Shanghai is located at the confluence of the Yangtze River and the East China Sea, with tides rising and falling, which is the usual rhythm of this city.
Since July this year, the fund industry has been intensively engaging in self purchases, forming a sharp contrast with the short-term market trend of A-shares. In late July, Huitianfu Fund invested 10 million yuan to purchase its own funds; At the end of the month, the company will invest another 10 million yuan. This is just a microcosm of the 'self purchase trend'. According to Wind data, from July 1st to September 13th, public institutions (including securities and asset management companies) in Shanghai purchased over 500 million yuan, accounting for more than 40% of the total market self purchases, with no redemptions during this period.
At the ebb of the tide, determination is seen, and the support of "real gold and silver" funds is not only a rational response in emotional lows, but also a vivid manifestation of maintaining the stable operation of the market. Various business entities have increased their layout efforts against the trend, and have implemented a complete set of "combination punches" to stabilize the market, strengthen confidence, and optimize the ecology in response to phased adjustments, conveying firm confidence in the development prospects of the capital market through practical actions.
Public fund self purchase, counter trend and increase holdings
Faced with short-term market fluctuations, public institutions in the jurisdiction enter the market with their own funds, releasing positive signals.
Fuguo Fund fired the first shot in this round of self purchase. In early July, the company invested 10 million yuan for self purchase; Two trading days later, invest another 10 million yuan; An additional 10 million yuan will be invested in early August, mid August, and early September respectively.
According to Wind data, in terms of scale, Fuguo Fund ranks first with 50 million yuan, of which 30 million yuan is invested in equity; Xingye Fund, Guotai Fund, and Wanjia Fund all reached 40 million yuan, followed by Huatai Bairui, Xingzheng Global, Hua'an Fund, and Huitianfu Fund with 30 million yuan. China Europe Fund, Guotai Haitong Asset Management, Xingyin Fund, Morgan Stanley Fund, Changxin Fund, and Shangyin Fund contributed 20 million yuan, while 10 companies including Oriental Securities Asset Management each made actions ranging from 5 million yuan to 10 million yuan.
Industry insiders say that self owned funds are the most honest "vote". At a time when the market is gradually weakening, public institutions in the jurisdiction should not panic, wait and see, or back down, and inject incremental vitality with real money and silver. However, there are also opinions that remind us that the significance of self purchase lies more in posture and signal, and the real confidence still needs to return to the performance itself.
Mid term dividends gradually become the norm
According to Wind data, as of September 13th, 87 listed companies in the jurisdiction have launched mid-term dividend plans for 2026, with a total payout of nearly 50 billion yuan. From the "giant" priced at 1.68 yuan per 10 shares to the "high-value" priced at 13 yuan per 10 shares, from trillion dollar banks to small and medium-sized manufacturing enterprises on the Beijing Stock Exchange, distribution plans outline a collective vision of stable returns, expectations, and confidence.
Mid term dividends are shifting from a 'minority' to a 'majority'. The contingency plan covers 25 Wind secondary industries, with 11 listed in the pharmaceutical and biological industries, and multiple participating industries such as semiconductors and software services; The first large-scale appearance of the Beijing Stock Exchange company: Balanshi (920112. BJ) pays 3.00 yuan per 10 shares, and Jiakai Biotechnology (920165. BJ) pays 6.22 yuan per 10 shares.
The 'gold content' is synchronously increasing. The median of the contingency plan is 1.2 yuan per 10 shares, with 53 companies paying dividends of 1 yuan or more, accounting for 60%, 33 companies paying dividends of 2 yuan or more, and 20 companies paying dividends of 3 yuan or more.
Blue chips are still the 'main force'. Bank of Communications distributes 1.68 yuan per 10 shares, with cash dividends of approximately 14.845 billion yuan leading the way; Guotai Haitong will distribute 3.00 yuan per 10 shares, with a cash dividend of approximately 5.254 billion yuan; Shanghai Bank also distributes 3.00 yuan per 10 shares, with a cash dividend of approximately 4.263 billion yuan.
High dividend payouts are no longer limited to traditional industries. Heart Meridian Medical (688016. SH), a vascular intervention enterprise on the Science and Technology Innovation Board, will distribute 13.00 yuan per 10 shares. Based on a benchmark share capital of 120.8411 million shares, the distribution is approximately 157 million yuan, equivalent to 48.73% of the net profit attributable to the parent company in the first half of the year.
