积极信号。 自今年11月以来，港股市场正在掀起新一轮回购潮，龙头科技公司回购活跃，引领本轮港股回购潮。 有专家在接受证券时报记者采访时认为，上市公司积极回购股票，有利于优化股权与财务结构，夯实发展基础，同时也传递出公司长期发展的积极信号。 港股掀起新一轮回购潮 另一家港股龙头公司小米集团也在今年11月20日开始新一轮连续回购。数据显示，今年11月下旬以来不到一个月的时间，小米集团回购金额合计已超29亿港元，这 一金额超过其2025年以来回购总金额的一半，表明小米集团近期回购力度明显增强。 此外，中远海控在今年10月底开始新一轮连续回购，且每个交易日都在回购股份，短短一个多月累计回购金额已超过10亿港元。数据显示，在今年10月底之前，中 远海控已有约半年时间没有进行回购。 龙头科技公司引领回购 值得注意的是，相较于此前一轮回购活跃期，港股此轮回购潮中，龙头科技公司的带头引领作用更强。 据Wind统计口径，今年11月份，港股市场上市公司合计回购股份数量超过7亿股，较此前的几个月明显增加。数据显示，今年8月份至10月份，港股市场每月回购股 份数量分别为2.6亿股、5.3亿股和5.3亿股。 进入12月份以来，港股市场 ...

星宇股份公告称，公司拟以集中竞价交易方式回购股份，回购金额不低于亿元且不高于3亿元，回购价 格不高于180元/股，回购期限为自董事会审议通过之日起12个月内。回购股份将用于员工持股计划。 ...

