“生力军”持续扩大 上市公司中期分红渐成风尚

Core Viewpoint - The enthusiasm for interim dividends among listed companies continues to rise, with a record number of companies announcing such dividends, indicating a shift towards value investment in the A-share market [1][2][3] Group 1: Interim Dividend Trends - As of November 11, 2023, 1,083 companies have announced interim dividends totaling 766.17 billion yuan, surpassing last year's figures [1] - Over 300 companies are implementing interim dividends for the first time, with 316 companies disclosing their first interim dividend plans, amounting to over 100 billion yuan [2] - The number of companies planning interim dividends has reached a historical high, with 778 plans already executed and 305 pending, indicating a robust trend in shareholder returns [1][2] Group 2: Factors Driving Dividend Increases - The increase in dividends is attributed to strong profitability and cash flow among companies, with A-share non-financial companies showing a single-digit profit growth year-on-year [2][3] - Policy guidance and market changes have significantly influenced dividend practices, with new regulations encouraging companies to enhance the stability and predictability of dividends [3][4] - The rise of institutional investors and long-term capital has shifted market preferences towards sustainable and predictable cash returns, prompting more companies to adopt interim dividends [3][4] Group 3: Strategic Considerations for Dividends - Companies are increasingly formalizing their dividend policies, with many establishing clear long-term plans to ensure stable cash flow for ongoing dividends [4][5] - It is essential for companies to balance investor returns with future growth, considering industry characteristics and financial health when formulating dividend strategies [5] - Mature companies with low debt and ample cash flow are encouraged to increase dividend frequency, while growth-oriented firms should maintain a reasonable dividend ratio to support core business investments [5]