中泰证券：【中泰研究丨晨会聚焦】传媒康雅雯：证监会发布市值管理指引，看好国有文化企业资源整合投资机会-20241120

Core Viewpoints - The China Securities Regulatory Commission (CSRC) has issued the "Guidelines for Market Value Management of Listed Companies," which encourages listed companies to enhance their investment value through mergers and acquisitions, cash dividends, and other legal methods [3] - The guidelines emphasize the need for listed companies to focus on their core business, improve operational efficiency, and profitability, while also encouraging the formulation of medium- and long-term dividend plans [3] - State-owned cultural enterprises are expected to benefit from these policies due to their abundant cash reserves and resource advantages, which could lead to increased competitiveness through resource integration and mergers [3] Industry Analysis - The guidelines specifically target major index component companies, such as those in the CSI 300 and CSI A500 indices, requiring them to establish market value management systems [3] - Long-term undervalued companies are also required to develop valuation enhancement plans [3] - State-owned cultural enterprises are highlighted for their potential to leverage policy support to accelerate resource integration and enhance their competitive position in the industry [3] Investment Opportunities - State-owned cultural enterprises with strong cash reserves and resource advantages are seen as attractive investment opportunities [3] - Private media companies that have already disclosed external mergers and acquisitions are also recommended for attention [3]