深市“质量回报双提升”成绩单出炉 471家公司参与 市场信任度持续提升

Core Viewpoint - The "Quality Return Dual Improvement" initiative has led to significant enhancements in the operational quality and investor returns of participating companies, with a notable average stock price increase and improved information disclosure ratings since its launch in February 2024 [1][3]. Group 1: Company Performance - By November 2025, 471 companies participating in the initiative saw an average stock price increase of 77.2%, significantly outperforming the Shenzhen Composite Index [1]. - In the first three quarters of 2025, these companies collectively achieved operating revenues of 7.5 trillion yuan, a year-on-year increase of 6.9%, and net profits of 651.3 billion yuan, up 10.8% year-on-year, demonstrating strong operational resilience [2]. - The average R&D investment as a percentage of operating revenue for these companies was 4.3% in the first half of 2025, with total R&D expenditure accounting for 59.5% of the Shenzhen market [2]. Group 2: Governance and Disclosure - The proportion of companies receiving an A-grade in information disclosure evaluations reached 58.6% in 2024, an increase of 11.3 percentage points since the initiative began [3]. - A total of 354 companies published separate social responsibility or sustainability reports in 2024, reflecting an 8.6% year-on-year growth in ESG disclosure quality [6]. Group 3: Investor Returns - From 2022 to 2024, the compound annual growth rate of total dividends for participating companies was 10%, with dividends in 2024 accounting for 43.6% of net profits, an increase of 10.9 percentage points from 2022 [4]. - 471 companies disclosed 203 new share repurchase plans and 110 new major shareholder increase plans, contributing to market stability [4]. - Key stakeholders, including controlling shareholders and management, actively engaged in stabilizing the market through significant share purchases, with notable transactions reported [5]. Group 4: Market Impact - By November 2025, the total market capitalization of the 471 participating companies reached 21.2 trillion yuan, an increase of 8.1 trillion yuan since the initiative's launch, representing 50% of the total market capitalization of the Shenzhen market [6]. - The number of companies with market capitalizations exceeding 100 billion yuan increased by 80, while those exceeding 1 trillion yuan rose by 21 since the initiative began [6].