Last friday (12 june) there was a long-standing collective rise in the stock of a; this monday (15 june) the block rose again。
According to the daily economic news reporter, last weekend the institute of multi-category businesses, which includes east wu securities, widely issued securities, chinese securities, eastern wealth, etc., published successive views recommending opportunities for the valuation of the securities blocks。
It is worth mentioning that, in late june 2026, the stockbroker a will convene intensive meetings of the 2025 shareholders' conference, which, in the light of publicly available conference material, calls “market value management” one of the key words. In 2025, a number of dealers listed market value management as one of the main tasks of the board and will continue in 2026。
In industry, the current overall valuation of securities is historically low, and as capital markets have reaped the benefits of deeper reforms in recent years, the overall profitability of the industry is growing, with a marked mismatch between the outlook for high-spill industries and the low level of valuation. In this context, the initiative of the issuer to strengthen market value management is both a proactive response to the current misvaluation and an important initiative to respond to shareholder claims and maintain corporate market confidence。
Multi-agency looking at multi-securities
The securities sector has remained relatively high since this year, but secondary market performance has been significantly lower than expected. Against this background, the low valuation properties of the securities plate have been highlighted, and, according to institutional statistics, the current bii valuation is at a historical level of only 5 per cent。
According to the latest observations issued by the multi-tender non-banking team, the performance of the portfolio is expected to continue to grow in the second quarter of this year. Taking into account the significant improvement in the funding landscape, the current low valuation of the plate is expected to be restored with higher performance expectations。
First, some issuers are confident in the basic aspects of the securities sector this year. The east wu securities bank team has recently stated that, as the industry has remained high, the valuation of the voucher stock has been restored: (1) the volume of market transactions continues to be released. Since this year, the adt (average daily turnover) has grown by about rmb 3. 2 trillion (as of 12 june), a significant 95 per cent increase over the same period; the balance of the two settlements has increased by approximately rmb 2. 87 trillion, or 58 per cent over the same period. (2) “triple launch” is gradually realizing gains. As a result of the marginal recovery of the ipo (first open-source) venture, ipo has gradually realized its benefits since the beginning of the year, and the value of the ipo investment has been reassessed. (3) the performance of issuers is expected to continue to grow in the second quarter. Net profits for the issuers increased by 38 per cent in the first quarter of 2026, and in the second quarter, the performance of some of the issuers is expected to double in anticipation of continued high growth in the industry against the background of continued dynamism of market transactions and high earnings from start-ups。
Second, some issuers believe that a long-silent securities plate would benefit from a possible style switch. The non-soldier team believes that the market style of the beneficiary market is more balanced and that the voucher stock is expected to gain market attention. The current high growth and low valuation of the securities sheet is largely clear. The increase in the number of front-runners in the first quarter of this year is about 40 per cent, and, based on indicators such as adt, equity performance, it is expected that further acceleration will be achieved. At present, the head issuer pb (market net ratio) is double, with both vertical and horizontal undervalued。
The chinese securities finance team is looking forward to the strategic build-up of the current stock block. First, the a stock market continues to be active, with nearly $2. 8 trillion in transactions being made on a daily basis in the second quarter of this year, and the financing balance is operating at a high level, with the release of new boards and investment performances, and the performance of second-quarter vouchers is expected to continue to grow at a high level. Second, due to the low level of plate delivery and holding, emphasis is placed on strategic allocation opportunities in a rebalancing market style。
In addition, previously, strategic teams of chinese-chinese securities, gutai hae-tung and eastern treasure, among others, had issued successive views on the value of low-valued securities. “as a scarcely high- and low-positioned asset of a, we believe that the financial situation of the bank of africa should be sustainable”
On 15 june, there was a resurgence of the collective rise in stock a. A team analysis by the non-banking team of issuers indicated that the net profits of listed issuers are expected to grow by more than 40 per cent in the first half of this year, benefiting from three main core drivers: (a) faster entry of resident capital and increased market activity; (b) sustained international business; and (c) significant release of science and investment revenues. Quality coupons are “de-coupling” and net capital calculation criteria are optimized, and it is expected that capital efficiency will be released, resulting in business expansion, such as double-melting, derivatives, marketing and capital intermediation. In addition, the yangtze conference, the yangtze storage and minimax tutorial record keeping will continue to enhance the flexibility of hard technology investment and innovation。
The issuer values its market value management
At a time when major sellers are actively following investment opportunities in the voucher stock, the “market value management” exercise is also being put on the agenda of a growing number of issuers。
For a long time, there has been widespread pressure on the valuation of the issuer, a phenomenon that not only affects the efficiency of the issuer's subsequent capital replenishment through equity financing, but also makes it difficult for the issuer to fully reflect his legitimate value。
It is understood that in late june of this year, major a stock listing dealers will hold intensive meetings of the 2025 stockholders' conference, and that “market value management” will become one of the core key words in terms of the conference materials that are now publicly available。
