近八成上市券商一年多次分红，多家头部机构分红超40亿

Core Insights - The core viewpoint of the articles is that the Chinese securities industry is undergoing a significant transformation towards more frequent and substantial dividend distributions, reflecting a shift from a focus on financing to prioritizing shareholder returns [1][3][11]. Group 1: Dividend Frequency and Trends - In 2025, a notable change in the dividend practices of listed securities firms has emerged, with "multiple dividends per year" becoming the new norm [3][4]. - As of December 18, 2025, 35 securities firms have implemented or planned to distribute dividends two times or more, accounting for 79.55% of all listed firms [4][6]. - The trend of mid-term dividends (including interim and quarterly reports) has gained momentum, with 29 firms distributing mid-term dividends in 2025, a significant increase from previous years [3][4]. Group 2: Leading Firms and Dividend Quality - Leading firms are setting high benchmarks for dividend payouts, with CITIC Securities distributing 29 yuan per hand (100 shares), followed by CITIC Jiantou at 16.5 yuan, and Huatai Securities and Guotai Junan at 15 yuan each [6][7]. - The total dividend amounts for major firms like CITIC Securities and Guotai Junan have exceeded 40 billion yuan in 2025, with CITIC Securities alone reaching 84.48 billion yuan [7][9]. Group 3: Diversification of Shareholder Return Tools - In addition to cash dividends, share buybacks are becoming a key tool for securities firms to return value to shareholders and manage capital structure [9][10]. - As of December 18, 2025, several firms have initiated share buybacks, with Guotai Junan leading with over 1.2 billion yuan in buyback amounts [9][10]. - The combination of cash dividends and share buybacks is being increasingly adopted by firms to provide a more flexible capital operation space and diverse value realization paths for investors [9][10]. Group 4: Regulatory Influence and Market Environment - The ongoing regulatory emphasis on shareholder returns and the improved market environment are driving firms to enhance their dividend frequency and amounts [7][11]. - Policies such as the new "National Nine Articles" encourage multiple dividends per year, prompting firms to internalize dividend distribution as a rigid responsibility rather than a flexible option [7][11]. - The transformation reflects a broader cultural shift in the securities industry towards maturity, focusing on quality and sustainable shareholder returns [11].