◎记者 柴刘斌 冯心怡 真金白银的分红、豪气的回购增持、灵活的股权激励、高频次的机构调研、包容的并购重组、活跃的海 外投资……这一年，一批民营上市公司通过一系列市场化工具的"组合拳"，积极探索市值管理"最优 解"。 据Wind数据统计，截至2025年11月14日，已有512家民企上市公司披露了市值管理制度，其中约70家公 司市值增幅超50%，电力设备、机械设备、有色金属等行业表现尤为突出。 "民企市值管理行为更为灵活多样，善于利用股权激励、并购重组、投资新兴产业等方式。但受制于资 源与融资环境，产业龙头更注重战略叙事和全球化布局，中小民企则更关注流动性管理和股权再融 资。"近日，上海财经大学滴水湖高级金融学院教授、资本市场研究中心主任陈欣接受上海证券报记者 采访，分析了不同规模民企做好市值管理的差异化打法。 强化价值沟通 提振市场信心 埃斯顿一年40多次接待机构调研，迈瑞医疗年内实施3次大手笔分红，指南针发布涵盖422名员工的股权 激励计划……这一年，民营企业正将市值管理从理念转化为行动。 *ST松发市值管理制度发布以来市值增幅达1546.87%，东山精密1亿欧元收购GMD集团加快欧洲产业布 局，宁德时代匈牙 ...

一年来，1001家A股公司披露市值管理制度（包括估值提升计划） 郭晨凯 制图 披露市值管理制度（包括估值提升计划）的1001家A股公司 （上接1版） 市场终将犒劳真正的价值创造者。千余家样本公司中，超百家股价涨幅逾50%，超30家股价实现翻倍。 其中，胜宏科技的表现尤为耀眼。公司自去年11月8日发布市值管理制度后，多次强调对市值管理的重 视，持续聚焦经营业绩提升，最终交出亮丽财报：2025年前三季度营收141.17亿元，同比增长83.40%； 净利润32.45亿元，同比增长324.38%，业绩表现远超同行，股价同期累计上涨约5倍。 实至，则名归。 从规划到实践 市值管理成必修课 一年的洗礼让理念"生根发芽"。 荣正集团董事长郑培敏告诉上证报记者：目前上市公司对市值管理的重视程度已显著提升，不少企业开 始设立专职岗位或聘请专业机构；市场对"伪市值管理"行为的辨识能力增强，合规、透明的理念深入人 心；企业战略更注重产业规划与资本回报路径的匹配，实现经营决策与市值表现的良性互动。 在近期的三季度业绩说明会上，越来越多的上市公司主动畅谈未来的市值管理规划，贵州茅台是其中典 范。 11月12日，贵州茅台董事、代总经理王 ...

Core Viewpoint - The company emphasizes the importance of market value management and investor returns, outlining a strategic plan to enhance investment value and maintain shareholder rights [2] Group 1: Company Strategy - The company has developed the "2025 Quality Improvement and Efficiency Enhancement Action Plan" to focus on core business development and enhance competitive advantages [2] - The company aims to strengthen product research and development in emerging fields to achieve diversification [2] - The company is committed to steadily implementing shareholder return plans with a focus on investor interests [2] Group 2: Investor Communication - The company maintains communication with small and medium investors through various channels, including investor hotlines, emails, E-interaction platforms, and strategy meetings [2] - The goal of these communication efforts is to enhance investor confidence and maximize shareholder value [2]

Core Viewpoint - The company is actively implementing a valuation enhancement plan since 2025, aiming to address market concerns and promote value return [1] Group 1: Valuation Enhancement Plan - The company disclosed its valuation enhancement plan in February, becoming the second A-share company to do so [1] - This initiative is part of the company's response to market concerns and is seen as a significant step towards value return [1] Group 2: Shareholder Commitment - The company has consistently engaged in cash dividends and share buybacks, demonstrating confidence in long-term development [1] - The controlling shareholder has increased their stake, and the management team has maintained their holdings without selling [1] Group 3: Operational and Project Developments - The company is advancing several projects, including a 700,000-ton chemical pulp project and the Rizhao Huatai specialty paper project, which have been launched since 2025 [1] - The Guangxi chemical project is progressing steadily, aimed at filling industry chain gaps and enhancing profitability [1] Group 4: Investor Communication - The company plans to strengthen communication with investors and proactively disclose operational plans and project progress to reduce information asymmetry [1] - The return of the stock price is viewed as a long-term process that relies on industry environment improvements and sustained operational performance [1] Group 5: Commitment to Shareholder Returns - The company aims to enhance operational quality and optimize market value management to provide better returns to all shareholders [1]

Core Viewpoint - The company emphasizes the importance of market value management to enhance operational quality and long-term sustainable development, focusing on maintaining the long-term interests of all shareholders and the steady growth of company value [2] Group 1 - The company is committed to improving operational quality and sustainable development as the core of its market value management [2] - The company prioritizes the long-term interests of all shareholders [2] - The company aims to achieve good performance and stable dividend returns for investors [2]

证券日报网讯宜宾纸业（600793）11月14日在互动平台回答投资者提问时表示，股价波动受多方面因素 影响，公司高度重视市值管理，也一直努力做好自身业务经营，敬请投资者注意投资风险。 ...

