深市公司“愿分红、常分红”蔚然成风 2025年度派利超5000亿元

Core Insights - The Shenzhen Stock Exchange (SZSE) companies demonstrated strong dividend performance in 2025, driven by policy guidance, improved corporate profitability, and enhanced governance, establishing a solid foundation for investor returns [1][4][5] Dividend Performance - In 2025, SZSE companies distributed a total cash dividend of 5475.59 billion, maintaining a stable level above 5000 billion; during the 14th Five-Year Plan period, total dividends exceeded 20,000 billion, indicating a sustainable investment return mechanism [2][3] - The number of companies implementing interim dividends increased, with 533 companies distributing a total of 1329.28 billion, marking a year-on-year growth of 25.98%; nearly 60% of these companies had a payout ratio exceeding 20% [2][3] - High dividend yield companies attracted long-term capital, with 166 companies having a yield over 1% and 108 companies exceeding 1.34%, enhancing market appeal for long-term investments [2] Sector Analysis - The main board accounted for 4101.07 billion of the total cash dividends, representing 74.90% of the SZSE total, while the ChiNext board showed strong growth with 1374.52 billion in dividends, a year-on-year increase of 8.41% [3] - Leading companies in consumer and financial sectors, such as Wuliangye and Gree Electric, actively fulfilled their dividend responsibilities, while advanced manufacturing, digital economy, and green low-carbon sectors also showcased dividend benchmarks [3] Driving Factors - Policy guidance has played a crucial role in enhancing the dividend mechanism, with recent regulations encouraging companies to increase dividend frequency and stability [4][5] - Improved profitability provided a solid financial basis for cash dividends, with total operating income reaching 15.72 trillion, a year-on-year increase of 4.31%, and net profit of 9030.18 billion, up 9.69% [5] - Enhanced corporate governance has led to more predictable and standardized dividend practices, with 533 companies disclosing interim dividend plans, a year-on-year increase of 7.24% [5] Future Outlook - As the regulatory framework continues to improve and market vitality is further released, SZSE companies are expected to solidify the foundation for investment returns, providing more stable income expectations for investors [6]