建筑：政策落地等有利分红比例持续提升

Investment Rating - The industry investment rating is "Positive" with expectations for continued improvement in dividend ratios due to favorable policies and market conditions [5][10]. Core Insights - The overall cash dividend ratio of major state-owned construction enterprises has remained stable at around 17% from 2014 to 2023, with a slight upward trend observed in recent years [1][2]. - Individual companies such as China State Construction and China Communications Construction have shown consistent increases in their dividend ratios over the past few years, indicating a positive outlook for shareholder returns [2][3]. - High-quality development and market capitalization management are key factors contributing to the improvement in dividend ratios, as companies focus on project quality and operational cash flow [4][10]. Summary by Sections Dividend Ratios - The cash dividend ratio for major state-owned construction enterprises has fluctuated around 17%, with a slight increase from 15.83% in 2019 to 17.23% in 2023 [1]. - China State Construction's dividend ratio increased from 18.44% in 2018 to 20.82% in 2023, while China Communications Construction's ratio rose from 18.04% to 20% in the same period [2]. Company Regulations - Company charters of major state-owned construction firms stipulate minimum dividend payouts, with China State Construction requiring at least 15% of distributable profits to be paid as dividends [3]. - Several companies have provisions for mid-year dividends, with China Communications Construction and China Energy Construction announcing significant mid-year payouts in 2024 [3]. Market Conditions - The dividend yield for major state-owned construction companies is favorable, with yields ranging from 2.14% to 4.51% as of December 5 [9]. - The ongoing implementation of real estate policies and local government debt management strategies is expected to support the stable growth of these companies [9][10]. Future Outlook - The report emphasizes that the focus on high-quality development and market capitalization management will positively influence dividend ratios in the coming years [4][10]. - Recommendations include focusing on leading companies such as China Communications Construction and monitoring others like China State Construction and China Chemical Engineering for potential investment opportunities [10].