Title: 上交所：推动“提质增效重回报”2.0 专项行动落地见效 | BestBlogs.dev
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Published Time: 2026-07-11 13:30:00
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上交所：推动“提质增效重回报”2.0 专项行动落地见效
The SSE advances the "Quality Improvement, Efficiency Enhancement, and Investor Returns" 2.0 Special Action through training seminars, clarifying quantitative indicators and addressing questions to help Shanghai-listed companies improve quality and efficiency and deliver investor returns. 证 证券时报Follow·
Today·2107 words (about 9 min)
AI Summary & Key Points
Summary
On July 10, the Shanghai Stock Exchange (SSE) held a special training seminar and symposium on the "Quality Improvement, Efficiency Enhancement, and Investor Returns" 2.0 Special Action. During the event, SSE officials combined interpretation of the plan with case studies, answered questions, and offered suggestions for drafting. According to a Securities Times reporter, the SSE will provide targeted guidance and regular exchanges with companies that actively respond to and participate in the action, accelerate the cultivation and release of the first batch of exemplary cases, and promote the effective implementation of the special action. Since issuing a public call to all Shanghai-listed companies on June 23, the 2.0 Special Action has added clear, quantifiable reference indicators, refined disclosure recommendations, and used "model texts" to guide companies to focus on value creation at the operational level. As of now, nearly 200 companies have registered for training, with close to 300 on-site participants. Company representatives said that quantifying indicators not only conveys value to investors but also forces companies to examine issues and enhance competitiveness. The training covered interpretation of the initiative, industry case studies, and drafting points, with emphasis on the upgrade logic from version 1.0 to 2.0, five core directions including operational quality and efficiency, and explanations of common issues such as indicator design and risk warnings. The SSE also clarified that indicator quantification does not constitute a public commitment, emphasizing that timely revisions can be made if targets are not met due to force majeure. It also cited disclosure standards to explain the difference between forward-looking statements and accompanying cautionary statements. Going forward, the SSE will embed the special action requirements into daily supervision, continue to provide targeted guidance and regular exchanges, and release model cases to drive Shanghai-listed companies to continuously consolidate core business foundations, improve governance efficiency, and foster a culture of returns.
Main Points
* 1. SSE launches "Quality Improvement, Efficiency Enhancement, and Investor Returns" 2.0 Special Action, adding quantifiable indicators and model texts.
Compared with version 1.0, version 2.0 refines goals for improving operational quality, introduces quantifiable financial and non-financial indicators such as return on equity and gross margin, and provides model texts to guide companies to focus on value creation at the operational level.
* 2. Nearly 200 Shanghai-listed companies signed up for the training seminar, with nearly 300 on-site participants, reflecting strong response.
Since the initiative was issued on June 23, many companies have organized their board offices, finance, and strategy departments to study it, indicating widespread response and attention.
* 3. Company representatives say that indicator quantification helps convey value to investors and forces internal issue review, serving as a lever to enhance competitiveness.
A secretary of the board believes that clear indicators not only convey company value to investors but also prompt companies to examine existing problems and formulate subsequent improvement measures.
* 4. Training covers initiative interpretation, case studies, and drafting points, helping companies understand the action's connotation and operational details.
By systematically reviewing the upgrade logic from 1.0 to 2.0, industry case analysis, deliberation procedures, and information disclosure compliance points, the training bridges policy understanding and on-the-ground implementation.
* 5. SSE clarifies that indicator quantification does not equal a public commitment, emphasizing that timely revisions can be made if targets are unmet due to force majeure.
Citing information disclosure standards, it explains that forward-looking statements accompanied by cautionary statements do not constitute substantive commitments, and companies can adjust forecasts based on actual circumstances.
* 6. Going forward, SSE will embed the special action requirements into daily supervision, cultivate model cases, and conduct regular guidance and exchanges.
Through ongoing service support, publishing excellent models, and integrating requirements across information disclosure and corporate governance, the SSE aims to drive Shanghai-listed companies to continuously improve operational quality and shareholder returns.
