“牛市旗手”大动作，分红188亿

Core Viewpoint - The mid-term dividend scale of Chinese securities firms has significantly increased, with 28 out of 42 listed brokers planning to distribute a total of 18.797 billion yuan in dividends for the mid-term of 2025, marking an increase of nearly 40% compared to 2024 [2][3] Group 1: Dividend Distribution - CITIC Securities leads with a proposed cash distribution of 4.298 billion yuan, marking its second consecutive year of mid-term dividends [3] - Other notable firms include Guotai Junan with 2.627 billion yuan, China Galaxy with 1.367 billion yuan, Huatai Securities with 1.354 billion yuan, and others, with respective per-share dividends [3] - Several firms, including Huaan Securities and Shanxi Securities, are announcing mid-term dividend plans for the first time [3] Group 2: Impact on Investor Experience - Analysts suggest that mid-term dividends enhance investor experience and attract long-term investors, positively influencing the sustainability of the securities sector's market performance [4] - The increase in mid-term dividends is attributed to a significant rise in profitability during the first half of the year, aligning with regulatory calls for better investor returns [4] Group 3: Balancing Dividends and Business Development - A key challenge for securities firms is balancing investor returns with the need for business development funding [5] - Analysts emphasize the importance of prudent dividend determination based on net profit and capital needs, ensuring that business expansion and risk management remain viable [5][6] - A stable dividend policy is seen as beneficial for enhancing market pricing and refinancing capabilities, thereby improving the firm's image in the capital market [6]