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电话:2025 洛阳市(嵩县、涧西区、汝阳县、洛龙区、栾川县、洛宁县、宜阳县、伊川县、西工区、孟津区、老城区、新安县、偃师区、瀍河回族区)
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阿里地区(改则县、普兰县、革吉县、措勤县、噶尔县、札达县、日土县)
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晋中市(左权县、平遥县、祁县、太谷区、和顺县、榆次区、寿阳县、灵石县、昔阳县、介休市、榆社县)
韶关市(新丰县、仁化县、始兴县、乐昌市、翁源县、乳源瑶族自治县、南雄市、浈江区、曲江区、武江区)

  目前,上市公司回购增持股票已成为稳定市场信心、维护股东权益的重要举措。商业银行作为金融体系的中流砥柱,不妨主动将股票回购增持贷款纳入常态化机制安排,在市场关键时期充分发挥“稳定器”作用。

  各地监管部门也高度重视回购增持贷款业务。4月14日,人民银行上海总部、人民银行广东省分行相继披露推动股票回购增持贷款业务增量扩面的相关举措。在上述辖区内,多部门联合举办多场政策宣讲座谈会,搭建银企交流平台。截至目前,上海市披露股票回购增持计划的企业已超40家,合计获得贷款金额上限约100亿元;广东省上市公司申请股票回购增持贷款超210亿元。

  从现实情况来看,国有六大行皆已推进股票回购增持贷款业务,同时,兴业银行、浦发银行等股份行也陆续跟进。据不完全统计,2025年至今,已有近200家公司获得银行相关贷款支持,金额超370亿元。

  然而,仍有相当一部分银行持审慎态度,尚未积极参与有关业务,主要顾虑在于风险权重较高、抵押物不足等问题。实际上,优质上市公司的股票本身具有较强的流动性,若辅以合理的质押率和价格波动缓冲机制,风险整体可控。

  为推动上市公司股票回购增持贷款业务常态化开展,也需从政策端和市场端协同发力,构建激励相容的生态,让银行“愿贷、敢贷、会贷”。

  在政策端,监管机构可考虑对符合条件的相关贷款给予风险权重优惠,降低银行的资本占用成本。同时,设立专项再贷款工具,为银行提供低成本的资金支持。另一方面,探索将有关回购增持贷的投放情况纳入宏观审慎评估体系(MPA)或银行综合评价体系,对表现突出的机构给予监管指标弹性空间。

  在市场端,交易所可进一步优化回购规则,简化审批流程,明确信息披露要求,减少银行的后顾之忧。同时,市场各方可协同探索风险共担机制。例如,由券商、基金等机构与银行合作设计专项资管计划,通过结构化分层分散风险;或鼓励保险公司开发信用保证产品,为有关业务提供增信支持。

  长远来看,商业银行作为“国之大者”,不能仅算“经济账”,更要算“大局账”,通过支持现金流稳定、估值偏低的企业实施回购,可推动市场向价值投资回归,减少短期投机行为。银行在此过程中不仅是资金提供者,更是市场理性的塑造者。

  当市场波动时,银行更需以“逆周期思维”展现魄力,用真金白银传递信心。将上市公司股票回购增持贷款纳入银行常态化服务范畴,既是稳市场、惠民生的现实需要,也是金融供给侧改革的重要探索。

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