市值管理专题研究3：A股增持活跃度提升，增持对市值管理的重要性凸显

Group 1 - The A-share repurchase policy has evolved from a "market rescue tool" to "market regulation" and now to "value guidance," with the China Securities Regulatory Commission (CSRC) encouraging companies to enhance investment value through repurchases and increases in shareholding [1][9][10] - The number of companies engaging in repurchases has increased from 363 in 2020 to 585 in 2024, with annual repurchase amounts maintaining around 100 billion yuan, predominantly among small-cap companies in growth sectors such as pharmaceuticals, machinery, chemicals, electronics, and power equipment [1][15][19] Group 2 - The average excess return for companies announcing their first repurchase is 3.4% over 90 days, indicating a positive impact on market value, although individual results vary significantly [1][19][20] - Companies with executives (directors, supervisors, and senior management) making repurchase announcements see an average excess return of 3.8% over 90 days, which is higher than that of non-executive shareholders [2][20] - Small-cap companies with a market value below 5 billion yuan experience an average excess return of 7.0% following repurchase announcements, suggesting a stronger market response to such actions [2][24] Group 3 - Practical recommendations for companies include choosing the right timing for repurchases when stocks are undervalued, ensuring the scale of repurchases aligns with available funds, and coordinating repurchase tools with other strategies [3][26] - Companies should manage the announcement rhythm to align with market expectations and track the effects of repurchase announcements on excess returns and trading volume [3][27] - A case study of Sichuan Road and Bridge demonstrates effective use of repurchases to manage market value, with significant stock price increases following their announcements [3][28][30]