2 1 Shi Ji Jing Ji Bao Dao·2025-12-19 07:35Core Viewpoint - The Chinese securities industry is undergoing a significant transformation towards more frequent and substantial dividend distributions, moving from annual to multiple distributions per year, reflecting a shift in focus from financing to shareholder returns [2][3][10]. Group 1: Dividend Frequency and Trends - In 2025, 35 securities firms have implemented or planned to distribute dividends two times or more, accounting for 79.55% of all listed securities firms, indicating a shift towards a "multiple dividends, timely sharing" norm [4][7]. - The practice of mid-term dividends (including interim and third-quarter dividends) has become a new standard, with 29 firms implementing mid-term dividends in 2025, a significant increase from previous years [3][4]. - The introduction of third-quarter dividends marks a notable change, with 8 firms planning such distributions in 2025, compared to only 9 firms in the same period of 2024 [3][6]. Group 2: Dividend Amount and Quality - The "quality" of dividends, measured by the actual cash distributed per share, has become a key indicator of a firm's commitment to shareholder returns, with leading firms setting high benchmarks [5][6]. - In 2025, major firms like CITIC Securities have distributed dividends exceeding 40 billion yuan, with CITIC Securities leading at 84.48 billion yuan [7][8]. - The competition among leading firms has intensified, with CITIC Securities paying 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]. Group 3: Regulatory and Market Influences - The increase in dividend frequency and amounts is driven by regulatory encouragement and an improved market environment, with policies promoting multiple dividends and requiring reasonable shareholder return plans [7][10]. - The new "National Nine Articles" and regulations on strengthening the supervision of listed securities firms have prompted firms to internalize dividend distribution as a necessary responsibility rather than an optional practice [7][10]. Group 4: Diversification of Shareholder Return Tools - In addition to cash dividends, share buybacks are becoming a key tool for firms to return value to shareholders, enhancing earnings per share (EPS) and net asset value per share [8][9]. - As of December 18, 2025, several firms have implemented share buybacks, with Guotai Junan leading with over 1.2 billion yuan in buybacks, indicating a trend towards a combined approach of cash dividends and buybacks [8][9]. Group 5: Long-term Shareholder Engagement - Firms are increasingly focusing on establishing long-term, stable, and predictable dividend policies to enhance investor confidence and attract long-term capital [9][10]. - Some leading firms have begun to disclose long-term shareholder return plans, committing to distribute at least 50% of their distributable profits in cash from 2025 to 2027, which helps stabilize market expectations [9][10].