沪市2024成绩单：新增并购交易超1.4万亿，机构持仓占比增加

Core Insights - In 2024, the Shanghai Stock Exchange (SSE) saw a net inflow of nearly 840 billion yuan into ETFs, with total dividends exceeding 1.8 trillion yuan and share buyback limits surpassing 170 billion yuan [1][10][12] - The performance of companies listed on the SSE showed a mixed trend, with total operating income reaching 49.57 trillion yuan and net profit at 4.35 trillion yuan, reflecting year-on-year growth of 1.9% and 2.4% respectively [1][3] - The R&D investment by SSE companies exceeded 1 trillion yuan, accounting for nearly 40% of the national R&D expenditure, with a median R&D investment to revenue ratio of 12.6% for the Sci-Tech Innovation Board [1][4] Group 1: Market Performance - In 2024, 703 SSE main board companies received foreign capital increases totaling 389.3 billion yuan, indicating a growing interest from international investors [2][8] - The net profit of SSE main board companies exceeded 4 trillion yuan, with 80% of companies reporting profitability and 40% showing year-on-year net profit growth [3][4] - The overall cash flow from operations improved, with a year-on-year growth rate of 15% in the fourth quarter [3] Group 2: Industry Trends - Emerging industries such as electronics, communications, and automotive have seen a significant increase in the number of companies and profitability, with a compound annual growth rate (CAGR) of 11% in net profit over the past decade [4][5] - The semiconductor and new energy vehicle sectors have doubled in the number of companies over the last ten years, contributing to the overall growth in net profit [4] - In the Sci-Tech Innovation Board, nearly 70% of companies achieved revenue growth, with 54 companies reporting over 50% growth [5][6] Group 3: Mergers and Acquisitions - From 2024 to the first quarter of 2025, over 1,500 new merger and acquisition transactions were recorded on the SSE main board, with a total transaction value exceeding 1.4 trillion yuan [1][7] - The introduction of new policies has led to a significant increase in merger and acquisition activities, with a 370% year-on-year growth in the value of major restructuring plans [7] Group 4: Dividend and Buyback Activities - In 2024, 1,259 SSE main board companies announced cash dividends, with a total amount reaching 1.77 trillion yuan, reflecting a year-on-year increase of 6% [11] - The trend of multiple dividends within a year has emerged, with 366 companies implementing mid-year dividends [11][12] - The SSE main board companies disclosed 400 new buyback plans and 380 significant shareholder increase plans in 2024, with proposed buyback and increase amounts reaching 843 billion yuan and 537 billion yuan respectively [11][12]