春節假期(qi)過后，上(shang)市(shi)公司(si)(si)密(mi)集發布回(hui)購(gou)方(fang)案(an)。據中國證(zheng)券報記者不(bu)完全統計，自2月(yue)18日以來(lai)，已有近百家上(shang)市(shi)公司(si)(si)發布正式回(hui)購(gou)方(fang)案(an)或(huo)董(dong)事長、實控人提議回(hui)購(gou)方(fang)案(an)，不(bu)少公司(si)(si)回(hui)購(gou)金(jin)額過億元。除發布回(hui)購(gou)方(fang)案(an)外(wai)，上(shang)市(shi)公司(si)(si)重要(yao)股(gu)東增持也(ye)較為積極，部分公司(si)(si)重要(yao)股(gu)東計劃增持金(jin)額較高。　　　

　　回購用途更務實

　　明(ming)陽智能2月20日晚(wan)間公(gong)(gong)告稱，擬使用自(zi)(zi)有資金以集中競價交易方式(shi)回購(gou)公(gong)(gong)司股份(fen)(fen)，本次(ci)回購(gou)股份(fen)(fen)資金總額不超(chao)過(guo)6億(yi)元(yuan)（含），不低(di)于3億(yi)元(yuan)（含）。本次(ci)回購(gou)股份(fen)(fen)價格不超(chao)過(guo)15元(yuan)/股（含）。回購(gou)資金來源為(wei)公(gong)(gong)司自(zi)(zi)有資金。回購(gou)期限為(wei)自(zi)(zi)董事會審議通過(guo)本次(ci)回購(gou)方案之日起不超(chao)過(guo)3個月。

　　從回購(gou)目(mu)的(de)看，除常規的(de)用于(yu)員工持股(gu)計(ji)劃或股(gu)權激勵計(ji)劃外，用于(yu)市(shi)值(zhi)管理、維護公司(si)價(jia)值(zhi)及股(gu)東權益的(de)上市(shi)公司(si)回購(gou)不在少數。以三旺(wang)通信(xin)為代表的(de)部(bu)分上市(shi)公司(si)回購(gou)股(gu)份將全部(bu)予以注(zhu)(zhu)銷(xiao)，減少注(zhu)(zhu)冊資本。

　　值得(de)注意(yi)的(de)(de)(de)(de)是，不少(shao)上市公(gong)(gong)司更(geng)改了(le)回(hui)購(gou)目的(de)(de)(de)(de)，用(yong)于(yu)(yu)注銷并相應減(jian)少(shao)注冊資(zi)本。海能實業2月20日晚間發布關于(yu)(yu)變(bian)更(geng)回(hui)購(gou)股(gu)份用(yong)途(tu)并注銷的(de)(de)(de)(de)公(gong)(gong)告，公(gong)(gong)告顯示，公(gong)(gong)司擬對回(hui)購(gou)專用(yong)證券賬(zhang)戶中本年度回(hui)購(gou)的(de)(de)(de)(de)947.61萬股(gu)用(yong)途(tu)進行變(bian)更(geng)，將(jiang)“基于(yu)(yu)維護公(gong)(gong)司價值及股(gu)東權益(yi)，并將(jiang)按照有關回(hui)購(gou)規則和監管指引要(yao)求在規定期(qi)限內出(chu)售”變(bian)更(geng)為“用(yong)于(yu)(yu)注銷并相應減(jian)少(shao)注冊資(zi)本”，該議案尚需(xu)提交股(gu)東大會審議。

