政策落地等有利分红比例持续提升

Investment Rating - The industry investment rating is "Positive" based on the expectation of continued improvement in dividend ratios for state-owned construction enterprises [5][10]. Core Insights - The overall cash dividend ratio of leading state-owned construction enterprises has remained stable at around 17% over the past decade, with a slight upward trend observed from 2020 to 2023 [1][9]. - Most listed state-owned construction companies have increased their dividend ratios, with notable improvements from companies like China State Construction and China Communications Construction [2][9]. - The company charters of these enterprises stipulate minimum dividend payout ratios, ensuring shareholder returns [3][9]. - High-quality development and market capitalization management are positively influencing the increase in dividend ratios among these companies [4][10]. Summary by Sections Dividend Ratios - The cash dividend ratio for state-owned construction enterprises has shown fluctuations, with a decrease from 17.63% in 2014 to 15.83% in 2019, followed by an increase to 17.23% in 2023 [1][9]. - Specific companies like China State Construction have seen their dividend ratio rise from 18.44% in 2018 to 20.82% in 2023 [2]. Company Policies - Company charters require minimum dividend payouts, with China State Construction mandating at least 15% of distributable profits, while others like China Communications Construction and China Electric Power require at least 10% [3]. Development Strategies - The focus on high-quality development and market capitalization management is driving a shift towards quality over quantity in project selection, which is expected to enhance cash flow and reduce inefficient capital use [4][10]. - The implementation of supportive policies, such as local government debt resolution and long-term special bonds, is anticipated to facilitate a return to stable growth for these enterprises [9].