指引发布实施一周年：从软约束到硬指标 上市公司市值管理迈入新阶段

Core Viewpoint - The article discusses the transition of market value management for listed companies in China from soft constraints to hard indicators, emphasizing the implementation of the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" and the increasing use of various tools to enhance investment value and return to investors [1][2]. Group 1: Value Enhancement through Dividends and Buybacks - Cash dividends and share buybacks have become frequently used tools in the market value management toolbox over the past year, with companies encouraged to clarify buyback mechanisms and develop long-term dividend plans [1][2]. - As of October 31, 2023, 1,195 companies in China's stock market have announced 1,525 buyback plans for 2025, with 899 completed and a total buyback amount of 92.3 billion yuan, of which 36% was from self-owned funds and 26% from cancellation buybacks [3]. - A total of 1,033 listed companies announced cash dividend plans for the first three quarters, an increase of 141 from the previous year, with total cash dividends amounting to 734.9 billion yuan [3]. Group 2: Mergers and Acquisitions Market Activity - Mergers and acquisitions (M&A) have been highlighted as a key tool for market value management, with a notable increase in activity in the "hard technology" sector and accelerated integration of state-owned enterprises [6][7]. - Representative M&A cases include the acquisition of 72.33% of shares in ChipLink by ChipLink Integrated and the merger of Haiguang Information with Zhongke Shuguang, showcasing the trend of industry chain advantages [6]. - Policy support has been crucial for the active M&A market, with recent reforms aimed at enhancing efficiency and market vitality, including the introduction of new guidelines and streamlined approval processes [7]. Group 3: Employee Stock Ownership and Incentives - Stock incentives have gained prominence as a market value management tool, with companies encouraged to establish long-term incentive mechanisms [8][9]. - As of June 2023, nearly 3,500 listed companies have implemented stock incentive or employee stock ownership plans, representing 64% of A-share listed companies, with over 5,000 stock incentive plans launched [8]. - The recognition of stock incentives as a significant method for market value management has deepened, with expectations for more companies to adopt these tools in the future [9].