上市公司既要有回报意识，也要有回馈意识

Group 1 - The awareness of listed companies in China to return profits to investors has significantly increased, with a total of 10.6 trillion yuan distributed through dividends and buybacks over the past five years, representing an increase of over 80% compared to the previous five years, and is 2.07 times the amount raised through IPOs and refinancing during the same period [1] - Cash dividends are considered the most practical and effective way to reward investors, reflecting the responsibility of listed companies towards their investors, which aligns with the actual conditions of the Chinese stock market [3] - The sustainability of dividends is crucial in determining whether they are genuine or driven by other interests, with examples of companies like Kweichow Moutai and Gree Electric demonstrating consistent high dividends as a sign of responsibility towards investors [5] Group 2 - While cash dividends have been increasing, there are concerns about potential irregularities, such as large shareholders cashing out after high dividends, which could indicate that the dividends are more beneficial to them than to the investors [5][9] - Regulatory bodies need to closely monitor the behavior of major shareholders, especially in terms of how much of the profits from dividends are reinvested into the company versus being withdrawn for personal gain [9] - The overall behavior of listed companies has improved under regulation, enhancing investor confidence, but there are still underlying issues that require careful observation and analysis by regulatory authorities to protect investor interests [7][9]