来源：e公司 作者：王小伟3月29日，就在年报披露的同时，$中国石油股份(00857.HK)$还发布了第八届董事会第二十次会议决议公告，会议审议多个议案，其中一项为《关于提请股东大会给予董事会回购股份一般性授权的议案》。在多位市场人士看来，从其他央企和国企此前类似动作来推演，其中意味或不一般。具体来看，中国石油董事会批准并提请股东大会给予董事会回购股份一般性授权。此一般性授权将授权董事会(或由董事会授权的董事)在有关授权期间回购不超过公司已发行A股数量10%的A股股份及/或不超过公司已发行H股数量10%的H股股份。 同日晚间，中国石油2022年年报面世。按照国际财务报告准则，中国石油实现营业收入3.2万亿元，同比增长23.9%;净利润1493.8亿元，同比增长62.1%;自由现金流1504.2亿元，同比增长88.4%。公司收入、利润、自由现金流等经营业绩指标均创历史新高。另外，经统筹考虑公司经营业绩、财务状况、现金流量等情况，董事会建议向全体股东派发2022年末期股息每股人民币0.22元(含适用税项)的现金红利，总派息额约402.65亿元。回购序曲?这并非央企首次出现提请股东大会给予董事会回购股份一般性授权案例。此前不少案例在启动类似动作后，后续都开启了回购等重要运作。去年3月，中国石化曾召开会议，审议议案之一也是《关于提请股东大会授权董事会回购公司内资股及/或境外上市外资股的议案》，此一般性授权将授权董事会(或由董事会授权的董事)决定单独或同时回购不超过中国石化已发行的A股或H股各自数量的10%的股份。到了5月，中国石化2021年年度股东大会、2022年第一次A股类别股东大会和2022年第一次H股类别股东大会审议通过了《授权中国石化董事会回购公司内资股及/或境外上市外资股的议案》，授权董事会(或由董事会授权的董事)决定单独或同时回购不超过公司已发行的A股或H股各自数量的10%的股份。审议程序铺平道路后，2022年8月，中国石化召开董事会会议，审议通过《关于以集中竞价交易方式回购公司股份的方案》，公司独立非执行董事发表了同意的独立意见。公司当时明确，当次回购股份方案无需提交公司股东大会审议。此后，中国石化就在境内外市场同步出手，开启上市以来首次股份回购。并成为大型央企中首次以维护公司价值、提升股东回报为目的，在A股和H股两个市场同步实施股份回购的央企上市公司。其他地方国资系企业方面，再往前的案例还有万科A。2020年5月，万科A召开第十八届董事会第三十次会议，审议议题之一就是，提请股东大会给予董事会回购股份之一般性授权，回购公司公开发行的境内(A股)、境外(H股)股份的总额不超过公司发行总股本的10%。2022年3月，万科20亿规模的股份回购正式启航。根据当时计划，自筹资金以集中竞价方式回购公司人民币普通股(A 股)，回购资金总额不超过25亿元且不低于20亿元，回购价格不超过18.27元/股。此后，公司平稳推进在期限内完成回购的工作安排。三处相同点拆解这些先提请授权，再出回购方案、继而启动回购的诸多案例，有一些共同点值得关注。首先，这些公司的股票收盘价格通常低于公司每股净资产。因此，回购有维护公司价值和股东权益、增强投资者信心的考量。通过使用自有资金进行股份回购，指向公司股票市场价格与内在价值相匹配。其次，这些公司属性均系国资。国资委此前曾发布《提高央企控股上市公司质量工作方案》，其中要求，依法依规、适时运用上市公司回购、控股股东及董事和高级管理人员增减持等手段，引导上市公司价值合理回归，助力企业良性发展。在此之后，包括中国化学等央企，陆续加入回购阵列。第三，这些公司都是资本市场中的大块头公司，且都是行业龙头，虽然有些公司遭遇了周期或者产业波动，但是韧性十足。而如此大体量级的央企国企龙头上市公司回购举措，也向市场传递出助力资本市场稳定的信号意义。这被部分市场人士认为，或与监管倡导的“中特估”有所呼应。回购只是此前相当阶段在资本运作能力方面相对沉寂的央企正在发生变化的一个缩影。有资本市场人士认为，这一方面反映出央企上市公司应对资本市场变化的能力及反应速度的提升;另一方面，倘若出于央企高分红等统筹考量，也体现出央企正在通过回购、分红等多种形式，维护股东权益。以分红为例，从最新出全的“三桶油”年报及分配方案来看，均保持了较高比例的分红力度。其中，中国石化董事会曾建议派发2022年末期现金股利每股0.195元(含税)，加上半年度已派发现金股利每股0.16元(含税)，全年现金股利每股0.355元(含税)。加上年内股份回购金额，合并计算后2022年度分红比例约为71%。编辑/lambor来源：e公司 作者：王小伟Source: e-Company Author: Wang Xiaowei3月29日，就在年报披露的同时，$中国石油股份(00857.HK)$还发布了第八届董事会第二十次会议决议公告，会议审议多个议案，其中一项为《关于提请股东大会给予董事会回购股份一般性授权的议案》。On March 29, just as the annual report was disclosed,$PETROCHINA(00857.HK)$A resolution notice of the 20th meeting of the 8th board of directors was also issued. The meeting considered a number of proposals, one of which was the “Proposal on Requesting the Shareholders' Meeting to Grant the Board of Directors General Authorization to Repurchase Shares”.在多位市场人士看来，从其他央企和国企此前类似动作来推演，其中意味或不一般。According to many market participants, extrapolating from the similar actions of other central enterprises and state-owned enterprises before, the meaning is unusual.具体来看，中国石油董事会批准并提请股东大会给予董事会回购股份一般性授权。Specifically, the board of directors of CNPC approved and requested the shareholders' meeting to grant the board general authorization to repurchase shares.此一般性授权将授权董事会(或由董事会授权的董事)在有关授权期间回购不超过公司已发行A股数量10%的A股股份及/或不超过公司已发行H股数量10%的H股股份。