作 者丨李彤欣 编 辑丨叶映橙 A股上市公司2 0 2 4年年报基本披露完毕。 2 0 2 4年以来，资本市场新"国九条" "科创板八条" "并购六条"等落地实施。上交所和深交所修 改 ST 和 退 市 规 则 ， 对 分 红 和 财 务 的 要 求 进 一 步 提 升 ， 从 2 0 2 5 年 1 月 1 日 起 执 行 。 在 监 管 引 导 下，上市公司积极分红回购，持续加大股东回报。 据 2 1 数 读 × 南 财 快 讯 统 计 ， 截 至 4 月 3 0 日 1 0 时 ， A 股 共 有 5 4 0 2 家 上 市 公 司 披 露 2 0 2 4 年 年 报 ， 3 6 4 5 家 上 市 公 司 拟 进 行 现 金 分 红 ， 占 比 约 为 6 7 . 4 8 %； 预 计 分 红 总 规 模 达 1 . 6 5 万亿元。A股2 0 2 4年度累计分红规模突破2 . 3万亿元。 各家上市公司分红情况如何？哪些公司掏出"真金白银"回馈投资者？2 1数读×南财快讯带你全 景速览A股2 0 2 4年年报现金分红情况。 金融、石油石化行业年报分红金额居前 分行业来看，银行、非银金融、石油石化板块的 ...

Core Viewpoint - The recent surge in share buybacks and shareholder increases in the A-share market has significantly boosted investor confidence and market resilience, indicating a positive trend for long-term market stability and company value enhancement [1][2][3] Group 1: Share Buyback and Shareholder Increase - From April 6 to April 28, 232 listed companies executed share buybacks totaling 27.56 million shares, with a total amount of 9.165 billion yuan [1] - Over 260 companies announced shareholder increases during the same period, reflecting a strong response to investor concerns [1] - The A-share market quickly rebounded, with the Shanghai Composite Index recovering most of its losses from April 7, showcasing market vitality [1] Group 2: Long-term Impact of Buybacks - Historical data shows that after the introduction of improved buyback regulations in October 2018, the total buyback amount exceeded 49 billion yuan, significantly higher than the previous year's figure of less than 8 billion yuan [1][2] - The period following the implementation of buyback measures often correlates with market stability and investor confidence, as seen in the 76% increase in the All A-share Index over three years starting from the 2018 low [2] - Buyback announcements lead to positive absolute and relative returns over 30 days, 90 days, and even 1 to 2 years, indicating a strong correlation between buybacks and company value enhancement [2] Group 3: Supportive Policies and Market Environment - The introduction of new policy tools by the central bank has provided ample low-cost funding for buybacks, enhancing their sustainability [3] - The establishment of a "stabilization fund" in China has effectively reduced the risks associated with buybacks, encouraging more companies to engage in these practices [3] - These favorable conditions are expected to contribute to a long-term positive market outlook, as investors can perceive the improvements in the market environment [3]

安徽建工（600502）公告，控股股东建工控股计划6个月内，通过上海证券交易所集中竞价方式增持公 司股份，累计增持数量不低于公司总股本的1%，不超过公司总股本的2%，增持金额不超过人民币2亿 元。截至公告披露日，建工控股持有公司股份5.52亿股，占公司总股本的32.14%。增持资金为自有或自 筹资金，并承诺增持计划实施期间及法定期限内不减持公司股份。 ...

4月27日，中国人民银行北京市分行举行2025年第二季度新闻发布会。中国人民银行北京市分行信贷政 策管理处处长贺杰表示，人民银行北京市分行积极推动股票回购增持再贷款政策落地见效。截至目前， 各银行已经与93家上市公司或其主要股东达成明确合作意向，总金额186.5亿元，已累计发放贷款54 笔，总金额142亿元。总体上看，当前企业与银行对接积极较高，贷款需求与落地金额较前一阶段均有 明显提升，对于资本市场平稳运行发挥了积极的作用。 中信银行北京分行副行长景龙表示，在人民银行北京市分行指导下，中信银行北京分行深入践行金 融"五篇大文章"要求，紧跟政策导向，已成功为某央企集团提供股票增持专项贷款、为某铝材料上市公 司及某电子元件上市公司提供股票回购专项贷款，实际贷款金额近8亿元。储备及推动中的股票回购增 持专项贷款30余笔，金额超200亿元。中信银行北京分行坚持做好"领先的综合融资银行"通过协同推 动、综合服务、流程管理、政策激励等四个维度引导区域内民营上市公司积极参与回购增持，助力资本 市场平稳运行。 中国工商银行北京市分行副行长鲍晓晨表示，在人民银行北京市分行的指导与支持下，工行北京分行积 极开展股票回购增持专项 ...

