从具体金额来看，各家险企分红力度不减： 12月5日，中国人保发布2025年半年度权益分派实施公告，分配方案显示本次利润分配以方案实施 前的公司总股本442.24亿股为基数，每股派发现金红利0.075元（含税），共计派发现金红利33.17亿 元。其中，A 股普通股股份数为354.98亿股，本次派发 A 股现金红利共计约26.62亿元。除权（息）日 及现金红利发放日均为12月12日。 12月3日，新华保险发布2025年半年度权益分派实施公告显示，本次利润分配方案于10月31日经公 司临时股东大会审议通过，以公司总股本31.2亿股为基数，每股派发现金红利0.67元，总计派发约20.9 亿元。股权登记日为12月11日，除权（息）日及现金红利发放日均为12月12日。 10月16日，中国平安发布2025年半年度权益分派实施公告，明确将向股东派发中期现金红利。本次 分红以公司总股本181.08亿股为基数，每股派发现金红利人民币0.95元（含税），其中A股股本106.60亿 股对应的派息金额为101.27亿元。这一派息方案较上年同期每股增长2.2%，上市累计分红已超4000亿 元。合计派息金额达172.02亿元（含税）。现金 ...

今年以来，为响应"一年多次分红"的政策号召，上市券商积极开展中期分红（包括季度、半年度以及特殊分红）。Wind资 讯数据显示，今年以来截至12月9日（按派息日计），已有23家上市券商实施了中期分红，合计派发现金红利106.83亿元。其 中，国泰海通分红金额居首，为26.27亿元；其次为中国银河，分红金额为13.67亿元；招商证券、东方证券分红金额分别为 10.35亿元、10.12亿元。 此外，还有14家券商根据最新经营情况公布了中期分红方案，正等待实施，合计拟分红金额达111.33亿元。其中，行业龙 头中信证券以42.98亿元的拟分红金额居首，随后是华泰证券和中信建投，拟分红金额分别为13.54亿元和12.8亿元。 本报记者 于宏 整体来看，今年上市券商中期分红力度将较去年更上一个台阶（2024年上市券商中期分红金额合计为149.47亿元）。除了 半年度分红，越来越多的券商还表示将进行季度分红。除上述拟进行前三季度分红的国信证券外，西部证券和西南证券均在已 实施半年度分红的基础上，拟再进行第三季度分红。 12月8日晚间，国信证券公布了前三季度利润分配方案，拟向全体普通股股东每10股派送现金红利1元（含税，下同 ...

Core Insights - The performance of listed securities firms in the first three quarters of this year has been impressive, with a total revenue of 452.22 billion yuan, representing a year-on-year growth of 41.05%, and a net profit attributable to shareholders of 183.09 billion yuan, up 61.96% [1] Group 1: Performance Highlights - Securities firms have shown significant revenue and profit growth, with 50 listed companies achieving a combined revenue of 452.22 billion yuan and a net profit of 183.09 billion yuan in the first three quarters [1] - The active trading environment and strategic business layouts have contributed to the substantial growth in revenue and net profit for firms like 兴业证券, which reported a revenue of 9.28 billion yuan and a net profit of 2.52 billion yuan, reflecting year-on-year increases of 39.96% and 90.98% respectively [2] Group 2: Dividend Distribution - Six securities firms have announced mid-term profit distribution plans, with a total cash dividend payout of approximately 1.37 billion yuan, in line with the policy of "multiple dividends within a year" [1] - 兴业证券 plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling 432 million yuan, which is 17.13% of its net profit for the first three quarters [2] - 财通证券 intends to distribute a cash dividend of 0.60 yuan per 10 shares, amounting to 276 million yuan, which represents 13.55% of its net profit [3] - 首创证券 will distribute a cash dividend of 0.10 yuan per share, totaling 273 million yuan, accounting for 34.01% of its net profit [3] - 东北证券 plans to distribute a cash dividend of 0.10 yuan per share, totaling 234 million yuan, which is 21.94% of its net profit [3] - 西南证券 aims to distribute a cash dividend of 0.10 yuan per 10 shares, totaling approximately 66.45 million yuan, representing 23.52% of its net profit [4] Group 3: Policy Influence - The regulatory environment encourages securities firms to adopt a "multiple dividends within a year" approach, as outlined in the revised regulations by the China Securities Regulatory Commission [6] - The emphasis on shareholder returns and cash dividends is expected to attract more long-term capital inflows, thereby stabilizing the securities market and enhancing investor confidence [6]

