A股，“新常态”！

Core Viewpoint - The article discusses the emergence of a "new normal" in A-share cash dividends, highlighting an increase in quarterly cash dividends and multiple distributions within a year, which reflects a shift in the market towards enhancing investor returns [1][2]. Group 1: Increase in Quarterly Cash Dividends - As of December 23, 2025, the number of companies in the A-share market that conducted cash dividends in the third quarter reached 270, with expectations for further growth [3]. - The trend of quarterly cash dividends has been increasing over recent years, with a significant rise noted since 2024 [3]. - In 2019, fewer than 10 companies paid cash dividends in the third quarter, but this number grew to 12 in 2019, 21 in 2020 and 2021, 30 in 2022, and doubled to 60 in 2023, with projections to exceed 300 in 2024 [3]. Group 2: Generosity in Dividend Payments - Many listed companies have shown substantial generosity in their third-quarter cash dividends, with companies like G-better announcing a cash dividend of 6.00 yuan per share, totaling approximately 431 million yuan [4]. - Several companies reported cash dividend yields exceeding 2% for the third quarter of 2025 [4]. Group 3: Increase in Frequency of Dividends - The number of companies conducting multiple cash dividends within a year has also significantly increased, indicating a developing ecosystem for more frequent distributions [6]. - As of 2025, several companies have already executed two or more cash dividends, with examples including Yuyin Co. and 37 Interactive Entertainment, both of which have announced multiple distributions in 2025 [6]. Group 4: Impact on Market Ecology - Analysts believe that the increase in cash dividends will fundamentally change the A-share market's previous focus on "heavy financing, light returns," optimizing the market ecology and promoting balanced development in investment and financing [8]. - The enhancement of cash dividends is expected to reduce speculative trading and encourage long-term value investment, creating a virtuous cycle of financing, development, and returns [8]. - Increased cash dividends are seen as a sign of good cash flow and asset quality in companies, potentially serving as a benchmark for assessing corporate health [9].