Zheng Quan Ri Bao·2026-01-07 17:31Core Insights - In 2025, A-share listed companies' total cash dividends reached 2.61 trillion yuan, marking an 8.75% year-on-year increase, continuing a trend of annual growth [1][2] - The increase in cash dividends reflects improvements in corporate governance, performance, and policy guidance, indicating a profound transformation in the A-share market ecosystem [2][3] Policy and Regulatory Environment - The new "National Nine Articles" emphasizes strengthening the regulation of cash dividends and encourages measures to increase dividend yields [2] - The China Securities Regulatory Commission released a draft regulation supporting companies in formulating reasonable and stable dividend policies [2] Financial Performance - In the first three quarters of 2025, A-share companies achieved a total operating revenue of 53.46 trillion yuan, a 1.36% increase, and a net profit of 4.70 trillion yuan, up 5.50% [3] - By the end of Q3 2025, listed companies had a total cash reserve of 18.36 trillion yuan, indicating strong dividend-paying capacity [3] Dividend Frequency and Structure - The frequency of dividends has increased, with multiple distributions per year becoming the norm; over 900 companies disclosed three-year dividend plans, enhancing transparency and predictability [4][3] - In 2025, 16 companies executed four cash dividends, 88 companies executed three, and 902 companies executed two [5] Sectoral Analysis - Traditional industries like finance and oil & gas continue to dominate high dividend payouts, while technology companies are also increasing their dividend distributions [6] - In 2025, 945 companies on the ChiNext board distributed 137.45 billion yuan in cash dividends, an 8.41% increase year-on-year [6] Market Dynamics - The rise in dividend amounts is seen as a shift in the capital market's focus from financing expansion to shareholder returns, establishing predictable cash returns as a new benchmark for asset pricing [3][7] - The number of ETFs linked to dividend indices has grown, with 42 new products launched in 2025, and the total scale of these ETFs reached 1520.18 billion yuan by the end of 2025, a 70.11% increase from the previous year [7]