高盛-中国策略：奏响中国现金交响曲的回报乐章
Goldman Sachs·2025-07-07 15:45
6 July 2025 | 10:07PM HKT China Strategy Orchestrating Returns in China's Cash Symphony Record-high cash returns poised for further growth Fueled by strong policy push following the release of "Nine Measures" in April 2024, coupled with a history of conservative cash return practices, robust cash flows, and substantial cash reserves, Chinese listed companies delivered unprecedented cash returns to shareholders in 2024. Looking ahead, we expect aggregate dividends/buybacks to reach Rmb3.0tn/0.6tn (+10%/+35% ...