This general mandate will authorize the board of directors (or directors authorized by the board) to repurchase no more than 10% of the number of A-shares issued by the company and/or H-shares not exceeding 10% of the number of H shares issued by the company during the relevant authorization period. 同日晚间，中国石油2022年年报面世。按照国际财务报告准则，中国石油实现营业收入3.2万亿元，同比增长23.9%;净利润1493.8亿元，同比增长62.1%;自由现金流1504.2亿元，同比增长88.4%。公司收入、利润、自由现金流等经营业绩指标均创历史新高。On the evening of the same day, CNPC's 2022 annual report came out. According to international financial reporting standards, CNPC achieved operating income of 3.2 trillion yuan, an increase of 23.9% over the previous year; net profit of 149.38 billion yuan, an increase of 62.1% over the previous year; and free cash flow of 15.42 billion yuan, an increase of 88.4% over the previous year. The company's operating performance indicators, such as revenue, profit, and free cash flow, all reached record highs.另外，经统筹考虑公司经营业绩、财务状况、现金流量等情况，董事会建议向全体股东派发2022年末期股息每股人民币0.22元(含适用税项)的现金红利，总派息额约402.65亿元。In addition, after considering the company's operating performance, financial situation, cash flow, etc. in an integrated manner, the board of directors recommended that a cash dividend of RMB 0.22 per share (including applicable taxes) for the end of 2022 be distributed to all shareholders, with a total dividend amount of about RMB 40.265 billion.回购序曲?Buyback prelude?这并非央企首次出现提请股东大会给予董事会回购股份一般性授权案例。此前不少案例在启动类似动作后，后续都开启了回购等重要运作。This is not the first time that a central enterprise has asked the shareholders' meeting to give the board of directors a general authorization to repurchase shares. In many previous cases, after initiating similar actions, important operations such as repurchases began in the future.去年3月，中国石化曾召开会议，审议议案之一也是《关于提请股东大会授权董事会回购公司内资股及/或境外上市外资股的议案》，此一般性授权将授权董事会(或由董事会授权的董事)决定单独或同时回购不超过中国石化已发行的A股或H股各自数量的10%的股份。In March of last year, Sinopec held a meeting to consider one of the proposals to consider the “Proposal on Requesting the Board of Shareholders' Meeting to Authorize the Board of Directors to Repurchase the Company's Domestic Shares and/or Overseas Listed Foreign Shares”. This general authorization would authorize the board of directors (or directors authorized by the board of directors) to decide to individually or simultaneously repurchase no more than 10% of the A or H shares already issued by Sinopec.到了5月，中国石化2021年年度股东大会、2022年第一次A股类别股东大会和2022年第一次H股类别股东大会审议通过了《授权中国石化董事会回购公司内资股及/或境外上市外资股的议案》，授权董事会(或由董事会授权的董事)决定单独或同时回购不超过公司已发行的A股或H股各自数量的10%的股份。By May, Sinopec's 2021 annual shareholders' meeting, the first A-share shareholders' meeting in 2022, and the first H-share shareholders' meeting in 2022 deliberated and passed the “Proposal Authorizing the Board of Directors of Sinopec to Repurchase the Company's Domestic Shares and/or Overseas Listed Foreign Shares”, authorizing the board of directors (or directors authorized by the board of directors) to decide individually or simultaneously to repurchase no more than 10% of the company's issued A or H shares.