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张淑贤 2026-07-11 13:30 广东
7月10日，上交所举办“提质增效重回报”2.0专项行动专题培训暨座谈会。座谈会上，上交所相关人士将方案解读与案例讲解相结合，有针对性地答疑解惑，并提出相应编制建议。
证券时报记者从会上获悉，上交所将对积极响应和参与专项行动的公司开展针对性引导和常态化交流，加快培育并发布首批优秀示范案例，推动“提质增效重回报”2.0专项行动落地见效。
!Image 7 获沪市公司广泛响应
6月23日，上交所向全体沪市公司发出“提质增效重回报”2.0专项行动的公开倡议，标志着专项行动进入新阶段。据悉，2.0专项行动增设相关明确、可量化的参考指标，细化多项披露建议，并通过“示范文本”的形式引导公司更聚焦经营层面的价值创造。
自启动以来，2.0专项行动即获得沪市公司的广泛响应。本次专题培训暨座谈会共吸引了近200家公司报名，现场参与人次近300人。多家公司表示，收到倡议后，公司组织了董办、财务和战略等部门进行了多层次的研究。
有公司董秘表示，2.0专项行动相关指标的设定旨在给投资者传递价值，但同时也倒逼公司思考和剖析目前存在的问题与未来举措，是提升公司竞争力的一个抓手。
在“提质增效重回报”前期专项行动中，亟待解决的薄弱环节之一即是部分公司推出的措施表述偏宏观空泛，缺乏可量化、可评价的具体指标。为此，2.0专项行动在提升经营发展质效方面，引导公司明确经营质量提升目标，比如选取净资产收益率、毛利率、产销量、研发成果等能体现盈利能力或经营质量的财务、非财务指标，或者公司认为更能体现自身特点的其他自选指标，并针对性提出提升举措。
为协助公司更好制定2.0专项行动方案，培训从倡议解读、案例讲解、编制要点等维度展开，重点介绍了新一轮行动方案的推出背景、主要内容、核心特点，以及本次配套发布的示范文本及相应参考指标。
具体来看，倡议解读方面，上交所系统性梳理了“提质增效重回报”专项行动从1.0到2.0的升级逻辑，重点围绕经营质效、治理质效、信息披露质效、投资者回报质效、社会责任质效五大核心方向，明确了新一轮行动应当落实落细、落地见效的导向和要求，帮助参会公司准确把握倡议内涵与工作抓手。案例讲解方面，选取了不同行业的代表性实践案例，从信息披露有效性、公司治理规范性、投资者获得感等多个维度拆解分析，直观展现了专项行动更好落地对公司内在价值与市场价值提升的双重促进作用。编制要点方面，围绕审议程序、评估安排及信息披露合规要求等进行了重点介绍与提示，同时针对公司实操中所担心的指标设计、风险提示等常见问题进行了讲解。 !Image 8有针对性地答疑解惑
培训结束后，上交所召集部分公司现场座谈，倾听公司在编制专项行动方案中存在的问题和难点：“披露经营计划是否构成公开承诺？”“灵活调整和信披公信力的平衡点在哪？”
在“提质增效重回报”前期专项行动中，有约20%的公司未披露方案，主要原因在于担心构成公开承诺、认为自身不符合相关条件等。
“有公司担心指标的量化会构成公开承诺，这取决于预测是否客观，而且出现了变化时是否及时调整预测。”上交所相关人士强调，如果因不可抗力因素，披露的指标无法达到，可及时修正。
事实上，《公开发行证券的公司信息披露内容与格式准则第2号—年度报告的内容与格式》中即已明确，如年度报告涉及未来计划等前瞻性陈述，同时附有相应的警示性陈述，年度报告重要提示中应当声明该计划不构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。
上交所相关人士还表示，公司经营情况方面，建议公司从整体并区分不同业务板块，具体分析近三年经营情况和主要财务指标变化情况及原因，帮助投资者更好理解公司发展阶段和市场环境影响。对于财务指标变化的分析，应当追根溯源，尽量拆解、量化。鼓励公司结合自身经营特点，披露非标准会计准则补充财务指标，为投资者研判公司核心主业经营质效提供更多有效信息。 !Image 9将专项行动要求嵌入日常监管
与会企业代表表示，本次培训与座谈精准对接上市公司经营发展与信息披露实践中的痛点问题与实际需求，既有对公开倡议背景与目的的系统阐释，也有对编制细节的务实指导，有效打通了政策理解到落地执行的“最后一公里”。
“此前在方案编制中对指标量化、举措细化存在困惑，通过本次培训与现场交流为公司进一步挖掘提质增效方向提供了启发，明确了未来的工作方向与标准，后续将对照要求抓紧完善专项行动方案，把提质增效与投资者回报理念深度融入公司经营管理全流程。”有企业相关负责人说。
下一步，上交所将持续做好常态化服务保障，对积极响应和参与专项行动的公司开展针对性引导和常态化交流，加快培育并发布首批优秀示范案例，发挥标杆企业的引领带动效应；同时将专项行动要求嵌入日常监管、信息披露与公司治理服务全链条，引导沪市公司持续夯实主业根基、提升治理效能、厚植回报文化，以实实在在的经营成效与股东回报，助力资本市场功能提升与实体经济高质量发展。 责编：李丹 校对：杨舒欣
**!Image 10**
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**!Image 12: 图片**Key Quotes
> A company's board secretary said that the indicator design of the 2.0 Special Action aims to convey value to investors, but it also forces companies to think about and analyze existing problems and future measures, serving as a lever to enhance competitiveness.
> Some companies worry that quantifiable indicators would constitute a public commitment; this depends on whether the forecasts are objective and whether adjustments are made in a timely manner when changes occur. An SSE official emphasized that if the disclosed indicators cannot be met due to force majeure, timely revisions can be made.
> In fact, the "No. 2 Standard for the Content and Format of Information Disclosure by Companies Offering Securities to the Public — Content and Format of Annual Reports" already clarifies that if an annual report involves forward-looking statements such as future plans, and is accompanied by corresponding cautionary statements, the annual report's important notes should declare that the plans do not constitute a substantive commitment to investors, and that investors and related parties should maintain sufficient risk awareness and understand the difference between plans, forecasts, and commitments.
> A corporate officer said: 'Previously, we were confused about quantifying indicators and detailing measures in plan drafting. This training and on-site exchange provided inspiration for further identifying directions to improve quality and efficiency, clarified future work directions and standards, and we will revise our special action plan accordingly and deeply integrate quality improvement, efficiency enhancement, and investor returns into the company's entire management process.'
> Next, the SSE will continue to provide regular service guarantees, offer targeted guidance and regular exchanges for companies that actively respond to and participate in the special action, accelerate the cultivation and release of the first batch of exemplary cases, and leverage the leading role of benchmark enterprises.
Tags
Shanghai-listed Companies
Quality and Efficiency & Returns
Information Disclosure
Corporate Governance
Investor Returns
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