今日视点：期待A股涌现更多注销式回购

Core Viewpoint - Midea Group has completed a share buyback of 10 billion yuan, with over 70% of the repurchased shares intended for cancellation, reflecting a positive response from investors and indicating a trend towards cancellation-style buybacks in the A-share market [1][7]. Group 1 - The cancellation-style buyback provides a new benchmark for assessing the value of listed companies, enhancing earnings per share and return on equity without changing net profit [2][8]. - More companies are adopting cancellation-style buybacks, which serve as a measure of a company's internal quality and governance, guiding investments towards assets with genuine value creation capabilities [2][8]. Group 2 - Cancellation-style buybacks represent a new paradigm for companies to utilize capital effectively, shifting from scale pursuit to efficiency enhancement in the context of high-quality economic development [3][9]. - When companies have ample cash flow but lack investment projects that exceed their capital costs, using funds for buybacks is a rational and efficient choice [3][9]. Group 3 - Cancellation-style buybacks help create a more coordinated investment and financing ecosystem, reducing stock supply and supporting share prices [4][10]. - This mechanism acts as an "internal stabilizer" for the market, providing liquidity support and favoring long-term investors while pressuring companies to improve governance [4][10]. Group 4 - The rise of cancellation-style buybacks fosters a mature "shareholder culture," similar to practices in developed markets, where companies regularly return excess cash to shareholders [5][11]. - As more A-share companies adopt this practice, it encourages a focus on real profitability and free cash flow, enhancing market efficiency and creating a stable environment for long-term investments [5][11]. Group 5 - The increasing number of cancellation-style buyback cases in the A-share market indicates significant potential for growth, with expectations for more companies to adopt this approach to strengthen shareholder return awareness and optimize capital allocation [12].