吴清讲话重塑价值坐标系：市值管理如何应对“投资者回报”新纪元

Core Viewpoint - A profound transformation is occurring in the capital market, shifting from a focus on scale competition to a system centered on long-term value creation and investor returns [1] Group 1: Institutional Inclusiveness - The current capital market is in a critical phase of transitioning to high-quality development, with a focus on enhancing the inclusiveness and adaptability of the capital market system [2] - The relationship between investment and financing is being elevated to a strategic level, marking a shift from merely pursuing financing scale to achieving a dynamic balance between financing efficiency and investor returns [2] - Three dimensions of institutional inclusiveness are highlighted: precise empowerment for technological innovation, diverse responses to investor needs, and upgraded regulatory effectiveness using big data and AI [2] Group 2: Governance Upgrade - Effective corporate governance is now a core foundation for value management, directly impacting the reliability and sustainability of investor returns [3] - Regulatory measures have been taken against over 50 listed companies for governance violations, demonstrating a commitment to enforce governance and equity management [3] - Companies with strong governance that protect minority shareholder rights will benefit from a "governance premium," while those with poor governance will face higher regulatory risks and valuation discounts [3] Group 3: Value Creation - Creating real and sustainable value is essential for companies to fulfill their responsibility to return value to investors [4] - The focus on value creation is shifting towards technological innovation and industrial upgrading, with a dual-driven model of internal growth and external expansion [4] - There has been a notable increase in major asset restructurings in sectors like semiconductors and AI, indicating a trend towards value enhancement [4] Group 4: Market Practice - The actions of listed companies to return value to investors have become widespread, with cash dividends totaling 2.4 trillion yuan in 2024, a 9% increase year-on-year [5][6] - The number of companies implementing continuous cash dividends over three years has also increased, reflecting a shift towards more frequent dividend distributions [6] - Regulatory upgrades have transformed soft constraints into hard indicators, enhancing the accountability of cash dividends [6] Group 5: Intermediary Transformation - Intermediary institutions, particularly investment banks, are transitioning from merely facilitating IPOs to becoming "value partners" throughout the entire lifecycle of listed companies [7] - This transformation includes providing research support, connecting with investors, and enabling capital operations for industrial upgrades [7] - Public fund reforms are also reinforcing investor orientation, with a focus on long-term performance metrics [7] Group 6: Ecological Construction - A collaborative and vibrant capital market ecosystem is essential, with each market participant playing a distinct role [8] - The establishment of robust investor protection mechanisms is crucial for supporting investor rights [8] - Promoting a culture that encourages innovation and tolerates failure will create a conducive environment for value creation and market management [8] Group 7: Long-termism - The capital market is shifting from short-term speculation to long-term value management, emphasizing sustainable investor returns and strategic foresight [9] - Long-term funding is vital for supporting this shift, with mechanisms being established to attract long-term investments [9] - The dual approach of long-term capital and strategic planning provides a stable environment for value management [9] Group 8: Open and Win-Win - Expanding the capital market's openness is a key task, bringing both opportunities and challenges [10] - International investors can provide additional capital and diverse valuation perspectives, while companies must adapt to international regulatory standards [10] - The internationalization of value management standards is being promoted, requiring companies to align their practices with both domestic and international expectations [10]