Core Viewpoint - The company emphasizes its commitment to shareholder value and long-term development through various strategies, including cash dividends and enhanced transparency in information disclosure [2] Group 1 - The company's stock price in the secondary market is influenced by multiple factors [2] - The company is focused on optimizing its operations and exploring new development opportunities [2] - The company aims to manage its market value by implementing stable cash dividends and improving information transparency [2]

Core Viewpoint - The articles highlight the proactive measures taken by regulatory bodies in Qinghai, Gansu, and Shaanxi to support the high-quality development of listed companies through regular visits, policy implementation, and problem-solving initiatives [3][7][15]. Group 1: Qinghai Securities Regulatory Bureau Initiatives - Qinghai Securities Regulatory Bureau combines "inviting in" and "going out" strategies to understand corporate needs and facilitate policy implementation, enhancing market vitality and supporting high-quality development of listed companies [3]. - The bureau focuses on national strategies, aiding in industrial upgrades and enhancing corporate capital strength by facilitating changes in controlling shareholders to state-owned enterprises [3]. - It addresses corporate difficulties through targeted measures, helping companies with mergers, restructuring, and debt management, while coordinating with local governments and financial institutions [4]. - The bureau encourages quality companies to return value to investors through cash dividends and share buybacks, with notable increases in dividend payouts, such as藏格矿业 and金瑞矿业's 15.82 billion yuan in dividends, a 249.15% increase year-on-year [4][5]. Group 2: Gansu Securities Regulatory Bureau Efforts - Gansu Securities Regulatory Bureau has established a regular visiting service mechanism, achieving a 97% coverage rate of listed companies and resolving 75% of the 72 issues raised by these companies [7][9]. - The bureau coordinates with various government departments to address complex issues faced by companies, such as financing and operational challenges, through on-site coordination meetings [9][10]. - A specific focus on *ST companies has led to the establishment of a specialized working group to address operational difficulties and risks, with successful restructuring efforts reported for companies like *ST金刚 and *ST亚太 [11][12]. Group 3: Shaanxi Securities Regulatory Bureau Actions - Shaanxi Securities Regulatory Bureau has conducted visits to 67 listed companies, achieving an 88.16% coverage rate and resolving 54 issues, thereby promoting quality improvements in the region's listed companies [15][16]. - The bureau emphasizes targeted visits to military and environmental companies, addressing specific issues such as land acquisition and accounting practices [16][17]. - It collaborates with local governments to enhance support for listed companies, ensuring effective communication and problem resolution, particularly in financing and board functionality [17][18].

Group 1: Resource Acquisition and Development - The company is focusing on resource replacement and increasing reserves through geological research and exploration activities in various mining areas [2][3] - Currently, the company owns several key mines, including the Pulang Copper Mine and the Dahongshan Copper Mine, located in the Sanjiang mineralization belt, which has good geological conditions and exploration potential [2] - The company plans to acquire 40% of Liangshan Mining from Yunnan Copper Group, which will enhance its resource reserves upon completion of the transaction [3][4] Group 2: Financial and Operational Updates - The acquisition of Liangshan Mining is expected to resolve industry competition issues and enhance the company's competitive edge due to Liangshan's resource advantages and profitability [5] - Liangshan Mining has an annual production capacity of approximately 13,000 tons of copper concentrate and 119,000 tons of anode copper, with a copper metal reserve of 779,700 tons as of March 2025 [4] - The company has faced a significant decline in net profit year-on-year due to low copper smelting processing fees and increased production costs [8] Group 3: Market Conditions and Strategic Responses - The rise in gold prices has limited positive impact on the company's overall performance, as most gold comes from purchased copper concentrates [6] - The company is implementing strategies to address the decline in processing fees, including focusing on resource optimization and cost reduction initiatives [9] - The company is closely monitoring copper price trends influenced by global economic conditions, supply-demand dynamics, and market speculation [11] Group 4: Risk Management and Financial Strategies - The company employs hedging strategies to mitigate risks associated with raw material prices and foreign exchange fluctuations [12] - The company has maintained stable long-term relationships with suppliers to secure raw material supply and optimize procurement costs [7]

Core Viewpoint - The company emphasizes the importance of market value management and aims for high-quality development to enhance its market value through improved operational performance [1] Group 1 - The company is committed to building communication bridges with investors through various forms such as performance briefings and investor research [1] - The company continuously monitors the upstream and downstream of its main industry chain to identify investment opportunities and expand its development space [1] - The company strives to inject new momentum into its long-term development [1]