Bei Jing Shang Bao·2025-09-01 14:01Core Viewpoint - The significant increase in mid-term dividends announced by listed securities firms reflects a recovery in performance, adherence to new policies, and efforts to enhance brand appeal and attract investors [1][3]. Group 1: Dividend Announcements - A total of 28 listed securities firms have announced mid-term dividends, amounting to 18.797 billion yuan, representing a nearly 40% year-on-year increase [1][2]. - Among the firms, 21 have announced dividends exceeding 100 million yuan, with 7 firms surpassing 1 billion yuan, the highest being 4.2 billion yuan [1][2]. - The per-share dividend (pre-tax) ranges from 0.008 yuan to 0.29 yuan, with cash dividend ratios primarily between 10% and 35% [1][2]. Group 2: Year-on-Year Comparison - In 2024, 25 listed securities firms implemented mid-term dividends totaling 13.447 billion yuan, indicating a year-on-year increase in the number of firms and a 39.79% rise in total dividends [2]. - Notably, 22 firms have consistently issued mid-term dividends in both 2024 and 2025, with several new entrants in 2025 [2]. Group 3: Financial Performance - The securities industry has shown a significant recovery in performance, with 150 securities firms reporting a total revenue of 251.036 billion yuan and a net profit of 112.28 billion yuan in the first half of 2025, marking increases of 23.47% and 40.37% respectively compared to 2024 [3]. - For the 42 directly listed securities firms, total revenue reached 251.866 billion yuan, and net profit was 104.017 billion yuan, reflecting year-on-year growth of 11.37% and 65.08% [3]. Group 4: Policy Influence - The new "National Nine Articles" policy emphasizes the importance of cash dividends, encouraging firms to enhance dividend stability and predictability, and promoting multiple dividends within a year [3]. - The policy also imposes restrictions on major shareholders of companies that have not paid dividends for years or have low dividend ratios, aiming to incentivize high-quality dividend-paying companies [3]. Group 5: Considerations for Dividends - While high dividends can attract investors and enhance confidence in the capital market, firms must also consider their liquidity to avoid negatively impacting normal operations [4]. - High and frequent dividends can provide investors with greater returns, fostering long-term confidence in the development of the capital market and related securities firms [4].