透视A股中期分红：合计派现超6000亿元 央企担当“中流砥柱”

Group 1 - A-share listed companies are increasingly implementing mid-term dividends, with 18 companies announcing plans on September 18, 2025, and 17 of them proposing cash dividends [1] - The total cash dividend amount for 780 A-share companies in 2025 is projected to reach 644.6 billion, significantly higher than the previous year [1] - Companies like Xiamen Gibit Network Technology, Shandong Xintong Electronics, and Kewei Medical are among those with the highest proposed dividends, offering 66 yuan, 6 yuan, and 6 yuan per 10 shares respectively [1] Group 2 - State-owned enterprises (SOEs) are the main contributors to mid-term dividends, particularly in the energy, finance, and telecommunications sectors [2] - The three major telecom operators plan to distribute a total of approximately 74.26 billion in mid-term dividends, with China Telecom alone proposing 16.58 billion, representing 72% of its net profit [2] - The "three oil giants" are also generous in their dividend payouts, with a combined total exceeding 80 billion, including 40.27 billion from China National Petroleum [2] Group 3 - The six major banks in China, including Agricultural Bank and Industrial and Commercial Bank, are expected to distribute nearly 204.7 billion in dividends, accounting for about 32% of the total dividends [3] - The increase in dividends from SOEs reflects a policy shift by the State-owned Assets Supervision and Administration Commission (SASAC) to enhance profit distribution assessments [3] - The stable cash flow from SOEs in key sectors is attributed to their monopolistic positions, which provide consistent revenue streams [3] Group 4 - Local state-owned enterprises and leading manufacturing companies are also joining the mid-term dividend trend, indicating a broader acceptance of dividend distribution beyond traditional high-yield sectors [4] - Newly listed companies like Guangxin Technology and Kent Catalysts have also announced mid-term dividend plans, showcasing a shift in market practices [4] Group 5 - The trend of multiple dividends per year has become common in the A-share market, with a significant increase in mid-term dividend scales since 2024 [5] - The emphasis on dividend policies is seen as a way to enhance investor confidence and improve market image [5] - The shift from a focus on financing to returns reflects a deepening value investment philosophy, attracting long-term capital into the market [5] Group 6 - The increase in dividend payouts is a critical turning point in the capital market's transition from a focus on financing to one on returns [6] - The optimization of investor structure is driving improvements in dividend systems, with long-term funds prioritizing dividend yield over short-term performance [6] - Future integration of regular dividends with ESG disclosure mechanisms may accelerate the transformation of China's capital market into a value hub [6]