Buyback 回购
The badges are our classification; the headline is the filing's own title.
标签为本站分类，标题为公告原文。
What This Means 这类披露的含义
These notes describe the category of disclosure in general.
以下说明针对这一类披露的一般情况。
The company is repurchasing its own shares for cancellation, for an incentive plan or to support the price.
公司回购自身股份，用于注销、股权激励或维护股价。
A buyback supports the shares and, if the stock is cancelled, lifts earnings per share. It is funded from cash, so it trades balance-sheet strength for that support.
回购对股价有支撑作用；回购股份若予以注销，还能提高每股收益。回购动用现金，相当于用资产负债表的实力换取这份支撑。
A major holder or insider is selling shares, or has filed a plan to sell.
大股东或董监高正在减持股份，或已披露减持计划。
Insider selling adds supply and is read as a negative signal from those closest to the company. The size of the plan and the identity of the seller matter most.
内部人减持会增加股票供给，市场通常视为最了解公司的人发出的负面信号。关键看减持规模和减持方身份。