A股年内分红近2.5万亿创历史新高

Core Viewpoint - The A-share market is entering a new phase of high-quality development in dividend distribution, with total dividends expected to exceed 2.6 trillion yuan in 2025, marking a historical high and reflecting a significant improvement in the dividend ecosystem [1][6][12]. Dividend Scale and Structure - As of December 15, 2025, A-share listed companies have announced a total dividend amount close to 2.5 trillion yuan, surpassing the previous year's total of 2.4 trillion yuan [1][6]. - The growth in dividend distribution is attributed to an increase in the number of listed companies and an overall enhancement in their awareness and capability regarding dividends [6]. - The trend of mid-term dividends is becoming normalized, with an increase in the frequency of dividends and a diversification of industries involved in dividend distribution [6][9]. Frequency and Coverage - The number of companies disclosing quarterly dividends has significantly increased, with 267 companies announcing their third-quarter dividends for 2025, a substantial rise from previous years [8][9]. - Notable companies like Kweichow Moutai and Gigabit have made significant dividend payouts, with Kweichow Moutai leading the market with a dividend of 2395.7 yuan per hand [8][9]. - The increase in dividend frequency is closely linked to regulatory measures introduced in the second half of 2023, encouraging companies to enhance their dividend distributions [8][12]. Systematic Upgrade of Dividend Policies - Continuous improvement in regulatory policies has provided a solid institutional guarantee for the healthy development of the A-share dividend system [12][13]. - The introduction of new regulations aims to promote regular dividend distributions and link dividends to major shareholder reductions, enhancing corporate governance [12][13]. - The China Securities Depository and Clearing Corporation has implemented a reduction in dividend distribution fees, further lowering costs for listed companies [13]. Global Perspective and Future Directions - A-share dividend distribution has made significant progress, with a total expected to exceed 2.6 trillion yuan, ranking it among the top global markets [14]. - The compound annual growth rate of A-share dividends over the past five years has reached 12%, significantly higher than the global average of 5% [14]. - Future improvements in the A-share dividend landscape are suggested to focus on optimizing industry structure, enhancing coverage of small and medium-sized companies, and improving cross-border dividend convenience [15].