Group 1 - The willingness of A-share listed companies to return profits to investors has significantly increased, with 507 companies in the Shenzhen market announcing or implementing mid-term dividends totaling 129.11 billion yuan, a substantial increase compared to the same period last year [1] - Nearly 40% of companies have a dividend payout ratio exceeding 30%, with 98 companies surpassing 50%, indicating strong profitability and willingness to return [1] - The consumer sector, particularly in pharmaceuticals, food and beverages, and home appliances, has shown remarkable performance, with total dividends exceeding 10 billion yuan in both food and beverage and home appliance industries [1] Group 2 - The electronics industry is also actively responding to the "multiple dividends per year" policy, with Luxshare Precision announcing a cash dividend of 1.6 yuan per 10 shares, totaling 1.165 billion yuan, marking the company's first profit distribution plan for the first three quarters [2] - Leading companies in the Shenzhen market are demonstrating a strong exemplary effect, with Mindray Medical achieving a cumulative cash dividend of 4.935 billion yuan and a payout ratio exceeding 60%, establishing a stable and predictable return mechanism [2] - High dividend ratios have become a notable feature of mid-term distributions in 2025, with Dong'e Ejiao proposing a cash dividend of 12.69 yuan per 10 shares, amounting to 817 million yuan, which accounts for 99.94% of its net profit for the first half of the year [2] Group 3 - The mid-term dividends in 2025 reflect a more mature and stable shareholder return mechanism among Shenzhen companies, transitioning the investment culture from "heavy financing" to "heavy returns" [3] - Continuous and transparent profit distribution is injecting more confidence and vitality into the market [3]

Core Viewpoint - The trend of multiple interim dividends among listed companies is growing, reflecting confidence and financial strength, while also enhancing investor trust and attracting long-term capital [1][4]. Group 1: Interim Dividend Growth - As of November 5, 2023, 1,035 companies announced interim dividends totaling 735.69 billion yuan, surpassing last year's figures, with 316 companies declaring their first interim dividends [1][2]. - Among the 316 companies, 146 have a market capitalization exceeding 10 billion yuan, and 26 have a market capitalization over 100 billion yuan, indicating a shift in shareholder return philosophy [3]. Group 2: Financial Performance - The 316 companies reported a combined revenue of 55.6 billion yuan for the first three quarters, a year-on-year increase of 7.19%, and a net profit of 48.44 billion yuan, up 9.65% [3]. Group 3: Regulatory and Market Environment - The new "National Nine Articles" encourages stable, predictable, and multiple dividends, promoting a cultural shift towards shareholder returns [2][5]. - The China Securities Regulatory Commission (CSRC) has proposed measures to enhance the sustainability and predictability of dividends, aiming to create a "dividend-friendly" environment [5][6]. Group 4: Incentives and Mechanisms - Recommendations include optimizing dividend assessment indicators, tax policy adjustments, and establishing hard constraints for state-owned enterprises regarding dividends to foster a culture of shareholder returns [6].

Core Viewpoint - The trend of multiple interim dividends among listed companies in China is growing, reflecting a shift towards enhancing shareholder returns and improving market stability [1][2][4]. Group 1: Interim Dividends Overview - As of November 5, 2023, 1,035 companies announced interim dividends totaling 7,356.86 billion yuan, surpassing last year's figures, with 316 companies declaring their first interim dividends [1][2]. - The total amount of interim dividends announced by the 316 companies is 1,057.72 billion yuan, indicating a significant increase in shareholder returns [2]. Group 2: Market and Company Dynamics - Among the 316 companies, 146 have a market capitalization exceeding 100 billion yuan, with 26 companies valued over 1 trillion yuan, showcasing a strong response from leading firms [3]. - Central and local state-owned enterprises account for 89 of the 316 companies, with planned dividends totaling 613.39 billion yuan, representing 57.99% of the total [3]. Group 3: Financial Performance - The 316 companies reported a combined revenue of 55.6 trillion yuan for the first three quarters, reflecting a year-on-year growth of 7.19%, while net profit reached 4,844.3 billion yuan, up 9.65% [3]. Group 4: Regulatory and Cultural Shifts - The new "National Nine Articles" encourages stable, predictable, and multiple dividend distributions, aiming to reshape the market's valuation system and enhance investor confidence [2][4]. - The China Securities Regulatory Commission has proposed measures to promote multiple dividends, emphasizing the importance of a "dividend-friendly" environment to attract long-term investors [5][6].

Core Viewpoint - The introduction of the new "National Nine Articles" has led to an increase in the frequency and amount of interim dividends among listed companies in the Shanghai market, with a significant number of companies enhancing their dividend stability and predictability [1][2]. Group 1: Dividend Trends - As of August 30, 406 listed companies in the Shanghai market have announced their interim dividend plans, setting new records for both the number of companies and the total dividend amount [1]. - Among these companies, 233 have consistently paid interim dividends for two consecutive years, accounting for 58% of the total, with a combined dividend amount of 488.4 billion yuan, representing nearly 90% of this year's interim dividends [1]. - The total cash dividend amount has increased by 1.6% compared to the same period last year, indicating a stable upward trend in dividend payouts [1]. Group 2: High Dividend Characteristics - Among the 233 companies, 55 have cash dividends exceeding 500 million yuan, with 76% maintaining or increasing their dividend amounts compared to the previous period [2]. - The frequency of cash dividends has also increased, with 26 companies having distributed dividends in their last three reports, demonstrating a commitment to "multiple distributions" within a year [2]. Group 3: Record Dividend Rates - The average cash dividend payout ratio for the 2025 interim dividends is approximately 57.42%, a significant increase from 40.95% in 2024 [3]. - There are 14 companies with dividend payout ratios exceeding 100%, and over 50% of listed companies have payout ratios between 30% and 100% [3]. - Notably, 14 companies have interim dividends exceeding 10 billion yuan, with three major telecom operators planning a total interim dividend of over 74 billion yuan, including China Mobile's 54 billion yuan, the highest in the Shanghai market [3].

