Share buybacks this year approach last year's full-year scale; cancellation-type buybacks continue to gain momentum.

Wind data shows that as of the evening of October 31, 684 A-share listed companies had announced share buyback plans during the year, with a proposed maximum buyback amount of approximately 221.526 billion yuan. The cumulative amount of buybacks already implemented in the A-share market during the year reached 141.096 billion yuan, up 16.3% year on year; the number of companies conducting buybacks reached 1,228, down 11.48% year on year. Since the beginning of this year, the cumulative buyback amount has been close to the full-year level of 2025. From 2020 to 2025, annual A-share buyback amounts reached 67.54 billion yuan, 120.556 billion yuan, 101.798 billion yuan, 90.833 billion yuan, 165.746 billion yuan, and 142.811 billion yuan, respectively. Recently, cases of cancellation-type buybacks have increased noticeably. Several interviewed individuals said that for the market, sustained and normalized cancellation-type buybacks help guide the concept of value investing.