审议程序铺平道路后，2022年8月，中国石化召开董事会会议，审议通过《关于以集中竞价交易方式回购公司股份的方案》，公司独立非执行董事发表了同意的独立意见。公司当时明确，当次回购股份方案无需提交公司股东大会审议。After the review process paved the way, in August 2022, Sinopec held a board meeting to review and approve the “Plan on Repurchase Company Shares through Centralized Bidding”. The company's independent non-executive directors expressed their agreed independent opinions. The company made it clear at the time that the current share repurchase plan did not need to be submitted to the company's shareholders' meeting for consideration.此后，中国石化就在境内外市场同步出手，开启上市以来首次股份回购。并成为大型央企中首次以维护公司价值、提升股东回报为目的，在A股和H股两个市场同步实施股份回购的央企上市公司。Since then, Sinopec has simultaneously taken action in domestic and foreign markets, starting the first share repurchase since listing. It also became the first listed company among large central enterprises to simultaneously implement share repurchases in the A-share and H-share markets for the purpose of maintaining corporate value and increasing shareholder returns.其他地方国资系企业方面，再往前的案例还有万科A。In terms of state-owned enterprises in other regions, another example from a previous example was Vanke A.2020年5月，万科A召开第十八届董事会第三十次会议，审议议题之一就是，提请股东大会给予董事会回购股份之一般性授权，回购公司公开发行的境内(A股)、境外(H股)股份的总额不超过公司发行总股本的10%。In May 2020, Vanke A held the 30th meeting of the 18th board of directors. One of the topics considered was to request the shareholders' meeting to grant the board general authorization to repurchase shares. The total amount of domestic (A shares) and overseas (H shares) shares publicly issued by the company should not exceed 10% of the company's total issued share capital.2022年3月，万科20亿规模的股份回购正式启航。根据当时计划，自筹资金以集中竞价方式回购公司人民币普通股(A 股)，回购资金总额不超过25亿元且不低于20亿元，回购价格不超过18.27元/股。此后，公司平稳推进在期限内完成回购的工作安排。In March 2022, Vanke's 2 billion share repurchase officially began. According to the plan at the time, self-raised funds were used to buy back the company's RMB common shares (A shares) through centralized bidding. The total repurchase capital was no more than 2.5 billion yuan and not less than 2 billion yuan, and the repurchase price was no more than 18.27 yuan/share. Since then, the company has steadily advanced work arrangements to complete the repurchase within the deadline.三处相同点Three points of similarity拆解这些先提请授权，再出回购方案、继而启动回购的诸多案例，有一些共同点值得关注。Dismantling these many cases where authorization was first requested, then a repurchase plan was proposed, and then a repurchase was initiated, some common points are worth paying attention to.首先，这些公司的股票收盘价格通常低于公司每股净资产。First, these companies' shares generally close at a lower price than the company's net worth per share.因此，回购有维护公司价值和股东权益、增强投资者信心的考量。通过使用自有资金进行股份回购，指向公司股票市场价格与内在价值相匹配。Therefore, repurchases are designed to protect the company's value and shareholders' rights and enhance investors' confidence. By using own funds to repurchase shares, it is indicated that the company's stock market price matches the intrinsic value.其次，这些公司属性均系国资。