1. Market Performance Overnight Stock Indices - US major stock indices closed mixed, with the Dow Jones down 0.38% at 47560.29 points, the S&P 500 down 0.09% at 6840.51 points, and the Nasdaq up 0.13% at 23576.49 points [5] - European major stock indices also closed mixed, with the German DAX up 0.45% at 24153.3 points, the French CAC40 down 0.69% at 8052.51 points, and the UK FTSE 100 down 0.03% at 9642.01 points [6] Bond Yields - US Treasury yields rose across the board, with the 2 - year yield up 4.80 basis points to 3.615%, the 3 - year up 4.84 basis points to 3.652%, the 5 - year up 4.73 basis points to 3.788%, the 10 - year up 2.35 basis points to 4.188%, and the 30 - year up 0.81 basis points to 4.809% [6] Commodities - International precious metal futures generally closed higher, with COMEX gold futures up 0.45% at $4236.6 per ounce and COMEX silver futures up 4.72% at $61.16 per ounce. Brent crude oil futures fell 0.61% to $62.11 per barrel [6] - London base metals all declined, with LME aluminum down 1.47% at $2845.50 per ton, LME copper down 1.42% at $11470.00 per ton, etc. [8] 2. Important Macroeconomic News China - Premier Li Qiang emphasized China's commitment to open - cooperation, stating confidence in achieving annual economic goals, with the economy set to maintain a stable and positive trend [10] Australia - RBA Governor Bullock highlighted upside inflation risks, stating that inflation and employment data will be crucial for the February meeting. The possibility of tightening policy was discussed, and a data - driven approach will be taken for future rate decisions [10] US - ADP's weekly employment report showed that private - sector employers added an average of 4750 jobs per week in the four weeks ending November 22 [10] 3. Futures Market News Energy and Chemical Futures - As of December 5, 2025, polyethylene social sample warehouse inventory was 45.65 million tons, down 2.99 million tons from the previous period, a 6.14% decrease. Chinese polyethylene import warehouse inventory decreased by 6.59% month - on - month and 9.83% year - on - year [13] - Iraq set the official selling price of Basra Medium crude oil for North and South America in January at a $1.15 discount to the Argus sour crude price, and for Asia at a $1.05 discount to the Oman/Dubai average price [13] - EIA's short - term energy outlook report predicted US crude oil production to be 13.85 million barrels per day in December, 13.86 million in November, and 13.71 million in January [14] Metal Futures - Chongqing launched a yellow alert for heavy pollution on December 9, affecting some recycled aluminum enterprises, which have started to reduce production or shut down [17] - A polysilicon capacity integration and acquisition platform, Beijing Guanghe Qiancheng Technology Co., Ltd., was established on December 9, 2025, with a registered capital of 3 billion yuan [17] Black - Series Futures - The General Administration of Market Supervision issued production license implementation rules for 24 industrial products, effective April 1, 2026 [20] - HeSteel Group's first - round inquiry price for silicon - manganese in December was 5700 yuan per ton, lower than the November price. The purchase volume was 14700 tons, also lower than in November [20] - Coking enterprises agreed to implement production cuts of at least 30% to ease supply pressure and stabilize prices, and to reduce or stop purchasing high - priced coal [20] - The Henan Bureau of National Mine Safety Supervision ordered Anyang Dazhong Coal Industry Co., Ltd. to suspend production for 1 day due to major accident hazards [21] - The China Iron and Steel Association warned that the recent rise in iron ore prices is due to capital speculation, and the high inventory and weak demand will suppress price increases [21] Agricultural Futures - The Ministry of Agriculture and Rural Affairs' December report on China's agricultural product supply - demand situation showed that the outlook for soybeans remained unchanged from November. High - protein soybeans in Northeast China are in short supply, while low - protein soybeans have a surplus [23] - As of December 7, Brazil's soybean sowing rate was 90.3%, and the first - crop corn sowing rate was 71.3% [24] - China's imported soybean arrivals in December are expected to decline slightly. As of December 6, the average oil - mill operating rate was 57.42%, down 4.79% from the previous week [24] - Argentina reduced export taxes on soybeans, soybean by - products, wheat, barley, corn, and sorghum [25] - Brazil's expected exports of soybeans, soybean meal, and corn in December are 3.33 million tons, 1.83 million tons, and 6.3 million tons respectively, higher than previous forecasts [25] - The USDA maintained its forecast for US 2025/2026 soybean production at 4.253 billion bushels, ending stocks at 290 million bushels, and yield at 53 bushels per acre. It also kept the forecasts for Argentina and Brazil's soybean production unchanged [26] 4. Financial Market News Stock Markets - A - shares: The Shanghai Composite Index fell 0.37% to 3909.52 points, the Shenzhen Component Index fell 0.39%, and the ChiNext Index rose 0.61%. Resource and Hainan - related stocks declined, while CPO concepts and some other sectors strengthened [28] - Hong Kong stocks: The Hang Seng Index fell 1.29% to 25434.23 points, with losses in sectors such as non - ferrous metals and semiconductors [28] - As of now, 1465 A - share listed companies have conducted share repurchases this year, with a total repurchase amount of 140.538 billion yuan. About 80% of these stocks have risen this year, and about 81.91% were profitable in the first three quarters [28] - Many state - owned banks have announced and implemented mid - year dividend plans, with the total cash dividend of the six major state - owned banks expected to exceed 200 billion yuan [29] - 23 listed securities firms have implemented mid - year dividends this year, with a total of 10.683 billion yuan distributed. Another 14 have announced plans to distribute 11.133 billion yuan [29] - In 2025, institutional research on the Beijing Stock Exchange increased significantly, with over 95% of companies being surveyed. YiFangDa Fund is authorized to launch an ETF tracking the HKEX Technology 100 Index [30] Overseas News - The UNCTAD reported that global trade will grow by about 7% (an increase of $2.2 trillion) in 2025, reaching a record $35 trillion [35] - The Fed is expected to cut rates for the third time, with market expectations of a 25 - basis - point cut. Trump said he would support a large - scale rate cut and might adjust tariffs [35] - ADP data showed that US private employers added an average of 4750 jobs per week in the four weeks ending November 22, ending four weeks of job losses. US job openings in October were 7.67 million, exceeding expectations [36] - Ukrainian President Zelensky is ready for elections and requests assistance from the US and Europe. The elections can be prepared within 60 - 90 days [37] - The Swiss government withdrew an incorrect announcement about the US tariff cut on Swiss goods. The Bank of Japan will gradually adjust monetary policy, and the RBA maintained the interest rate at 3.60% [37] International Stock Markets - US major stock indices closed mixed, with some large - cap stocks leading the decline. Japan's IPO financing reached the highest level since 2018, and Medline plans to raise up to $5.37 billion through an IPO [40] - SpaceX plans an IPO in mid - to - late 2026, depending on market conditions [42] Commodities - Precious metals rose, while oil prices fell due to concerns about increased US production and expected supply surplus in 2026. Base metals declined, and iron ore prices are under pressure from high inventory and weak demand [43] - EIA's report adjusted the price forecasts for Brent and WTI crude oil in 2025 and 2026 [44] - Russia's November crude oil production was over 100,000 barrels per day below the target, the largest gap in over two years [46] Bonds - The domestic bond market recovered, with bond yields falling and futures prices rising. US Treasury yields rose due to factors such as Fed policy expectations and inflation [47] Forex - The on - shore RMB against the US dollar rose 20 basis points to 7.0693 at 16:30, and the US dollar index rose 0.14%. Non - US currencies mostly declined, except for the Australian dollar and the offshore RMB [48] 5. Upcoming Economic Indicators and Events Economic Indicators - Key indicators to be released include Japan's December Reuters Tankan index, China's November CPI/PPI, etc. [51] Events - Key events include the expiration of 793 billion yuan of reverse repurchases in China, speeches by central bank governors, and rate decisions by the Bank of Canada, etc. [53]

