非银金融：政策丨市值管理指引正式稿：总体内容与征求稿保持一致，持续推动提升上市公司质量

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The official guidelines for market value management have been released, maintaining consistency with the draft version. The new "National Nine Articles" establishes a foundation that encourages market value management, mergers and acquisitions, and dividend repurchases, with policies expected to continue promoting improvements in the quality of listed companies and enhancing investor returns [1][2] - The report suggests focusing on the brokerage industry, which is expected to benefit from increased capital market activity and anticipated improvements in industry concentration due to mergers and integrations. Specific stock recommendations include Dongcai, Citic, Huatai, Guojun, Zhongjin, and Yinhe [1] Summary by Sections 1. Background of Market Value Management Policy - The new "National Nine Articles" encourages market value management, mergers and acquisitions, and dividend repurchases, aiming to enhance the investment value of listed companies. The policy emphasizes the importance of integrating market value management into the performance evaluation system of enterprises [12][11] 2. Analysis of Market Value Management Guidelines - The guidelines define market value management as a strategic management process aimed at improving company quality and enhancing investor returns through various methods such as mergers and acquisitions, stock incentives, cash dividends, and investor relations management [19][25] - Responsibilities of relevant parties, including the board of directors and major shareholders, are clearly outlined, emphasizing the need for compliance and the prohibition of market manipulation and insider trading [21][30] 3. Logic and Impact Outlook of the Current Market Value Management Cycle - The report highlights a shift in the market value management cycle, focusing on a long-term strategic management process that integrates value creation, transmission, and realization. It emphasizes the need for companies to enhance their operational quality and investor relations to achieve recognition in the capital market [45][49]