券商中国·2025-08-31 14:44Core Viewpoint - The article highlights the increasing enthusiasm of listed securities firms in China for mid-term cash dividends, with a total proposed dividend amount of approximately 18.8 billion yuan, marking a significant increase compared to the previous year [1][3]. Summary by Sections Dividend Distribution - A total of 28 securities firms plan to distribute mid-term cash dividends, an increase from 25 firms the previous year, with the total dividend amount rising by over 5.3 billion yuan [1][3]. - Among these, 22 firms have consistently paid mid-term dividends for two consecutive years, with nearly 70% proposing higher per-share dividends than the previous year [2][3]. Dividend Ratios - Some firms have set their annual cash dividend target ratios at 30%, while two firms have raised this to 45% or 50%, indicating a growing trend towards higher shareholder returns [2][12]. - The overall cash dividend ratios are similar to the previous year, with 10 firms having ratios above 25% and only 2 firms below 10% [8][12]. Major Contributors - The top firms by proposed dividend amounts include CITIC Securities (4.298 billion yuan), Guotai Junan (2.627 billion yuan), and China Galaxy (1.367 billion yuan) [4][7]. - Despite larger firms dominating total amounts, several smaller firms also show significant dividend distributions, with 6 firms having cash dividend ratios exceeding 30% [4][5]. Year-on-Year Growth - Notable increases in per-share dividends include Dongwu Securities, which plans to distribute 1.38 yuan per 10 shares, an 84% increase from the previous year, and CITIC Jianan, which plans to distribute 1.65 yuan, up from 0.9 yuan [9][10]. Future Dividend Plans - Two firms, Founder Securities and Dongwu Securities, have committed to distributing at least 45% and 50% of their average distributable profits over the next three years, respectively [12][13]. - The firms emphasize that their dividend policies consider profitability, cash flow, and shareholder expectations, ensuring that distributions do not adversely affect operational stability [13].