Core Viewpoint - The A-share market is experiencing a record wave of mid-term cash dividends, driven by policy guidance, corporate financial optimization, and changing market preferences, which helps stabilize the market and boost investor confidence in the short term, while establishing a sustainable dividend mechanism in the long term [2][11]. Group 1: Mid-term Dividend Trends - As of August 31, 818 A-share companies announced cash dividend plans for the first and second quarters, an increase of 141 companies compared to the previous year, with total cash dividends reaching 649.7 billion yuan, reflecting a payout ratio of 31.97% [2]. - The number of companies participating in mid-term dividends has significantly increased from 102 in 2022 to 677 in 2024, indicating a new high for mid-term dividends this year [2]. - The total payout amount this year has risen over 22% compared to last year's 531.2 billion yuan, setting a new record [2]. Group 2: Industry Contributions - Traditional high-dividend sectors such as finance, telecommunications, and energy continue to play a significant role, with state-owned enterprises contributing 71% of the total dividend amount [5]. - China Mobile leads the dividend payout with 54.082 billion yuan, followed by Industrial and Commercial Bank of China and China Construction Bank with 50.4 billion yuan and 48.61 billion yuan, respectively [5]. - The banking sector has shown remarkable performance, with the six major state-owned banks planning to distribute nearly 204.7 billion yuan in dividends, accounting for nearly one-third of the total payout [5]. Group 3: Factors Driving Dividend Growth - The surge in mid-term dividends is attributed to multiple factors, including regulatory policy support, strong corporate performance, and changing market conditions [8][10]. - The "New National Nine Articles" issued in April 2024 emphasizes enhancing cash dividend regulations for listed companies, encouraging higher dividend payouts and more frequent distributions [10]. - Over 60% of companies that disclosed mid-term dividend plans reported a year-on-year increase in net profit, indicating strong corporate performance supporting dividend capabilities [10]. Group 4: Cultural Shift in Investment - The growing dividend culture is shifting investor focus from merely seeking stock price appreciation to valuing cash dividend capabilities, leading to a deeper understanding of company fundamentals and dividend policies [12]. - The increase in dividends and buybacks is promoting a healthier investment ecosystem in the A-share market, transitioning from a focus on financing to a balance between financing and investor returns [12]. - Despite the progress, A-shares still lag behind mature markets in dividend frequency, with expectations that quarterly dividends may become a norm for some companies in the near future [13][14].