Core Viewpoint - The company, Helen Zhe (300201.SZ), plans to initiate a new share buyback program, utilizing its own funds to repurchase part of its A-shares, with a total investment ranging from 50 million to 100 million RMB, aimed at implementing an employee stock ownership plan or equity incentives [2][4]. Group 1: Buyback Plan - The buyback will be conducted through centralized bidding, with a maximum repurchase price set at 7.50 RMB per share [4]. - If the total buyback amount reaches the upper limit of 100 million RMB, approximately 13.33 million shares, accounting for 1.32% of the company's total share capital, are expected to be repurchased [4]. - The implementation period for the buyback is set to not exceed 12 months from the board's approval date [4]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.29 billion RMB, representing a year-on-year increase of 28.75%, and a net profit attributable to shareholders of 176 million RMB, up 32.57% year-on-year [2][6]. - The company has maintained a steady growth trend, with a non-recurring net profit of 154 million RMB, reflecting an 18.82% year-on-year increase [6]. Group 3: R&D and Innovation - The company emphasizes R&D as its core competitive advantage, with cumulative R&D expenses reaching 157 million RMB over the past three years, and holding 318 valid authorized patents as of mid-2025 [2][7]. - Recent R&D expenditures were reported as 50.43 million RMB, 64.87 million RMB, and 41.72 million RMB for the years 2023 to the first three quarters of 2025, showing year-on-year growth rates of 13.76%, 28.65%, and 10.89% respectively [7]. Group 4: Market Strategy - The company has adopted a dual-driven strategy focusing on both domestic and international markets, solidifying its market share in core sectors such as electricity, firefighting, and military while expanding its global footprint [6][7]. - In the first half of 2025, overseas revenue reached 17.95 million RMB, accounting for 2.24% of total revenue, with new order amounts exceeding 30 million RMB, indicating significant progress in international business [7].

Core Viewpoint - The company, Jingji Zhino, has announced the termination of its previous share reduction plan by its controlling shareholder and has committed to not reducing shares for the next six months, alongside a share buyback plan to protect company value and shareholder rights [2] Group 1: Share Buyback and Management Commitment - Jingji Zhino plans to repurchase shares with a total amount between 100 million and 200 million yuan, expecting to buy back between 4.2194 million and 8.4388 million shares, which represents 0.80% to 1.59% of the total share capital [2] - The repurchased shares will be used for equity incentives or employee stock ownership plans to enhance internal motivation [2] Group 2: Business Performance and Financials - For the first three quarters of 2025, Jingji Zhino achieved operating revenue of 3.67 billion yuan and a net profit of 298 million yuan, with the breeding business contributing 2.896 billion yuan [3] - The company has effectively controlled costs, with a total cost of approximately 13.4 yuan/kg from January to September, and aims to reduce this to 12 yuan/kg by 2026 [3] - The company has established over 12 service departments in the Guangdong and Guangxi regions to support cooperative farmers, achieving a high survival rate of 98% for signed breeding households [3] Group 3: Future Strategy and Market Position - Jingji Zhino is focused on its core business to meet consumer demand for high-quality pork products while solidifying its cost and quality advantages [4] - The company is also optimizing its financial structure, with a debt-to-asset ratio of 59.20% as of the end of the third quarter of 2025, showing a decrease of 1.05% from the previous year [3]

监管层呵护市场信号不断，A股上市公司也积极进行股份回购。12月9日，美的集团披露公告称，已完 成100亿元回购。值得一提的是，这是美的集团史上最大规模的单次股份回购，也是A股历史上单次第 二高的回购金额，仅次于格力电器。从今年内来看，经Wind统计，截至目前A股已经有1465家公司实施 回购计划，合计回购金额超1400亿元。 近1500股年内实施回购 美的集团单次完成百亿回购成为市场焦点。 12月9日，美的集团披露公告称，截至当日，公司累计回购1.35亿股，占公司总股本的1.76%，最高成交 价为83.11元/股，最低成交价为69.91元/股，支付的总金额约100亿元（不含交易费用）。 值得一提的是，此次美的集团回购金额是A股历史上唯二的单次金额达百亿的回购。在其之前，格力电 器曾于2021年9月披露公告称，回购方案已实施完毕，当次累计通过回购专用证券账户以集中竞价方式 买入公司股份3.16亿股，占截至公告日公司总股本的5.25%，最高成交价为56.11元/股，最低成交价为 40.21元/股，成交总金额为150亿元（不含交易费用）。 除美的集团外，纳芯微也12月8日的首次回购公司股份公告中称，当日通过上交所系 ...

