Core Viewpoint - The mid-term dividend trend in A-shares is driven by policy guidance, corporate financial optimization, and changing market preferences, contributing to market stability and investor confidence [2][8]. Group 1: Dividend Trends - As of August 31, 818 A-share companies announced cash dividend plans, an increase of 141 companies compared to the previous year, with total cash dividends reaching 649.7 billion yuan and an overall payout ratio of 31.97% [2]. - The number of companies declaring mid-term dividends has significantly increased from 102 in 2022 to 677 in 2024, marking a new high [2]. - The total cash dividend amount this year exceeded 531.2 billion yuan from last year, representing a growth of over 22% [2]. Group 2: Industry Contributions - Traditional high-dividend sectors such as finance, telecommunications, and energy continue to dominate, with state-owned enterprises contributing 71% of the total dividend amount [3]. - China Mobile leads the dividend payout with 54.082 billion yuan, followed by Industrial and Commercial Bank of China and China Construction Bank with 50.4 billion yuan and 48.61 billion yuan, respectively [3]. - The banking sector has been particularly prominent, with the six major state-owned banks planning to distribute nearly 204.7 billion yuan in dividends, accounting for almost one-third of the total [3]. Group 3: Corporate Behavior and Investor Sentiment - More manufacturing companies, such as CRRC and Changan Automobile, have begun to announce mid-term dividends, indicating a broader distribution of dividend practices beyond traditional sectors [5]. - Companies implementing mid-term dividends signal stable operations and strong cash flow, enhancing investor trust [4]. - The trend towards more frequent dividends reflects a shift in investor focus from mere stock price appreciation to cash dividend capabilities [10]. Group 4: Regulatory and Market Dynamics - Regulatory policies, such as the "New National Nine Articles," have emphasized the importance of cash dividends, encouraging companies to enhance their dividend policies [8]. - Over 60% of companies that disclosed mid-term dividend plans reported a year-on-year increase in net profit, indicating strong underlying performance [9]. - The increasing presence of institutional investors has heightened the demand for stable cash flows, pressuring companies to improve their dividend offerings [9]. Group 5: Future Outlook - There is a growing expectation that the frequency of dividends in A-shares will increase, with some companies potentially adopting quarterly dividend distributions similar to those in mature markets [11]. - The evolving dividend culture is expected to transform the investment landscape, promoting a balance between financing and investor returns [10].