频次高结构优 上市公司分红总额屡创新高 2025年，A股上市公司分红金额合计2.61万亿元，同比增长8.75%

Core Viewpoint - In 2025, A-share listed companies achieved a record high in cash dividends, totaling 2.61 trillion yuan, marking an 8.75% year-on-year increase, driven by policy guidance, improved performance, and enhanced corporate governance [1][2]. Group 1: Dividend Trends - The total cash dividend amount for A-share companies reached 2.61 trillion yuan in 2025, up from 2.4 trillion yuan in 2024, indicating a significant growth trend [2]. - The frequency of dividends has increased, with many companies now issuing multiple dividends within a year, reflecting enhanced stability in dividend payments [4]. - Over 900 companies have disclosed their three-year dividend plans, indicating a commitment to transparency and predictability in shareholder returns [3]. Group 2: Structural Changes in Dividends - The dividend structure is evolving, with traditional industries maintaining high dividends while technology companies are also increasing their dividend payouts [5][6]. - In 2025, 16 companies implemented four cash dividends, 88 companies implemented three, and 902 companies implemented two, showcasing a trend towards more frequent distributions [4]. - The focus on shareholder returns is shifting from a financing expansion model to one that emphasizes predictable cash returns as a new benchmark for asset pricing [3][6]. Group 3: Sector Performance - Financial, oil and petrochemical sectors remain the primary contributors to high dividends, with several companies in these industries distributing over 100 billion yuan in dividends [5]. - In 2025, 945 companies listed on the ChiNext board distributed 1.37 billion yuan in cash dividends, reflecting an 8.41% increase year-on-year [5]. - The growth in dividend payouts is not limited to traditional sectors, as technology and consumer sectors are also seeing significant increases in their dividend distributions [5][6]. Group 4: Market Dynamics - The introduction of new policies, such as the "National Nine Articles," aims to strengthen the regulation of cash dividends and promote higher dividend yields [2]. - By the end of 2025, 1,795 companies had a dividend yield exceeding 1%, with 898 companies exceeding 2%, and 499 companies exceeding 3%, indicating a broadening of the dividend-paying landscape [2]. - The market is increasingly focusing on the quality of dividends, with expectations that multiple dividend payments will become a standard practice [6].