证券时报·2025-05-03 11:58Core Viewpoint - The A-share market is witnessing a significant transformation towards a normalized cash dividend mechanism, with the total cash dividends for 2024 reaching a historical record of 2.34 trillion yuan, marking the third consecutive year above the 2 trillion yuan threshold [1][3][13]. Summary by Sections Policy Impact - The new "National Nine Articles" policy, issued in April 2024, emphasizes the regulation of cash dividends for listed companies, encouraging them to prioritize shareholder returns and enhancing the overall investment ecosystem in the A-share market [1][3]. - The policy includes measures to restrict major shareholders from reducing their holdings in companies that have not paid dividends for years or have low dividend ratios, while also incentivizing companies with high dividend payouts [3][6]. Dividend Statistics - As of now, 3,720 A-share companies have declared cash dividends for 2024, with the total amount reaching 2.34 trillion yuan, which constitutes 46.32% of the total net profit for the year, an increase of nearly 4 percentage points year-on-year [3][13]. - The number of companies paying cash dividends has increased significantly from 2,572 in 2018 to 3,720 in 2024 [5]. Industry Performance - The banking sector stands out with a total dividend payout of 631.54 billion yuan in 2024, accounting for 30.95% of the sector's net profit [8][10]. - Major companies such as Industrial and Commercial Bank of China, China Mobile, and China Construction Bank each distributed over 1 billion yuan in dividends [10]. Market Dynamics - The trend of regular dividends is expected to attract more long-term investors, enhancing market liquidity and stability, while also shifting focus from short-term speculation to long-term value investment [11][13]. - Companies that consistently pay dividends signal strong operational performance and profitability, which can boost investor confidence and market participation [13][14].