中期分红常态化 “质量+回报”重塑市场价值坐标

Core Viewpoint - The recent trend of increased cash dividends among listed companies in China reflects a shift towards a more proactive return to investors, supported by regulatory changes and a focus on sustainable cash flow management [1][2]. Group 1: Cash Dividend Trends - In 2024, listed companies are actively implementing cash dividend plans, with total cash dividends nearing 800 billion yuan, representing over half of the net profit attributable to shareholders [1]. - A significant number of companies are announcing mid-term dividend plans for 2025, with many increasing their cash dividends compared to previous years [1]. - The normalization of "multiple dividends per year" in the A-share market is accelerating, showcasing companies' commitment to stable cash dividend policies [1]. Group 2: Regulatory and Market Changes - The new "National Nine Articles" and accompanying policies have established a regulatory foundation for the dividend transformation, emphasizing the importance of cash dividends and incentivizing high-quality dividend-paying companies [1]. - Regulatory efforts have shifted the market focus from "passive compliance" to "active return," enhancing the stability, sustainability, and predictability of dividends [1]. Group 3: Corporate Strategy and Investor Sentiment - The normalization of mid-term dividends is indicative of a change in corporate operating logic, reflecting increased confidence in cash flow and sustainable profitability [1]. - Companies are transitioning from a focus on scale expansion to a dual emphasis on quality and returns, which is expected to enhance investor sentiment and market stability [2]. - Regular cash distributions are likely to improve investor patience and contribute to a more stable capital market, fostering a conducive environment for value investing [2].