时报观察｜中期分红常态化 “质量+回报”重塑市场价值坐标

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in China, with a significant portion of 2024's net profit being distributed as dividends, indicating a shift towards a more proactive return to investors [1][2]. Summary by Sections Cash Dividends in 2024 - As of now, the total cash dividends distributed by companies have approached 800 billion yuan, reflecting a robust return to investors [1]. - A considerable number of companies have announced their mid-term dividend plans for 2025, with many opting to increase their cash dividends compared to previous years [1]. Regulatory Environment - The new "National Nine Articles" and accompanying policies have established a regulatory foundation for the dividend transformation, emphasizing the importance of cash dividends and incentivizing companies with strong dividend performance [1]. - Regulatory measures have shifted the market focus from "passive compliance" to "active return," promoting higher dividend yields and enhancing the stability and predictability of dividends [1]. Corporate Strategy Shift - The normalization of mid-term dividends is indicative of a broader change in corporate operating logic, with companies demonstrating increased confidence in their cash flow and sustainable profitability [1]. - As more companies commit to stable dividend policies, there is a strategic shift from mere scale expansion to a dual focus on "quality + return" [1]. Investor Sentiment and Market Stability - In the short term, the normalization of mid-term dividends enhances investor satisfaction, serving as a stabilizing force against market volatility in a declining risk-free interest rate environment [2]. - In the medium to long term, the multiple dividend mechanism encourages companies to prioritize cash flow management and mitigate impulsive investments, fostering a more stable capital market [2].