industries. Developing strategic emerging industries is no longer a multiple-choice question for central enterprises, but a mandatory one. Seeking innovation and change also stems from the changes in industrial development. Currently, a new round of technological revolution and industrial transformation is reshaping the global industrial landscape with unprecedented intensity. To win a place in fierce competition, adapting to technological and market changes has become a necessary choice for central enterprises. For example, with the continuous improvement of China's urbanization level, for construction state-owned enterprises to achieve high-quality development, they must transform into emerging fields and open up a "second curve". For example, for communication state-owned enterprises, the wave of artificial intelligence is surging, and transforming from a communication infrastructure provider to an artificial intelligence infrastructure builder is the trend and a strategic choice to seize the high ground of future development. Of course, the efforts of central enterprises to develop emerging industries do not necessarily mean "looking around" or crossing boundaries arbitrarily. Central enterprises still need to focus on their main responsibilities and businesses, strengthen the industrial chain, and extend the value chain when laying out emerging industries. Some companies choose to introduce new technologies and make every effort to 'dig the track'. China FAW is following the trend of industrial transformation and promoting the transition to new energy. In 2025, the sales volume of China FAW's independent new energy vehicles exceeded 366000 units, a year-on-year increase of 71.4%. Some companies choose to extend their industrial chain and focus on "expanding the track". Relying on its engineering advantages, CRCC has developed green building materials. Its aerogel thermal insulation series products are not only thermal insulation, but also fireproof, moisture-proof and not easy to fall off. China National Building Materials is expanding into the field of new materials, investing over 60% of its investment in this area to promote the stable production of carbon fiber production capacity among the top three in the world and the successful mass production of the world's thinnest 1.5mm photovoltaic glass. Some companies choose to expand their technology chain and achieve "cross track" success. From high-speed trains to windmills, seemingly unrelated, in fact, they share the same technology. In recent years, CRRC has strengthened its "related diversification" business expansion and shifted high-speed rail technology to the wind power industry, rapidly forming a "second track" such as clean energy equipment, with corresponding revenue accounting for 35% of total revenue. This year marks the beginning of the 15th Five Year Plan. The State owned Assets Supervision and Administration Commission of the State Council is studying and drafting a working document on promoting the cultivation of emerging pillar industries by central enterprises, guiding them to achieve leapfrog development from major project investments, leading enterprise cultivation, breakthroughs in key areas, to overall optimization of the layout of the state-owned economy. When the "national treasure" is given wings of "new quality", I believe that the "second curve" of central enterprises will be even more vigorous and upward. (New Society)