Core Viewpoint - The listed securities firms in China are set to distribute a total of 38.7 billion yuan in cash dividends for the year-end of 2024, despite some firms experiencing profit declines [1][2]. Summary by Category Dividend Distribution - A total of 40 listed securities firms have announced their year-end dividend plans, with a combined cash dividend of 38.74 billion yuan for 2024 [2]. - Compared to 2023, the number of firms planning to distribute dividends remains unchanged, but the total amount has decreased by nearly 1.9 billion yuan [2]. - The overall cash dividends for 2024 are still higher than 2023 by 12.8 billion yuan due to increased mid-year and special dividends [2]. Performance and Dividend Policy - 17 firms have a cash dividend ratio exceeding 40%, which is an increase from 2023 [1]. - Approximately 70% of the firms maintain a cash dividend ratio of 30% or above annually [1]. - Notably, firms like Guotai Junan and CITIC Securities lead in proposed cash dividends, with amounts of 4.923 billion yuan and 4.15 billion yuan respectively [2]. Impact of Profit Declines - Despite a 40.8% decline in net profit, Guolian Minsheng Securities plans to distribute 3.18 billion yuan in cash dividends, indicating a focus on long-term shareholder value [3]. - Other firms, including Guojin Securities and Everbright Securities, also plan dividends despite underperforming, with cash dividend ratios below 30% [3]. Strategic Focus on Shareholder Returns - The industry is increasingly embedding cash dividend policies into company charters, committing to distribute at least 10% of available profits annually and 30% over any three consecutive years [6]. - Market participants emphasize the importance of balancing strategic development, performance growth, and shareholder returns, with an average dividend yield of 1.63% across 40 firms [7].

Group 1 - The core viewpoint of the article highlights that listed securities firms are increasingly committed to shareholder returns, with a total of 387.4 billion yuan planned for year-end dividends in 2024, despite some firms opting out due to negative distributable profits [1][2][7] - Among the 42 listed securities firms, only Tianfeng Securities and Pacific Securities will not distribute dividends due to negative distributable profits, while 17 firms have a cash dividend ratio exceeding 40%, which is an increase from 2023 [1][2][8] - The total cash dividends for 2024 are projected to be higher than in 2023, with a total of 536.87 billion yuan distributed in mid-year and third-quarter dividends, leading to an overall increase of 128 billion yuan compared to the previous year [2][8] Group 2 - The top cash dividend amounts for 2024 are led by Guotai Junan with 49.23 billion yuan, followed by CITIC Securities with 41.50 billion yuan, and other firms like Guoxin Securities and Huatai Securities also contributing significant amounts [2][3] - A total of 27 firms plan to distribute between 100 million to 1 billion yuan, while 6 firms will distribute over 3 billion yuan, indicating a robust dividend distribution strategy among the majority of firms [2][3] - The cash dividend ratio for several firms remains high, with notable mentions including Guolian Minsheng at 80%, Hongta Securities at 64%, and Southwest Securities at 62%, despite some firms experiencing declines in net profit [3][6] Group 3 - The trend of increasing dividend frequency is evident, with 33 firms planning to distribute dividends two or more times in 2024, compared to only one firm in 2023 [8][9] - A total of 29 firms have maintained a cash dividend ratio of 30% or more over the past three years, showcasing a commitment to consistent shareholder returns [8][9] - The average dividend yield among 40 listed securities firms is 1.63%, with only a few firms exceeding a 3% yield, indicating that while dividends are increasing, the sector may not yet be classified as a high-dividend sector [10] Group 4 - Companies are focusing on balancing strategic development, performance growth, and shareholder returns, with management emphasizing the importance of investor relations and consistent cash dividends as part of their market value management strategies [11][10] - Specific measures to enhance investor confidence include encouraging long-term shareholding by major shareholders, implementing share buybacks, and utilizing employee stock ownership plans to boost company value [11]

Core Viewpoint - The 2024 annual report season has concluded, and listed securities firms are planning to distribute over 38 billion yuan in year-end dividends, indicating a trend towards stable shareholder returns [1][2]. Group 1: Dividend Distribution Overview - A total of 40 listed securities firms have disclosed their 2024 year-end dividend plans, with a combined cash dividend of 38.74 billion yuan, a decrease of nearly 1.9 billion yuan compared to 2023 [2]. - Despite the decrease in total dividend amount, the overall cash dividends for 2024, including mid-year and special dividends, amount to approximately 53.7 billion yuan, which is an increase of 12.8 billion yuan compared to 2023 [2]. - Among the firms, 17 have a cash dividend ratio exceeding 40%, which is an increase from 2023, and 70% of firms maintain a cash dividend ratio of 30% or above [1][2]. Group 2: Performance and Dividend Ratios - 23 firms have a cash dividend ratio below 30%, while 17 firms exceed this threshold, with smaller firms generally showing higher dividend ratios [3]. - The top five firms by cash dividend ratio are Guolian Minsheng (80%), Hongta Securities (64%), Southwest Securities (62%), Dongwu Securities (50%), and Caida Securities (47%) [3]. - Notably, Guolian Minsheng plans to distribute 3.18 billion yuan despite a 40.8% decline in net profit, indicating a commitment to shareholder returns [3]. Group 3: Trends in Dividend Policies - The trend of increasing dividend frequency is evident, with 33 firms planning to distribute cash dividends two or more times in 2024, compared to only one firm in 2023 [6]. - 39 firms have maintained a cumulative cash dividend ratio of at least 30% over the past three years, demonstrating a commitment to consistent shareholder returns [6]. - The average dividend yield among the 40 listed firms is 1.63%, with only a few firms exceeding a 3% yield, highlighting the need for better market value management [7].