中特估概念走势活跃，中船科技涨停，中远海能等走高

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has issued guidelines to improve and strengthen the market value management of central enterprises and their listed subsidiaries, emphasizing the importance of stock buybacks and increasing shareholding as a long-term foundational work [1][2]. Group 1: Stock Buyback and Market Stability - Central enterprises are encouraged to establish a normalized mechanism for stock buybacks and increases in shareholding to enhance their ability to respond to complex market situations [1]. - Companies are advised to prepare contingency plans for significant or continuous declines in stock prices to improve response speed, decision-making efficiency, and execution efficiency, thereby stabilizing market sentiment and effectively maintaining market value [1]. Group 2: Investor Confidence and Profit Distribution - Central enterprises should guide their listed subsidiaries to firmly establish a sense of investor return, ensuring that all types of investors, especially small and medium shareholders, share in the company's development achievements [2]. - Companies are encouraged to develop reasonable and sustainable profit distribution policies, enhancing the stability, continuity, and predictability of cash dividends, while increasing the frequency and proportion of cash dividends [2]. Group 3: Addressing Long-term Underperformance - The issue of long-term underperformance (i.e., stocks trading below net asset value) is to be prioritized, with guidance for affected companies to create and implement valuation enhancement plans [1]. - For companies with weak business synergy, poor stock liquidity, or that have lost their functional role, encouragement is given for restructuring through mergers and asset reorganizations [1]. Group 4: Market Management Tools - The SASAC has further clarified the toolbox for market value management for central enterprises, detailing specific tools such as mergers and acquisitions as the primary means for value creation, with ongoing policy support [4]. - Stock buybacks are identified as a rapid response tool to support stock prices, while dividend policies serve as a foundational tool for managing investor expectations [4].