Second, the attributes of these companies are all state-owned.国资委此前曾发布《提高央企控股上市公司质量工作方案》，其中要求，依法依规、适时运用上市公司回购、控股股东及董事和高级管理人员增减持等手段，引导上市公司价值合理回归，助力企业良性发展。在此之后，包括中国化学等央企，陆续加入回购阵列。The State Assets Administration Commission previously issued the “Work Plan for Improving the Quality of Listed Companies Controlled by Central Enterprises”, which requires that measures such as buybacks of listed companies, controlling shareholders, directors and senior managers increase and decrease holdings, etc. should be used in accordance with law and regulations and in due course to guide the reasonable return of value of listed companies and help enterprises develop healthily. After that, state-owned enterprises, including China Chemical, joined the repurchase array one after another.第三，这些公司都是资本市场中的大块头公司，且都是行业龙头，虽然有些公司遭遇了周期或者产业波动，但是韧性十足。而如此大体量级的央企国企龙头上市公司回购举措，也向市场传递出助力资本市场稳定的信号意义。这被部分市场人士认为，或与监管倡导的“中特估”有所呼应。Third, these companies are all big companies in the capital market, and they are all industry leaders. Although some companies have experienced cyclical or industrial fluctuations, they are very resilient.However, the large-scale repurchase initiatives of leading listed companies of central enterprises and state-owned enterprises also sent a signal to the market to help stabilize the capital market. This is thought by some market participants, and may be in line with the “medium specific evaluation” advocated by the regulation.回购只是此前相当阶段在资本运作能力方面相对沉寂的央企正在发生变化的一个缩影。有资本市场人士认为，这一方面反映出央企上市公司应对资本市场变化的能力及反应速度的提升;另一方面，倘若出于央企高分红等统筹考量，也体现出央企正在通过回购、分红等多种形式，维护股东权益。The buyback is only a microcosm of the changes being made by central enterprises that were relatively quiet in terms of their ability to operate capital at a considerable stage before. Some people in the capital market believe that, on the one hand, this reflects an increase in the ability and speed of response of listed central enterprises to changes in the capital market; on the other hand, if central enterprises take into account overall considerations such as high dividends, it also shows that central enterprises are protecting shareholders' rights and interests through various forms such as repurchases and dividends.以分红为例，从最新出全的“三桶油”年报及分配方案来看，均保持了较高比例的分红力度。其中，中国石化董事会曾建议派发2022年末期现金股利每股0.195元(含税)，加上半年度已派发现金股利每股0.16元(含税)，全年现金股利每股0.355元(含税)。加上年内股份回购金额，合并计算后2022年度分红比例约为71%。Taking dividends as an example, judging from the latest “Three Barrels of Oil” annual report and distribution plan, they all maintained a high percentage of dividend strength.Among them, Sinopec's board of directors has proposed a cash dividend of 0.195 yuan per share (tax included) for the end of 2022, plus a cash dividend of 0.16 yuan per share (tax included) already distributed in the half year, and a cash dividend of 0.355 yuan per share (tax included) for the full year. Adding the amount of share repurchases during the year, the 2022 dividend ratio after consolidated calculation is about 71%.编辑/lambor