Core Viewpoint - The article highlights the increasing enthusiasm of listed securities firms in China for mid-term cash dividends, with a total proposed dividend amount of approximately 18.8 billion yuan, marking a significant increase compared to the previous year [1][3]. Summary by Sections Dividend Distribution - A total of 28 securities firms plan to distribute mid-term cash dividends, an increase from 25 firms the previous year, with the total dividend amount rising by over 5.3 billion yuan [1][3]. - Among these, 22 firms have consistently paid mid-term dividends for two consecutive years, with nearly 70% proposing higher per-share dividends than the previous year [2][3]. Dividend Ratios - Some firms have set their annual cash dividend target ratios at 30%, while two firms have raised this to 45% or 50%, indicating a growing trend towards higher shareholder returns [2][12]. - The overall cash dividend ratios are similar to the previous year, with 10 firms having ratios above 25% and only 2 firms below 10% [8][12]. Major Contributors - The top firms by proposed dividend amounts include CITIC Securities (4.298 billion yuan), Guotai Junan (2.627 billion yuan), and China Galaxy (1.367 billion yuan) [4][7]. - Despite larger firms dominating total amounts, several smaller firms also show significant dividend distributions, with 6 firms having cash dividend ratios exceeding 30% [4][5]. Year-on-Year Growth - Notable increases in per-share dividends include Dongwu Securities, which plans to distribute 1.38 yuan per 10 shares, an 84% increase from the previous year, and CITIC Jianan, which plans to distribute 1.65 yuan, up from 0.9 yuan [9][10]. Future Dividend Plans - Two firms, Founder Securities and Dongwu Securities, have committed to distributing at least 45% and 50% of their average distributable profits over the next three years, respectively [12][13]. - The firms emphasize that their dividend policies consider profitability, cash flow, and shareholder expectations, ensuring that distributions do not adversely affect operational stability [13].

Group 1 - In 2024, a record 3,720 listed companies implemented cash dividends totaling 2.4 trillion yuan, marking a historical high [1] - Over 400 companies disclosed interim dividend plans in this year's mid-year report, with a proposed total dividend amount of 180 billion yuan, indicating that interim dividends are becoming a norm for many listed companies [1] - The management encourages cash dividends as a direct and effective way to return value to investors, with policies like the "New National Nine Articles" emphasizing the need for enhanced regulation on cash dividends [1] Group 2 - The normalization of multiple dividends per year is pressuring the resolution of the dividend tax issue, as the current tax system is linked to the holding period of shares [2] - The dividend tax system imposes a differentiated tax rate based on the holding period, which can be seen as unreasonable, especially for individual investors who often face losses [2] - The introduction of multiple dividends per year highlights the unfairness of the dividend tax, as it increases the tax burden on investors who receive interim dividends [3] Group 3 - Two potential solutions to the dividend tax issue are proposed: either abolishing the dividend tax entirely or reforming the tax system to reduce the holding period for tax exemption from 12 months to 6 months [3]

Core Viewpoint - The trend of significant mid-term dividends among A-share listed companies reflects their confidence in operational performance and commitment to shareholder returns, with a total proposed cash dividend amount exceeding 72 billion yuan [1][3]. Group 1: Dividend Announcements - As of August 11, 2025, 58 listed companies announced mid-term dividend plans, with 44 companies proposing cash dividends totaling over 720 billion yuan [1]. - China Mobile plans to distribute a mid-term dividend of 2.5025 yuan per share, amounting to approximately 540.83 billion yuan [2]. - Ningde Times intends to distribute 10.07 yuan per 10 shares, totaling around 45.73 billion yuan based on a profit distribution of 15% of its net profit [2]. - Cangge Mining plans to distribute 10.00 yuan per 10 shares, amounting to approximately 15.69 billion yuan [2]. Group 2: Rationale Behind Dividends - Companies emphasize that large dividends are based on their profitability and commitment to investor returns, with China Mobile highlighting the importance of cash flow and future development needs [3]. - The trend of significant dividends showcases the sustainable development capabilities of enterprises and sets a benchmark for "profitability equals return" [3]. Group 3: Trends in Dividend Distribution - The trend of multiple dividends per year has become significant, with 713 companies announcing dividend plans in 2024, a 289.62% increase from 2023 [4]. - As of August 11, 2025, 356 companies have disclosed dividend plans, continuing the trend of increased frequency in dividend distribution [4]. - Regulatory policies are encouraging companies to implement multiple dividends, enhancing the stability and predictability of returns [4]. Group 4: Market Implications - The shift towards multiple dividends reflects a refined shareholder return mechanism, aligning with the trend of investors focusing on dividend income rather than capital gains [5]. - The increase in dividends among large-cap companies and industry leaders is expected to enhance investor confidence and stabilize stock prices [5]. - The A-share market is transitioning from a focus on scale expansion to a dual emphasis on quality and returns, with cash dividends becoming a normalized practice [5].