　　另以(yi)恩(en)捷股(gu)(gu)(gu)份為(wei)(wei)例，公(gong)(gong)司2月18日晚間披露關于變更(geng)回購(gou)股(gu)(gu)(gu)份用(yong)途為(wei)(wei)注銷(xiao)(xiao)的公(gong)(gong)告，公(gong)(gong)告顯示(shi)，為(wei)(wei)提高公(gong)(gong)司長期投資(zi)價值，提升每股(gu)(gu)(gu)收益水平，進一步增強投資(zi)者信(xin)心，結合公(gong)(gong)司實(shi)際情況，同意變更(geng)經(jing)公(gong)(gong)司2024年(nian)2月2日召開的第五屆(jie)董(dong)事會第十九次會議(yi)審議(yi)通(tong)過《關于回購(gou)公(gong)(gong)司股(gu)(gu)(gu)份的議(yi)案》的回購(gou)股(gu)(gu)(gu)份用(yong)途，由原(yuan)方案“用(yong)于實(shi)施股(gu)(gu)(gu)權激勵或員工持股(gu)(gu)(gu)計(ji)劃(hua)”變更(geng)為(wei)(wei)“用(yong)于注銷(xiao)(xiao)并減少公(gong)(gong)司注冊資(zi)本”，本次回購(gou)股(gu)(gu)(gu)份的資(zi)金總額(e)為(wei)(wei)不低于1億元（含）且不超(chao)過2億元（含）。

　　積極實施回購

　　從實(shi)施回購角度看，近期，不少上(shang)市公司發布股份回購方案(an)后不久，就(jiu)實(shi)施了(le)回購。

　　嘉(jia)欣絲綢(chou)2月(yue)18日(ri)晚(wan)間(jian)發布關于首次(ci)回(hui)(hui)(hui)購(gou)公(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)的公(gong)告(gao)，公(gong)告(gao)顯示，公(gong)司(si)(si)(si)2月(yue)7日(ri)召開第九屆董事會(hui)第四次(ci)會(hui)議，審議通過(guo)了《關于回(hui)(hui)(hui)購(gou)公(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)方案的議案》，公(gong)司(si)(si)(si)擬使用(yong)(yong)自有資金以(yi)集中競價(jia)交(jiao)易(yi)方式回(hui)(hui)(hui)購(gou)公(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)，用(yong)(yong)于維護(hu)公(gong)司(si)(si)(si)價(jia)值及股(gu)(gu)(gu)(gu)(gu)東(dong)權益，回(hui)(hui)(hui)購(gou)資金總額(e)不(bu)少于（含(han)(han)）5000萬(wan)元(yuan)，不(bu)超過(guo)（含(han)(han)）1億元(yuan)，回(hui)(hui)(hui)購(gou)價(jia)格(ge)不(bu)超過(guo)（含(han)(han)）7元(yuan)/股(gu)(gu)(gu)(gu)(gu)。2月(yue)8日(ri)，公(gong)司(si)(si)(si)首次(ci)通過(guo)股(gu)(gu)(gu)(gu)(gu)票回(hui)(hui)(hui)購(gou)專(zhuan)用(yong)(yong)證券賬戶(hu)以(yi)集合競價(jia)交(jiao)易(yi)方式回(hui)(hui)(hui)購(gou)公(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)，回(hui)(hui)(hui)購(gou)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)數(shu)量(liang)約為(wei)166.26萬(wan)股(gu)(gu)(gu)(gu)(gu)，約占公(gong)司(si)(si)(si)總股(gu)(gu)(gu)(gu)(gu)本(ben)的0.29%，成交(jiao)總金額(e)約為(wei)782.48萬(wan)元(yuan)（不(bu)含(han)(han)交(jiao)易(yi)費用(yong)(yong)）。