The reporter also found that this "boldness" still has a focus: more than 60% of the cash dividends come from 8 companies in banks and non bank finance; For most small and medium-sized companies, mid-term dividends need to move from the "minority" to the "majority" and still need to be encouraged.
Active support from industrial capital
On the day of announcing the plan to increase holdings by 50 million to 100 million yuan, nearly 18 million yuan of increase in holdings was completed. On July 9th, Bairun Shares (002568. SZ) expressed strong confidence in the action of "disclosing and increasing holdings".
Industrial capital is the most solid endogenous confidence in the capital market. According to Wind statistics, from July 1st to September 13th, more than 50 listed companies in the jurisdiction implemented buybacks, with a total amount exceeding 4.3 billion yuan; Since July, 19 plans to increase holdings have involved 9 listed companies, and the bottoming out trend continues to deepen. This round of action is of high quality and has been implemented quickly, with comprehensive participation from all types of entities.
State owned enterprises have played a leading role. China Eastern Airlines (600115. SH) has implemented a market value management repurchase of 500 million to 1 billion yuan with self raised funds, and has carried out multiple rounds of operations as of August; City Investment Holdings (600649. SH) disclosed on September 2 that it is implementing a repurchase of RMB 50 million to RMB 100 million; Shanghai Bank (601229. SH) disclosed on July 21 that its directors, supervisors, senior executives, and middle-level cadres plan to increase their holdings by no less than 15 million yuan; Shanghai Rural Commercial Bank (601825. SH) disclosed on August 28th that six executives had increased their holdings by no less than 3 million yuan.
In terms of private enterprises, industry insiders indicate that technology private enterprises are more inclined towards a combination of "repurchase+R&D investment", while traditional private enterprises are more inclined towards "major shareholder increase+cash dividends" to stabilize expectations. Haowei Group (603501. SH) disclosed on August 5th that it has completed a market value management repurchase of 800 million to 1 billion yuan; Lanqi Technology (688008. SH), Lianying Medical (688271. SH), Wangsu Technology (300017. SZ), and Longqi Technology (603341. SH) have respectively promoted buybacks ranging from 300 million to 600 million yuan and 250 million to 500 million yuan. Nal Corporation (002825. SZ), Shenkai Corporation (002278. SZ), and others have also launched plans to increase their holdings.
The reporter noticed that there is still a gap between the disclosure of plans and the landing of funds for some companies; The pace of individual plans may not fully align with market expectations, and their effectiveness still needs to be tested.
Forward momentum to stabilize expectations
Since July, the Shanghai Securities Regulatory Bureau has taken proactive measures to help maintain stable market operations.
Firstly, the Shanghai Branch of the People's Bank of China organized a policy lecture on stock repurchase, increase in holdings, and refinancing, as well as a bank enterprise docking meeting. Participating banks and listed companies fully interacted and exchanged ideas to achieve precise supply-demand matching. Since the introduction of the refinancing policy, more than 80 sub listed companies in the jurisdiction have issued announcements of repurchase and increase in loan holdings, with a total loan limit exceeding 18 billion yuan. Some entities have initiated multiple rounds of repurchase and increase in holdings, and the positive effects of policy leverage continue to be evident.
The second is to implement the "Several Opinions on Deepening the Construction of Shanghai Global Asset Management Center", jointly introduce the "20 Articles" of direct financing with relevant departments in Shanghai, smooth the channels for medium and long-term funds to enter the market, and support the development of equity fund products. The reporter learned from the Shanghai Securities Regulatory Bureau that as of the end of August, the scale of equity public funds in Shanghai has reached 3.4 trillion yuan.
Thirdly, we will solidly carry out a new round of special actions for the governance of listed companies, resolutely crack down on illegal activities that seriously harm investors' rights and interests, such as financial fraud, market manipulation, insider trading, etc. We will continue to strengthen cooperation with public security, judicial and other departments, solidly promote three-dimensional accountability, and effectively safeguard the legitimate rights and interests of investors, especially small and medium-sized investors.
At the confluence of rivers and seas, the ebb and flow of tides is the norm; Dare to lift when the tide falls, and only when the tide rises can one reach far. Multi party collaboration to stabilize the market confirms the basic logic of taking a long-term view of the market, and also builds a foundation for the healthy development of the market through stable expectations. Market confidence never rises above the wind, but remains steadfast throughout the cycle.