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六盘水市(盘州市、钟山区、六枝特区、水城区)
宁德市(周宁县、柘荣县、福鼎市、福安市、寿宁县、古田县、霞浦县、蕉城区、屏南县)
昭通市(巧家县、镇雄县、彝良县、永善县、大关县、威信县、水富市、昭阳区、盐津县、绥江县、鲁甸县)
黄南藏族自治州(尖扎县、河南蒙古族自治县、泽库县、同仁市)
凉山彝族自治州(木里藏族自治县、会理市、雷波县、甘洛县、喜德县、昭觉县、金阳县、会东县、冕宁县、越西县、布拖县、美姑县、普格县、宁南县、德昌县、盐源县、西昌市)
湖州市(长兴县、南浔区、德清县、吴兴区、安吉县)
澳门特别行政区
海北藏族自治州(海晏县、祁连县、刚察县、门源回族自治县)
金昌市(金川区、永昌县)

  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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