　　再以寧水集(ji)團為例，公(gong)司(si)2月(yue)18日(ri)(ri)晚間披露(lu)關于以集(ji)中競價(jia)(jia)交易方(fang)式(shi)首次(ci)回購(gou)公(gong)司(si)股(gu)(gu)份(fen)(fen)的(de)(de)公(gong)告，公(gong)告顯示(shi)，2月(yue)7日(ri)(ri)，公(gong)司(si)第八屆董(dong)事(shi)會第十一次(ci)會議審議通(tong)(tong)過了(le)《關于以集(ji)中競價(jia)(jia)交易方(fang)式(shi)回購(gou)公(gong)司(si)股(gu)(gu)份(fen)(fen)方(fang)案(an)(an)的(de)(de)議案(an)(an)》，公(gong)司(si)擬(ni)使用(yong)(yong)不(bu)低于3000萬元(yuan)(yuan)，不(bu)超過5000萬元(yuan)(yuan)的(de)(de)自有(you)資金回購(gou)公(gong)司(si)股(gu)(gu)份(fen)(fen)，回購(gou)期限(xian)自董(dong)事(shi)會審議通(tong)(tong)過回購(gou)A股(gu)(gu)股(gu)(gu)份(fen)(fen)方(fang)案(an)(an)之日(ri)(ri)起(qi)12個月(yue)內。2月(yue)8日(ri)(ri)，公(gong)司(si)通(tong)(tong)過集(ji)中競價(jia)(jia)交易方(fang)式(shi)首次(ci)回購(gou)股(gu)(gu)份(fen)(fen)106.11萬股(gu)(gu)，已回購(gou)股(gu)(gu)份(fen)(fen)占(zhan)公(gong)司(si)總股(gu)(gu)本的(de)(de)0.52%，成(cheng)交最高價(jia)(jia)為9.78元(yuan)(yuan)/股(gu)(gu)，成(cheng)交最低價(jia)(jia)為9.01元(yuan)(yuan)/股(gu)(gu)，已支付的(de)(de)總金額約為1001.28萬元(yuan)(yuan)（不(bu)含(han)交易費(fei)用(yong)(yong)）。

　　增持態度積極

　　除(chu)發布(bu)回購(gou)方案(an)外(wai)，上(shang)市公(gong)司重要股(gu)東(dong)增持也(ye)較為積極。

　　部分公司(si)重要股(gu)(gu)東計(ji)劃增(zeng)(zeng)持(chi)金(jin)額較高(gao)。新疆天業發布公告，公司(si)控股(gu)(gu)股(gu)(gu)東天業集(ji)(ji)團全資(zi)子公司(si)天域融公司(si)計(ji)劃通過(guo)集(ji)(ji)中(zhong)競價交易系統(tong)增(zeng)(zeng)持(chi)新疆天業股(gu)(gu)份，累計(ji)增(zeng)(zeng)持(chi)金(jin)額不低于7500萬元(yuan)(yuan)，不超(chao)過(guo)1.5億元(yuan)(yuan)，增(zeng)(zeng)持(chi)比例不超(chao)過(guo)公司(si)總股(gu)(gu)本的2%。本次增(zeng)(zeng)持(chi)計(ji)劃不設定價格區(qu)間。

　　有的上市公司重要股東增(zeng)持公司股份后，又(you)發布新一輪增(zeng)持計劃。

　　以川潤(run)股(gu)(gu)(gu)(gu)份(fen)為(wei)例，公(gong)(gong)(gong)司(si)(si)2月(yue)18日晚間披露關于公(gong)(gong)(gong)司(si)(si)控(kong)(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東及實際(ji)控(kong)(kong)制(zhi)(zhi)人(ren)、董(dong)(dong)事(shi)(shi)(shi)長、總(zong)(zong)(zong)經(jing)理及部分董(dong)(dong)事(shi)(shi)(shi)、監事(shi)(shi)(shi)、高級管理人(ren)員增(zeng)(zeng)持公(gong)(gong)(gong)司(si)(si)股(gu)(gu)(gu)(gu)份(fen)及控(kong)(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東、實際(ji)控(kong)(kong)制(zhi)(zhi)人(ren)后續增(zeng)(zeng)持計劃的公(gong)(gong)(gong)告。公(gong)(gong)(gong)告顯(xian)示(shi)，2月(yue)8日，公(gong)(gong)(gong)司(si)(si)控(kong)(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東、實際(ji)控(kong)(kong)制(zhi)(zhi)人(ren)之一(yi)羅(luo)(luo)麗華、董(dong)(dong)事(shi)(shi)(shi)長羅(luo)(luo)永(yong)忠、董(dong)(dong)事(shi)(shi)(shi)兼(jian)總(zong)(zong)(zong)經(jing)理鐘海暉、董(dong)(dong)事(shi)(shi)(shi)兼(jian)副(fu)總(zong)(zong)(zong)經(jing)理李輝、副(fu)總(zong)(zong)(zong)經(jing)理王輝、副(fu)總(zong)(zong)(zong)經(jing)理高歡、監事(shi)(shi)(shi)王學偉、董(dong)(dong)事(shi)(shi)(shi)會秘書饒紅、財(cai)務總(zong)(zong)(zong)監繆銀兵通過深(shen)圳證(zheng)券交易(yi)所(suo)集中(zhong)(zhong)競價交易(yi)方(fang)式合計增(zeng)(zeng)持公(gong)(gong)(gong)司(si)(si)股(gu)(gu)(gu)(gu)份(fen)101.15萬(wan)股(gu)(gu)(gu)(gu)，占當(dang)前總(zong)(zong)(zong)股(gu)(gu)(gu)(gu)本比例為(wei)0.231%。其中(zhong)(zhong)，羅(luo)(luo)麗華增(zeng)(zeng)持60萬(wan)股(gu)(gu)(gu)(gu)，成交金額205.9萬(wan)元。

