"Buyback King" strikes again, this time up to 13 billion yuan! Trillion-dollar blue-chip stocks intensively buying up. Where is the "golden pit"?

“The Repurchase King” strikes again.

On the evening of March 30, Midea Group released an announcement stating that it plans to repurchase A-share shares of no more than 13 billion yuan and no less than 6.5 billion yuan via centralized competitive bidding. The funds will come from the company’s own funds and/or special stock repurchase loans provided by China Bank. The loan amount will not exceed 90% of the actual repurchase amount, and the term will not exceed 3 years.

On the evening of March 31, Midea Group disclosed its initial repurchase progress. The number of shares repurchased was 1,305,100 shares, and the total amount paid was 100,026,011 yuan (excluding transaction fees).

Midea Group is a well-known “repurchase king” in the A-share market. Since 2013, the company has accumulated a repurchase amount as high as 41.3 billion yuan, ranking first among A-shares. The second place is Gree Electric Appliances. Since 2013, its cumulative repurchase has been nearly 30 billion yuan. In addition, individual stocks such as China State Construction, Baosteel Co., and Ping An of China have also repurchased more than 10 billion yuan each.

In addition to continuously and aggressively repurchasing, Midea Group’s dividends have also always been very generous. Last year, the dividend payout ratio was close to 74%, setting a historical high. From 2013 to 2025, the company’s dividend payout ratio has been over 40% every year, with an average payout ratio of over 51%. High-quality performance and shareholder returns create a positive feedback loop, keeping the stock price in a strong upward channel. The latest price is already nearly 9 times higher than the issue price, and the performance is very striking. This repurchase has also received a positive response from the market, with Midea Group’s share price rising continuously.

Thousand-billion “blue chips” are buying aggressively in clusters

Besides Midea Group, there have recently been many thousand-billion blue-chip companies buying shares in clusters. Data show that since the beginning of this year, 29 companies with the latest total market value above 1 trillion yuan have repurchased shares. Among them, repurchases by Midea Group, SF Holding, and others during the year have all exceeded 1 billion yuan. Repurchases by individual stocks such as Kweichow Moutai, Wen’s Shares, Zijin Mining, Datong Railway, BOE A, and Haier Smart Home have all exceeded 500 million yuan.

There is also a batch of thousand-billion market value companies planning to make a move. In an announcement released on the evening of April 1, Eastroc Beverage stated that it plans to repurchase the company’s shares for 1 billion to 2 billion yuan, with the repurchase share price not exceeding 248 yuan per share. In an announcement released on the evening of March 31, BOE A stated that it plans to repurchase the company’s shares for 500 million to 1 billion yuan, with the repurchase share price not exceeding 6 yuan per share. In an announcement released on March 30, Seres stated that it plans to repurchase the company’s shares of not less than 1 billion yuan (including) and not more than 2 billion yuan (including).

Where is the “golden pit”?

Repurchases are not only a “stabilizer” for maintaining corporate value, but also a “booster shot” to boost market confidence. Therefore, after publishing their repurchase plans, many companies have shown excellent share-price performance. However, as time passes, investors gradually realize that only “real repurchases” are worth paying for. In a prior analysis by Securities Times · Data Treasure, among companies that have implemented repurchases, the completion rate has a clear positive correlation with stock price performance: the lower the completion rate, the more ordinary the stock price performance; the higher the completion rate, the stronger the stock price performance. In addition, repurchases often imply that the company believes its value is undervalued, which means the probability of a “golden pit” is higher—especially for companies with high institutional attention and large repurchase amounts.

According to Data Treasure, among stocks with institutional ratings from 5 or more institutions, there are 55 stocks that have repurchased over 50 million yuan within the year. From the perspective of institutional attention, individual stocks such as Kweichow Moutai, Yanjin Snack, Midea Group, Haier Smart Home, and others all have more than 30 institutions with ratings. Kaiyuan Securities said that Midea Group combines both value and growth: with stable and solid performance, and great emphasis on shareholder returns; overseas plus the 2B business is growing relatively quickly. It believes the company will improve scientific operations and enhance efficiency and quality, achieving high-quality growth in earnings, while continuing to improve shareholder returns.

From a valuation perspective, for individual stocks such as China Railway Group, COSCO Shipping Holdings, and China Communications Construction, their latest trailing price-to-earnings ratios are all below 10 times. Huachuang Securities said that COSCO Shipping Holdings, as a globally leading state-owned enterprise container shipping group, is expected to see a jump in the cyclical value of central SOEs after the validation of its earnings “middle-of-the-cycle” and the “ship-to-chain” end-to-end transformation. In addition, the company’s continued stable dividend distribution policy during 2025–2027 will also bring substantial shareholder returns.

（Source: Data Treasure）