According to a report from the Financial Association on November 30 (editor: Li Chen), with the formal implementation of the market cap management guidelines, discussions regarding market cap management have increased. Industry insiders believe that, with relevant policy catalysts, the undervalued stocks in major indexes are expected to achieve valuation recovery, providing long-term investment opportunities for investors. Everbright released a research report on November 27, indicating that market cap management is advancing deeply, and the high dividend sector is continuously recognized for its long-term value. China International Capital Corporation released a research report on November 26, stating that market cap management has officially entered a new stage of policy support and regulated development, which is beneficial for listed companies to conduct market cap management in accordance with the law.

East Money Information pointed out that, based on the matching between value and market cap, relevant companies can use the "toolbox" of the capital markets to maintain and enhance investment value, achieving the maximization of company value and shareholder value. In terms of capital maintenance, ways such as refinancing and mergers and acquisitions can be used to strengthen the company's core profitability and increase intrinsic value, thus supporting high market caps to a greater extent; in terms of shareholder maintenance, methods such as dividends, buybacks, and major shareholder shareholding increases can be used to return to investors and boost market confidence.

According to data from Choice, as of the close on November 29, the total number of undervalued stocks is 364. Among these stocks, only 10 have a repurchase amount exceeding 0.1 billion yuan this year and a dividend yield exceeding 3% in the 2023 annual report, namely Baoshan Iron & Steel, China State Construction Engineering Corporation, Poly Developments and Holdings Group, China Petroleum & Chemical Corporation, Conch Cement, Shandong Nanshan Aluminium, Guangzhou Shangpin Home Collection, Guangdong Dongpeng Holdings, Shanghai Yuyuan Tourist Mart, and Gansu Shangfeng Cement. Among them, Baoshan Iron & Steel has the highest repurchase amount this year, reaching 1.018 billion yuan; Guangzhou Shangpin Home Collection has the highest dividend yield for the 2023 annual report at 6.07%. Additionally, China State Construction Engineering Corporation and Guangdong Dongpeng Holdings have relatively high dividend yields and repurchase amounts. The specifics are as follows:

The modern steel joint enterprise Baoshan Iron & Steel has the latest pb ratio of 0.73 times, a 2023 annual report dividend yield of 3.02%, and a total buyback of over 1 billion yuan this year. Wind data shows that Baoshan Iron & Steel has cumulative cash dividends since its listing of 28 times, totaling 121.776 billion yuan. On October 31, Baoshan Iron & Steel released an announcement of the investor relations activity record form, stating that they believe market cap management is a long-term and systematic task. In the past, the company has established an investor relations system, actively carried out exchanges and interactions with the capital market, and effectively communicated value; in terms of returning to investors, it is stipulated in the articles of association that "cash dividends shall not be less than 50% of the annual net income attributable to the parent company as per audited consolidated financial statements," and the dividend cycle has been shortened to six months. At appropriate times, they have also conducted buybacks linked to stock-based incentives, indicating that Baoshan Iron & Steel's market cap management has been orderly for many years. However, Baoshan Iron & Steel believes that the most important aspect of market cap management is the effective operation of the company; a high-quality underlying basis is a prerequisite for all market cap management tools to function effectively.

The comprehensive enterprise in construction and real estate, China State Construction Engineering Corporation has the latest pb ratio of 0.56 times, a 2023 annual report dividend yield of 4.54%, and a cumulative buyback of 0.947 billion yuan this year. Wind data shows that China State Construction Engineering Corporation has cumulative cash dividends since its listing of 15 times, totaling 92.829 billion yuan. On November 26, China State Construction Engineering Corporation announced that it has recently obtained several significant projects with a total project amount of 30.7 billion yuan. On November 1, China State Construction Engineering Corporation stated on the interactive platform that due to various factors such as the macro economy, industry policies, and market styles, the company’s market cap deviates from its intrinsic value and is undervalued. The company will continue to strengthen market cap management and regard high-quality development as fundamental, creating sustainable benefits for shareholders, striving to increase cash dividend levels, promoting major shareholders to conduct shareholding increases, continuously enhancing information disclosure and investor relations management, and continuously improving the company's investment value to strengthen recognition in the capital markets.

Poly Developments and Holdings Group, with its main business in real estate development and sales, currently has a pb ratio of 0.63 times, a 2023 annual report dividend yield of 4%, and a cumulative buyback of 0.9 billion yuan this year. Wind data shows that Poly Developments and Holdings Group has cumulative cash dividends since its listing of 18 times, totaling 62.959 billion yuan. On November 27, Poly Developments and Holdings Group stated on the interactive platform that the company highly values market cap management, and the relevant system is in the process of development. On November 7, Poly Developments and Holdings Group announced a signed amount of 42.337 billion yuan in October, a year-on-year increase of 27.85%.