Sou Hu Cai Jing·2025-08-29 18:58Core Viewpoint - The article highlights the significant increase in mid-term dividend announcements by A-share listed companies, reflecting improved corporate profitability and a shift towards enhancing shareholder returns in response to regulatory encouragement and changing investor preferences [4][5][10]. Summary by Sections Mid-term Dividend Trends - As of August 29, 2025, 731 A-share listed companies have announced mid-term dividend plans, an increase of 240 companies year-on-year, with total cash dividends reaching 379.29 billion yuan, up 87.69 billion yuan from the previous year [6][4]. - Notably, several companies are planning mid-term dividends for the first time in a decade, including Muyuanshi and Hikvision [6][7]. Corporate Performance and Dividend Policies - The overall recovery in corporate earnings has provided a solid financial foundation for mid-term dividends, with 1,685 out of 3,066 companies reporting year-on-year profit growth [10][11]. - Companies like Muyuanshi plan to distribute 9.32 yuan per 10 shares, totaling around 5 billion yuan, marking a significant payout ratio of 47.5% of its net profit [6][7]. Regulatory Environment and Investor Sentiment - The regulatory environment has been increasingly supportive of dividend policies, with the China Securities Regulatory Commission encouraging companies to implement mid-term dividends [10][11]. - There is a growing awareness among shareholders regarding returns, with a shift towards valuing companies based on their dividend capabilities, especially in a low-interest-rate environment [11][14]. Market Implications - The normalization of mid-term dividends is expected to enhance the investment attributes of A-shares, attracting long-term capital and addressing the historical focus on financing over returns [13][14]. - The increase in dividend frequency and scale is seen as a transformation in the value investment environment, with institutional investors showing heightened interest in stable dividend-paying stocks [14][15]. Future Outlook - The trend of increasing mid-term dividends is likely to continue, supported by favorable policies and improving corporate cash flows, which may lead to a more robust value investment landscape in the A-share market [10][15].