Mergers and Acquisitions - Fushun Special Steel plans to absorb and merge its wholly-owned subsidiary Fushun Xinxing Steel Plate Co., Ltd, aiming to optimize management structure, reduce management costs, and improve operational efficiency [1] - Shenghang Co., Ltd. has completed the acquisition of 25.2762% of Shenghang Haoyuan's shares, now holding a total of 78.3316% of the company [2] - Yuanshang Co., Ltd. has completed the industrial and commercial change registration for the acquisition of 60% of Wuhan Hechuan You's shares [3] Earnings Disclosure - Sinopec reported Q1 2025 revenue of 735.36 billion yuan, a decrease of 6.9% year-on-year, with a net profit of 13.26 billion yuan, down 27.6% [4] - Yunnan Baiyao achieved Q1 2025 revenue of 10.841 billion yuan, a year-on-year increase of 0.62%, with a net profit of 1.935 billion yuan, up 13.67% [5] - Haitian Flavor Industry reported Q1 2025 revenue of 8.315 billion yuan, an increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% [6] - CICC reported Q1 2025 revenue of 5.721 billion yuan, a significant increase of 47.69%, with a net profit of 2.042 billion yuan, up 64.85% [7] Share Buybacks - China Nuclear Power plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum price of 13.98 yuan per share [8] - Yituo Co., Ltd. intends to repurchase up to 10% of its issued H shares, using self-owned and raised funds [9] - Xingguang Co., Ltd.'s actual controller plans to increase shareholding by no less than 10 million yuan and no more than 20 million yuan within three months starting from April 29, 2025 [10] - Haiou Co., Ltd. plans to repurchase shares worth between 60 million and 120 million yuan, with a maximum price of 17 yuan per share [11] Risk Matters - Lifang Shuke received a notice from the CSRC regarding an investigation into suspected information disclosure violations [12] - Boda Co., Ltd. will implement a delisting risk warning starting April 30 due to negative net profit and revenue below 300 million yuan [13] - Sitong Co., Ltd. will also face a delisting risk warning starting April 30 for similar financial issues [14] - Yuanshang Co., Ltd. will implement a delisting risk warning starting April 30 due to negative financial results [15]

人福医药(600079.SH)公告称，招商生物拟自本公告披露之日起6个月内，通过证券交易所集中竞价交 易、大宗交易等方式增持公司股份，累计增持比例不低于增持前公司已发行总股本的0.5%，不高于 1%，增持价格上限为25.53元/股。增持主体招商生科目前未持有公司股份，其通过当代科技重整计划控 制公司23.70%表决权。增持目的基于对公司未来发展的信心和 长期投资价值的认可。增持计划可能面 临资本市场变化等风险。 ...

Group 1: Central Huijin's Role and Holdings - As of December 31, 2024, Central Huijin's total ETF holdings reached CNY 1.05 trillion, an increase of approximately 80% from CNY 584.2 billion on June 30, 2024, and a staggering 744% increase from CNY 124.7 billion on December 31, 2023[20]. - The majority of Central Huijin's holdings are in broad-based index ETFs, with the CSI 300 ETF accounting for CNY 690.5 billion, representing 65.6% of its total holdings[7]. - Central Huijin's investment strategy has expanded to include industry-themed and style-based ETFs since the second half of 2024[7]. Group 2: Market Dynamics and Fund Flows - From April 7 to April 12, 2025, 213 companies in the Shenzhen market announced share buybacks, with 73 companies planning to repurchase between CNY 18.1 billion and CNY 32.8 billion[9]. - During the same period, 24 companies announced plans to increase their holdings, with intended amounts ranging from CNY 6.6 billion to CNY 9.4 billion[9]. - Southbound funds accounted for over 40% of the trading volume in Hong Kong stocks in 2025, indicating their significant pricing power in the market[14]. Group 3: Comparison with International Practices - Japan's ETF market, which began in the early 2000s, saw the Bank of Japan hold approximately JPY 37 trillion in ETFs by March 2023, making it the largest shareholder in the Japanese stock market[8]. - The operational model of Japan's stabilization fund serves as a reference for China's "similar stabilization fund" approach, particularly in terms of direct market intervention[8].

