According to the CITIC Securities Research Report, on January 24, 2024, the State Council's State-owned Assets Administration Commission first proposed further research to include market value management in the performance assessment of central enterprise heads. In the past, the policy was mainly encouraging. Market value management is an important part of the reform of state-owned enterprises. The implementation path focuses on improving core competitiveness and enhancing core functions. Judging from the US experience, management salary structure design is the main driving force for listed companies to buy back, but monetary tightening suppresses companies' ability to buy back. Judging from Japan's experience, the Tokyo Stock Exchange has strengthened market value management requirements, but rapid aging means that companies are more inclined to increase dividends. It is expected that in the short term in the future, dividend repurchases by central enterprises may increase, and indicators related to cash flow are worth paying attention to; in the medium term, central enterprises may help increase the valuation of Hong Kong stock related targets while promoting mergers, acquisitions and restructuring of A-share listed companies; in the long run, improving operating efficiency is the fundamental purpose of market value management of central enterprises.