In 2025, for the first time in history, market value management was included among the main tasks of the board of trustees. Prior to that, most of the market value management of the industry was in the institution-building phase。
In addition, in looking ahead to the board's work in 2026, multiple voucher dealers indicated that they would continue to focus on market value management, increasing investor perceptions through such means as dividends and buybacks。
According to the bulletin, the key elements of the work of the board of directors in 2026, including the implementation of “investor-driven” to build sustainable development ecology, were revealed. Companies will deepen market value management and returns, put in place sound long-term market value management systems, and effectively integrate information disclosure, investor relationship management and effective investor access。
Eastern securities included market value management in the 2026 board work plan. In particular, companies will promote market value management to improve the effectiveness of the three-year action programme. Enhance long-term value creation orientation, using market value management toolboxes such as dividends and buy-backs to enhance stability and predictability of investor returns. Further improve the quality of corporate information disclosure, implement investor-oriented information disclosure concepts, enhance the quality of preparation and disclosure of periodic reports, innovate information disclosure and promote visual upgrading. Active investor communication activities to stabilize the expectations and confidence of the capital market in the development of companies, secure the firm's long-term value base and continuously improve its market value and image。
Dong wu securities also provided specific ideas for managing the company's market value in 2026, “continue to be investor-oriented, to further optimize the quality of information disclosure, to open channels of communication to small and medium-sized investors, to enhance communication with key investors, to deepen the company's bright spots and to actively convey corporate values and development confidence. Consistent with the concept of business that actively gives shareholders feedback and creates value for them, and implementing the shareholders return plan 2025-2027, maintaining continuity, stability and effective investor returns in the light of the policy of dividends.”
In addition, the topic of market value management was one of the more topical concerns of investors at recent investor exchanges among issuers. For example, in late may this year, at an investor exchange event organized by the great wall securities, the investor community asked questions about the management of the market value of several companies. These issues were responded to positively by the relevant issuers。
Overall, the approach to market value management of these vouchers includes, inter alia, strengthening investor relationship management, optimizing investor communication mechanisms, proactively transmitting corporate strategic planning and market value to the market through visits to institutions, and exploring a variety of market value management tools, such as stock buy-backs, equity incentives and so forth, in order to raise the market's reasonable perception of company value。
How to break market value management 's pain points'
In the light of the above-mentioned initiatives and feedback from investors in the area of market value management, market value management has become an important component of the corporate governance dimension of the listed issuer in the context of the current high netting rate of stock a securities, and the importance attached by listed issuers to related work has continued to grow。
In recent years, the securities sector has increased its m & as restructuring efforts while boosting market confidence through a combination of dividends and buy-backs. In recent days, a number of listed dealers have issued the 2026 “emergency efficiency gains” initiative, all of which include references to enhancing shareholder returns and enhancing market value management. For example, in a recent bulletin, it was stated that in 2026, companies would adhere to the concept of market value management centred on improving corporate performance and shareholder returns, firmly establish a sense of investor return, respond positively to the sec's call for multi-year dividends, and continuously improve the stability, timeliness and predictability of dividends, and create a virtuous ecology where the efficiency of company operations and the growth of shareholders ' returns are mutually reinforcing。
However, the market value management of vouchers is currently facing real difficulties. As a result of the current overall a stock market style preference for some of the technology tracks, and as a traditional pro-cyclical voucher, the overall allocation of market funds has long been low, and some companies have suffered from long-term erosion, with only regular buy-backs being split, making it more difficult to quickly reverse market valuation expectations。
In its recent bulletin, dong wu securities stated that “in the reporting period, the management of the company's market value has increased steadily, the management of the market value has yielded positive results and the increase in stock prices has been at the forefront of the industry”. East wu securities a stock increased by 21 per cent over the course of the past year, but corporate stock prices have largely recovered from last year's increase in prices as the industry returned。
In 2025, the net profits of dong wu securities to their mothers increased substantially in comparison to the same year and reached a record high, but the company's stock prices did not reflect the same, with long periods of lowness. Such a divergence between performance and equity prices is prevalent among the issuers and, to some extent, reflects the “agonizing point” of market value management in the current securities sector。
In an interview with a journalist, jung behmin, founder, chairman and principal partner of jung jung jung group, noted that enhanced market value management by listed companies, with basic merit, would help to improve market health. In particular, it can be achieved through buy-backs, equity incentives/employee ownership, increased holdings, m & as (buying future assets by listed companies, or optimizing equity structures by listed companies, introducing strategic investors...), and enhancing interaction and communication with bulk investors and investors in professional institutions。
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