Core Viewpoint - The People's Bank of China (PBOC) Beijing Branch reported a significant increase in social financing scale in Q1 2025, indicating strong financial support for the capital's economic development [1][3]. Financial Growth and Support - In Q1, the social financing scale increased by 842.55 billion yuan, up from 271.23 billion yuan in the same period last year, marking a historically high level [1][3]. - The total loan balance in Beijing as of the end of March grew by 5.1% year-on-year, with a geometric average growth rate of 8.7% over two years, adding 449.97 billion yuan since the beginning of the year [3][4]. - Loans to households increased by 5.0%, while loans to enterprises rose by 6.9%, with the latter adding 407.84 billion yuan in Q1, a year-on-year increase of 139.46 billion yuan [3][4]. Long-term Financial Support - The PBOC provided more long-term stable funding for the real economy, with medium to long-term loans to enterprises growing by 7.0%, adding 197.54 billion yuan in Q1 [4]. - The manufacturing sector saw a 15.8% year-on-year increase in medium to long-term loans, significantly higher than the overall industry growth rate [4]. Financing Cost Reduction - The financing cost for the real economy continued to decline, with the average loan interest rate in March at 3.49%, down 21 basis points year-on-year, and corporate loan rates at 2.63%, down 34 basis points [4]. Credit Structure Optimization - The credit structure in Beijing is continuously optimizing, with green loans increasing by 140.03 billion yuan, accounting for 30.6% of the total loan increase [6]. - Inclusive finance saw a 12.4% year-on-year growth in small and micro-enterprise loans, with agricultural loans increasing by 9.8% [7]. Support for Capital Markets - The PBOC has actively supported the stable operation of capital markets, with 142 million yuan in loans issued under the stock repurchase and increase policy, benefiting 30 listed companies [2][8]. - As of now, 93 listed companies have established cooperation intentions with banks, totaling 186.5 billion yuan [8][11].

4月27日，中国人民银行北京市分行举行2025年第二季度新闻发布会，介绍2025年北京市第一季度金融 统计数据、扎实推进首都金融"五篇大文章"等情况。股票回购增持再贷款情况是市场关注的热点话题。 此次记者从发布会上了解到，截至目前，北京市各银行已累计向30家上市公司或其主要股东发放相关贷 款142亿元。中信银行北京分行副行长景龙在答问环节对记者表示，该行紧跟政策导向，已成功为客户 提供股票增持专项贷款、股票回购专项贷款，实际贷款金额近8亿元。景龙表示，该行致力于为上市公 司及其股东建立一套能够穿越经济周期、抵抗市场波动、实现市值管理的综合金融服务方案。(21世纪 经济报道) ...

Mergers and Acquisitions - Xinlaifu plans to acquire 100% of Jin Nan Magnetic Materials, with the transaction expected to constitute a major asset restructuring. The company aims to strategically expand its business boundaries and achieve deep industry chain collaboration through the integration of core technologies in permanent and soft magnetic materials, as well as powder metallurgy [1] - Deep Keda intends to purchase 16.92% of Xianma Technology for 47.376 million yuan, which will increase its ownership to 80.92%. Xianma Technology is noted for having the highest gross margin and profitability within the company's consolidated financial statements [2] - Zhongrun Optical plans to use its own funds and part of the raised funds to acquire 51% of Dais Optoelectronics for a total of 158 million yuan. This acquisition will allow for shared market channels and customer resources, enhancing technological collaboration and achieving complementary advantages [3] Performance Disclosure - Gree Electric reported a revenue of approximately 189.164 billion yuan for 2024, a year-on-year decrease of 7.26%, while net profit attributable to shareholders increased by 10.91% to 32.185 billion yuan. The company has diversified its product categories, achieving strong retail performance [4] - Luzhou Laojiao announced a revenue of 31.196 billion yuan for 2024, a year-on-year increase of 3.19%, with a net profit of 13.473 billion yuan, up 1.71%. The company emphasizes its marketing strategy focused on digital innovation and efficient collaboration [5] - China Power Construction reported a revenue of 633.685 billion yuan for 2024, a 4.07% increase, but net profit decreased by 7.21% to 12.015 billion yuan. The company highlights steady operational improvements and compliance in its business practices [6] Share Buybacks - Lian Ce Technology plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 40 yuan per share, intended for employee stock ownership plans or equity incentives [7] - Zhenhua Heavy Industry intends to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.93 yuan per share, for the purpose of cancellation and reducing registered capital [9] - Wanxing Technology's actual controller proposed a share buyback of 25 million to 50 million yuan, to be executed through centralized bidding for future employee stock ownership plans or equity incentives [10]