是大利好还是陷阱？上市公司疯狂回购！每股收益猛涨，股民赚翻了

Core Viewpoint - The increasing trend of companies opting for stock buybacks and cancellations signals a strong commitment to returning value to shareholders, enhancing earnings per share (EPS) through reduced share count [3][5][12] Group 1: Reasons for Increasing Popularity of Cancellation Buybacks - Cancellation buybacks effectively increase the per-share value by reducing the total number of shares while keeping net profits unchanged, leading to a higher EPS [3][5] - The regulatory environment, particularly the new "National Nine Articles," encourages cancellation buybacks as part of dividend payout ratios, aiming to eliminate misleading buyback practices [5] - The current market conditions, characterized by a scarcity of quality assets, compel companies to enhance their valuation resilience through buybacks [5] Group 2: Potential Risks and Considerations - Companies relying on high-interest loans for buybacks may present an attractive short-term appearance but risk long-term financial health due to increased debt [5][7] - If buyback prices are excessively high, it may result in companies overpaying for their shares, ultimately harming shareholder interests [5][7] - A rise in EPS without corresponding improvements in profitability may merely reflect accounting maneuvers rather than genuine financial strength, potentially leading to a decline in stock prices when the market corrects [7][10] Group 3: Investor Considerations - Investors should prioritize understanding the source of funds for buybacks, the fairness of buyback prices, and whether the company's fundamentals are improving alongside EPS increases [10][12] - The focus should be on sustainable growth drivers, such as solid profitability, healthy financial conditions, and clear long-term strategies, rather than short-term numerical enhancements [10][12] - The true value of a company is reflected in its long-term performance and commitment to delivering on promises, rather than just immediate financial maneuvers [12]