市值管理专题研究4：回购赋能，价值重塑

Group 1: A-share Buyback Policy - The A-share buyback policy has evolved through three stages: "comprehensive prohibition," "limited relaxation," and "flexible incentives" since 1993. The buyback scale has significantly increased since 2018, with a historical high of 165.63 billion yuan in 2024 [1][19][20]. Group 2: Current Status of A-share Buybacks - The number of actively repurchasing companies in 2024 reached 1,216, surpassing the number of passively repurchasing companies. The active buybacks have increased from 387 companies in 2021 to 616 in 2023 [2][24][27]. Group 3: Impact of Buybacks on Company Valuation - Historical buyback waves have occurred at market bottoms, providing a stabilizing effect on market value. An analysis of 10,633 buyback events from 2018 to March 2025 shows positive absolute and relative returns post-announcement, with average returns of 1.84% and 1.17% after 30 days, and 3.74% and 1.94% after 90 days [3][31][34]. - Long-term returns are significant, with average absolute returns of 12.85% and 21.70% after one and two years post-completion, respectively [3][37]. - Active buybacks yield higher excess returns compared to passive buybacks, with an average excess return of 4.36% for other purposes, 2.82% for equity incentives, and 3.01% for market value management after 90 days [3][42]. - The buyback ratio is positively correlated with excess returns, with companies repurchasing more than 5% of their shares achieving an average excess return of 19.27% from the announcement to completion [3][42][47]. Group 4: Buyback Purposes and Methods - The buyback purposes have diversified, with significant increases in market value management and profit compensation since 2018. The buyback methods include centralized bidding, block trading, tender offers, and agreement transfers, each with distinct operational processes and market impacts [19][21][22][24][47]. - The buyback process involves five stages: internal decision-making, regulatory reporting, implementation, information disclosure, and share handling [17][18]. Group 5: Valuation Perspectives - The buyback announcement can reflect both "stronger strength" and "valuation recovery" logic, with lower valuation companies showing higher excess returns post-announcement compared to higher valuation companies [47].