　　對于后(hou)續計劃，川潤(run)股(gu)份(fen)公告顯示，控股(gu)股(gu)東、實際(ji)控制人之(zhi)一羅麗華自本公告披露之(zhi)日起6個月內，擬增持(chi)股(gu)份(fen)金(jin)額不低于900萬元且不高于1500萬元（含2月8日已增持(chi)數量和金(jin)額）。

　　浙江大學國際聯(lian)(lian)合商學院(yuan)數(shu)字經濟與(yu)金融(rong)創新研究中心(xin)聯(lian)(lian)席主任、研究員盤(pan)和(he)林(lin)對(dui)記者(zhe)表示，對(dui)于重要(yao)(yao)股(gu)(gu)(gu)東(dong)(dong)(dong)的(de)增(zeng)持(chi)(chi)(chi)行為，有幾個關鍵問題需要(yao)(yao)關注。首先，投資人(ren)要(yao)(yao)看股(gu)(gu)(gu)東(dong)(dong)(dong)增(zeng)持(chi)(chi)(chi)規(gui)模，以(yi)此(ci)來判(pan)斷重要(yao)(yao)股(gu)(gu)(gu)東(dong)(dong)(dong)的(de)增(zeng)持(chi)(chi)(chi)力度(du)和(he)決心(xin)。其次(ci)，投資人(ren)要(yao)(yao)判(pan)斷股(gu)(gu)(gu)東(dong)(dong)(dong)增(zeng)持(chi)(chi)(chi)的(de)本質(zhi)目的(de)，是(shi)長(chang)期(qi)增(zeng)持(chi)(chi)(chi)、戰(zhan)略性(xing)增(zeng)持(chi)(chi)(chi)，還是(shi)僅僅以(yi)增(zeng)持(chi)(chi)(chi)支撐股(gu)(gu)(gu)價；是(shi)有實(shi)力的(de)持(chi)(chi)(chi)續增(zeng)持(chi)(chi)(chi)，還是(shi)一次(ci)性(xing)的(de)增(zeng)持(chi)(chi)(chi)，要(yao)(yao)結合公(gong)司(si)基本面去判(pan)斷股(gu)(gu)(gu)東(dong)(dong)(dong)增(zeng)持(chi)(chi)(chi)的(de)實(shi)際意(yi)義。最后，要(yao)(yao)關注股(gu)(gu)(gu)東(dong)(dong)(dong)增(zeng)持(chi)(chi)(chi)的(de)方式，比如(ru)了解股(gu)(gu)(gu)東(dong)(dong)(dong)增(zeng)持(chi)(chi)(chi)的(de)實(shi)際成本是(shi)多(duo)少，以(yi)此(ci)作為參(can)考來評估股(gu)(gu)(gu)票在大股(gu)(gu)(gu)東(dong)(dong)(dong)心(xin)目中的(de)真實(shi)價值。