制度保障+资金支持！强化央国企市值管理，拓宽居民财产性收入渠道

Core Viewpoint - The article emphasizes the importance of state-owned enterprises (SOEs) in stabilizing the stock market and enhancing residents' property income through effective market value management strategies [1][5][12]. Group 1: Market Value Management - Market value management refers to strategic actions taken by listed companies to improve quality and enhance investor returns, including dividends, buybacks, and investor relations management [3]. - In 2024, SOEs actively utilized market-oriented tools, achieving a total buyback amount of 26.38 billion and a total increase by controlling shareholders of 24.95 billion [4]. - SOEs demonstrated strong cash dividend performance in the first three quarters of 2024, with a payout ratio of 19.72%, surpassing the A-share average of 18.87% [4]. Group 2: Institutional Support and Progress - The establishment of a value management system for SOEs has progressed rapidly in 2024, with regulatory bodies emphasizing the inclusion of market value in performance evaluations [7][8]. - At least 21 central enterprises have mentioned "value management" in their 2025 work reports, indicating a growing focus on this area [8]. Group 3: Regional Initiatives - Local governments, such as Anhui and Hebei, are exploring innovative reforms and integrating value management into the performance assessment of state-owned enterprises [9]. - Some local state-owned capital companies have set clear goals for enhancing asset securitization rates and expanding asset scales [9]. Group 4: Balancing Regulation and Autonomy - The article highlights the need to balance regulatory effectiveness with corporate autonomy in value management, stressing the importance of sustainable dividend planning and the use of diverse capital market tools [10][12]. - The year 2025 is expected to see an increase in SOEs' enthusiasm for value management, with performance evaluation criteria being tailored to individual enterprises [11].