机械行业：股份回购有助于估值修复

Investment Rating - The report maintains a "Positive" investment rating for the mechanical industry [1]. Core Viewpoints - The establishment of special loans for stock repurchase will enhance the enthusiasm for buybacks, as it encourages banks to provide loans to listed companies and major shareholders for repurchasing and increasing their own shares [3][4]. - Stock buybacks serve as a signal of value to the market, helping to stabilize stock prices and boost investor confidence when there are significant fluctuations in stock prices [3][4]. - The report indicates that stock buybacks can aid in the recovery of company valuations, with a median price difference of -30.40% between the closing price and repurchase price as of September 24, 2024, for 172 listed companies in the mechanical equipment sector [3][4]. Summary by Sections Industry Events - On September 24, 2023, the Governor of the People's Bank of China announced the creation of special loans for stock repurchase to guide commercial banks in providing loans for the repurchase of listed company shares [3]. - The China Securities Regulatory Commission is soliciting opinions on guidelines for market value management, emphasizing the need for boards to monitor market perceptions of company value and take appropriate actions when discrepancies arise [3]. Industry Data - As of September 24, 2023, the mechanical industry comprises 479 listed companies with a total market value of 34,459.06 billion, reflecting a 4.36% increase [2]. - The average industry P/E ratio is reported at 29.84, with a circulating market value of 28,176.15 billion [2]. Stock Buyback Summary - The report summarizes stock buyback activities for the mechanical equipment industry, highlighting significant price differences and total repurchase amounts for various companies [4][5][6]. - The median repurchase payment amount for these companies is noted to be 0.3 billion [3]. Analyst Information - The report is authored by Ren Tianhui, a mechanical industry researcher with a master's degree in applied finance from Singapore Management University [15].