申万宏源杨成长：加强全链条管理 全面提升上市公司金融投资价值

Core Viewpoint - The article emphasizes the importance of enhancing the financial investment value of listed companies, which directly reflects their overall value and is central to market capitalization management. Companies should adopt a financial investor's perspective and strengthen their awareness of financial investment value management through three key stages: value creation, value discovery, and value realization [3][4][5]. Group 1: Enhancing Asset Returns and Financial Structure - Companies should shift their focus from asset scale to asset quality and return on investment, aiming to improve asset return rates as a core aspect of market capitalization management [4][5]. - From 2020 to 2024, 1,703 A-share companies completed refinancing through issuance, raising a total of 3.2 trillion yuan, with an average annual compound growth rate of total assets at 9.4%, surpassing the nominal GDP growth rate [4][5]. - The overall return on equity (ROE) for A-share companies was 7.9% in 2024, a decline of 4.8 percentage points from 2014, indicating a need for companies to focus on asset efficiency and returns [5][6]. Group 2: Choosing Appropriate Financing Tools - Selecting the right financing tools and methods is fundamental for companies to enhance their value. Companies often over-rely on equity financing, neglecting its costs, which leads to an imbalance in the capital structure [8][9]. - In a low-interest-rate environment, companies should prioritize using internal surplus for financing, followed by debt financing, and only consider equity financing as a last resort [9][10]. - Companies should develop a comprehensive financing plan that optimizes their capital structure and emphasizes internal capital accumulation as a foundation for stable growth [10][11]. Group 3: Valuation and Market Trading - The choice of trading market and methods significantly impacts the reasonable valuation of a company's equity and debt. A-share market characteristics show high trading activity in equities but low activity in debt instruments [12][13]. - Companies must prevent risks associated with insufficient trading activity, which can lead to being overlooked by investors, and avoid excessive speculation that may inflate stock prices [14][15]. - The trading environment in A-shares is characterized by high turnover rates, with the technology sector seeing significant trading activity compared to traditional industries, leading to valuation disparities [13][14]. Group 4: Long-term Returns and Investor Alignment - Companies need to enhance their awareness of long-term returns for investors and establish sustainable shareholder return plans, focusing on improving governance structures and transparency [18][19]. - A-share companies should learn from international practices, increasing dividends and buybacks to improve investor confidence and experience [21][22]. - Companies must clarify their positioning to align with the preferences of financial investors, ensuring that their growth potential and business models are clearly communicated [22][23]. Group 5: Comprehensive Management of Financial Investment Value - Enhancing the financial investment value of listed companies requires a systematic approach, integrating value creation, formation, and realization into the entire management process [25][26]. - Companies should optimize their capital structure and governance through appropriate financing tools, creating a virtuous cycle of institutional advantages, profit growth, and improved investor returns [25].