中国基金报·2025-09-14 09:08Core Viewpoint - The article highlights a significant increase in the mid-term dividend scale of Chinese securities firms, with 28 out of 42 listed brokers planning to distribute a total of 18.797 billion yuan in dividends for the mid-term of 2025, marking an increase of nearly 40% compared to 2024 [2][4]. Group 1: Dividend Distribution - Among the securities firms, CITIC Securities leads with a proposed cash distribution of 4.298 billion yuan, marking its second consecutive year of mid-term dividends [4]. - Other notable firms include Guotai Junan with 2.627 billion yuan, and China Galaxy, Huatai Securities, CITIC Jiantou, and China Merchants Securities proposing distributions of 1.367 billion yuan, 1.354 billion yuan, 1.28 billion yuan, and 1.035 billion yuan respectively [4]. - Several firms, such as Hua'an Securities and Shanxi Securities, are announcing mid-term dividend plans for the first time, indicating a broader trend among brokers to enhance investor returns [4]. Group 2: Impact on Investor Experience - Analysts suggest that the increase in mid-term dividends is a response to improved profitability in the first half of the year and aligns with regulatory calls for better investor returns [5]. - The implementation of mid-term dividends is seen as a way to enhance investor experience and attract long-term investors, positively impacting the sustainability of the brokerage sector's market performance [5]. Group 3: Balancing Dividends and Business Development - A key issue arises regarding how securities firms can balance investor returns with their own funding needs for growth [7]. - Analysts emphasize that mid-term dividend amounts are typically based on half-year net profit and future earnings outlook, requiring careful consideration to ensure business expansion and risk management are not adversely affected [7]. - The article notes that while short-term capital consumption may be controlled, a stable dividend policy can enhance market pricing and refinancing capabilities, ultimately supporting business expansion [8].