21世纪经济报道·2025-11-10 15:24Core Viewpoint - The A-share market is experiencing an unprecedented wave of dividend reform, with a significant increase in companies announcing mid-term dividends for the first time, driven by regulatory policies and market ecology [1][3]. Group 1: Dividend Trends - As of November 10, 2025, 25 companies with net profits exceeding 3 billion yuan have announced their first mid-term dividend plans, distributing a total of 69.387 billion yuan, averaging 2.775 billion yuan per company [1][5]. - The trend of mid-term dividends is becoming a new standard for high-quality companies, with over half of the 207 companies reporting net profits over 3 billion yuan in 2025 implementing mid-term dividends, a nearly sixfold increase from three years ago [1][4]. Group 2: Industry Leaders - Leading companies in sectors such as energy, manufacturing, and finance are at the forefront of this dividend reform, with China Shenhua leading the way with a dividend of 19.471 billion yuan, followed by Industrial Fulian and Industrial Bank [1][6]. - The banking sector is a major contributor to dividends, with Industrial Bank also announcing its first mid-term dividend of 11.957 billion yuan, highlighting the significant role of industry leaders in setting a positive example for the market [6]. Group 3: Regulatory Influence - Regulatory bodies are encouraging companies to increase mid-term dividend frequency, shifting from primarily annual dividends to more frequent distributions [3][11]. - New policies introduced in 2024 and 2025 are tightening dividend requirements, compelling companies with low or no dividends to enhance their dividend policies, thereby improving shareholder returns [11][12]. Group 4: Future Outlook - The ongoing reforms in the A-share market are expected to inject new vitality into the dividend ecosystem, with differentiated guidance for technology innovation companies and mature enterprises to balance reinvestment and dividend payouts [12]. - The evolution of the dividend system from soft constraints to hard indicators and now to precise policies indicates a shift towards a more mature and rational dividend ecosystem in the A-share market [12].