通信行业：市值管理指引发布，看好通信央国企投资机会

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The release of the "Guidelines for Market Value Management" by the CSRC on November 15, 2024, is expected to benefit the value recovery of state-owned enterprises, particularly in the telecommunications sector, highlighting investment opportunities in China Unicom, China Telecom, and China Mobile [1][2] - The guidelines emphasize the importance of enhancing company quality, operational efficiency, and profitability while protecting the interests of investors, especially minority shareholders [1] - Companies are encouraged to adopt various strategies for market value management, including mergers and acquisitions, equity incentives, cash dividends, investor relations management, information disclosure, and share buybacks [1] Summary by Sections Market Value Management Guidelines - The guidelines define market value management as strategic actions taken by listed companies to enhance investment value and shareholder returns based on improving company quality [1] - Companies are required to establish a market value management system, particularly for major index constituent stocks, detailing responsibilities and monitoring mechanisms [1] Long-term Underperforming Companies - Long-term underperforming companies are mandated to develop and disclose a valuation enhancement plan, which must be clear, specific, and executable [1] Investment Recommendations - The report suggests focusing on state-owned enterprises in the telecommunications sector, particularly China Unicom, China Telecom, and China Mobile, as they are likely to benefit from the new guidelines [1]