Brokerages intensively carry out cancellation-style buybacks, shifting market value management toward long-term shareholder returns.

Since the second half of 2026, listed securities firms have noticeably accelerated their pace of share buybacks. According to incomplete statistics, five listed securities firmsHongta Securities, Zhongtai Securities, Guolian Minsheng, Changjiang Securities, and Huaan Securitieshave disclosed new rounds of share buyback plans, while others such as Sinolink Securities have updated progress on previous buyback plans. From an industry structure perspective, small and medium-sized securities firms make up the majority of participants in this round of buybacks. In addition, the initiators of this round of buybacks have become more diverse, no longer limited to the board level of listed companies. As securities firms accelerate their own buybacks, shareholding increase plans by major shareholders have also followed one after another. A review shows that compared with previous buybacks focused mainly on market value maintenance and equity incentives, the use structure of this round of securities firm buybacks has changed markedly, with a higher proportion of cancellation-type buybacks and diversified purposes becoming core features. According to several industry insiders, the increase in cancellation-type buybacks by securities firms in this round is essentially an important turning point in the industry's market value management approachshifting from a focus on short-term stock price fluctuations in the secondary market to a focus on intrinsic value per share and long-term shareholder returns.