Core Viewpoint - Midea Group has successfully completed a share buyback of 10 billion yuan, acquiring 135 million A-shares, with 95 million shares to be canceled, representing 1.24% of the total share capital before cancellation [1] Group 1: Share Buyback Details - The buyback amount of 10 billion yuan corresponds to 135 million shares, with 95 million shares set for cancellation [1] - Midea Group's buyback accounted for 115.45 billion yuan of the total 1,406 billion yuan spent on buybacks by over 1,400 A-share listed companies this year [1] - The company's stock price reached a new high since February 19, 2021, on December 4, indicating the effectiveness of the buyback in enhancing shareholder value [1] Group 2: Characteristics of Share Buybacks - Share buybacks are characterized by companies exchanging cash for shares, reducing the number of circulating shares, which has a direct and rapid impact on stock prices [1] - The funds from buybacks flow from the company to the capital market, improving overall market liquidity and signaling confidence in future growth [1] - The effectiveness of buybacks is maximized by the company's sincerity, with Midea Group's 10 billion yuan buyback serving as a reference for other companies [1] Group 3: Long-term Value Creation - The intrinsic value of shares does not change with buybacks; only after cancellation do metrics like net asset per share and earnings per share increase, enhancing share value [2] - Most buybacks are not for cancellation but for purposes like equity incentives or market management, with some companies later selling repurchased shares at a profit [2] - Companies should focus on cancellation-style buybacks to genuinely create long-term value for shareholders, avoiding short-term speculative strategies [2] Group 4: Implementation of Buyback Plans - Companies should adopt a proactive approach to buybacks, completing them within the committed timeframe, as demonstrated by Midea Group's swift execution of its buyback plan [3] - The buyback price ranged from 69.91 yuan to 80.62 yuan per share, indicating a high-price buyback strategy [3] - A significant number of companies have announced buyback plans, but many have executed minimal buybacks, suggesting a reluctance to act until stock prices reach perceived "buy points" [3]

自11月28日以来公司已连续8日进行回购，合计回购2077.20万股，累计回购金额2723.87万港元。 其间 该股累计上涨3.23%。 今年以来该股累计进行39次回购，合计回购6165.90万股，累计回购金额7834.09万港元。（数据宝） 酷派集团回购明细 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.12.09 | 230.40 | 1.340 | 1.270 | 304.78 | | 2025.12.08 | 342.00 | 1.350 | 1.300 | 453.44 | | 2025.12.05 | 414.40 | 1.360 | 1.300 | 557.25 | | 2025.12.04 | 205.20 | 1.340 | 1.310 | 272.74 | | 2025.12.03 | 254.80 | 1.320 | 1.290 | 333.20 | | 2025.12.02 | 231.20 | 1.300 | 1. ...

财务层面，宋城演艺具备实施本次回购的充分实力。截至2025年9月30日，公司合并报表总资产101.49 亿元、归属于上市公司股东的净资产83.71亿元，账面货币资金达30.96亿元。 一直以来，宋城演艺凭借独创的"主题公园+文化演艺"的经营模式，在全国运营着十多个景区、上百台 千古情及演艺秀，在剧院数、座位数、演出场次、观众人次、经营效益等方面处于领先地位。公司打造 的演艺综合体更能实现客群停留时长和边际收益的跃升，形成可复制、可迭代、可扩展的增长路径，已 依托杭州宋城、三亚千古情等品牌项目建立稳定现金流。 本报讯 （记者吴文婧）2025年12月9日，正是宋城演艺（300144）发展股份有限公司（以下简称"宋城 演艺"，300144.SZ）登陆资本市场十五周年之际，当晚，宋城演艺发布股份回购方案，拟以自有资金1 亿元至2亿元通过集中竞价交易方式回购公司股份并全部注销。 根据公告，宋城演艺本次回购价格上限为12元/股；按上限测算，预计回购规模约833万股至1667万股， 占公司总股本的0.32%至0.63%。回购期限为股东大会审议通过之日起6个月内，资金全部来自公司自有 资金。 这一回购举措的推出是基于宋城演艺 ...

北京商报讯（记者 丁宁）12月9日晚间，惠泰医疗（688617）发布公告称，基于对行业前景和公司未来 发展的信心，以及对公司长期投资价值的认可，为了维护广大投资者利益，增强投资者对公司的投资信 心，同时为了进一步建立健全公司长效激励机制，促进公司健康可持续发展，公司拟以自有资金通过上 交所交易系统以集中竞价交易方式回购部分公司股票，回购资金总额不低于2亿元（含），不超过2.5亿 元（含），并在未来适宜时机将回购股份全部用于员工持股计划或股权激励。 ...