Domestic News - The Minister of Public Security, Wang Xiaohong, met with the U.S. Ambassador to China, Nicholas Burns, expressing China's willingness to cooperate with the U.S. in law enforcement areas such as drug control and illegal immigration repatriation [3] International News - The China Securities Index will release the China Securities Science and Technology Innovation Semiconductor Index [5] - The Ministry of Commerce will expedite the review of export license applications related to rare earths in accordance with laws and regulations [5] - The Financial Regulatory Bureau's Life Insurance Department issued a notice to the industry, stating that the dividend levels of participating insurance should not engage in "involution" competition [5] - Guosen Securities' acquisition of 96.08% of Wanhe Securities has been approved by the Shenzhen Stock Exchange's merger and reorganization review committee [5] - Insiders reported that the photovoltaic industry will upgrade the "production reduction order" in the third quarter, with a 10% decrease in operating rates and low-price sales subject to audit [5] - A video conference was held by three departments to strengthen the safety management of new energy vehicles, emphasizing not to engage in "involution" competition [5]

2025.06. 19 在业内人士看来，在当前市场环境下，基金分红热潮或将延续。一方面，震荡市下，投资者对产品收 益确定性的关注度显著提升，分红吸引力有所增强；另一方面，公募行业正主动强化分红意识，以提 升投资者的体验和获得感。但分红能力与基金盈利能力，不能简单等同。 单次84亿元创纪录 6月18日，华泰柏瑞沪深300ETF的分红总金额尘埃落定。作为当前规模最大宽基指数ETF，该产品 此次分红金额高达83.94亿元，不仅刷新了公募市场单次分红的历史纪录，更推动年内ETF累计分红 规模突破200亿元关口，大幅超过往年全年的水平。 Wind数据显示，截至6月19日，年初至今共有47只ETF派发了97次"大红包"，累计金额达到202亿 元；而去年同期只有18只ETF进行了19次分红操作，金额不足50亿元。 目前，除了华泰柏瑞，嘉实基金、易方达基金以及华夏基金旗下沪深300ETF今年亦进行了分红相关 操作。这4只千亿元级别的"巨无霸"产品成为分红金额的大户，合计分红达到148.37亿元，贡献了全 部ETF七成以上的分红金额。 本文字数：2401，阅读时长大约4分钟 作者 | 第一财经 曹璐 单次分红金额就接近84亿元 ...

单次分红金额就接近84亿元，近公募基金的分红热情达到新高度。 日前，华泰柏瑞沪深300ETF83.94亿元的分红落定，不但达到单次分红最高，还推动ETF年内累计分红 突破200亿元，同比暴涨超3倍。随着市场赚钱效应的提升，主动权益类基金也展现出强劲的分配能力， 分红金额同比实现翻倍式增长。 从基金管理人角度而言，头部基金公司强者恒强。在今年派发"红包"的135家机构中，涉及金额超过10 亿元的有33家。其中，华泰柏瑞基金凭借旗下ETF的分红，以113.68亿元领先同业；易方达基金、华夏 基金、中银基金同样发出了超过56亿元的分红金额。 在权益类产品分红力度显著增强、债基作为"现金奶牛"的稳定发挥下，年内基金分红情况十分亮眼。 Wind数据显示，截至6月19日，全市场2079只基金实施3007次分红，总金额达1126.12亿元，同比劲增 47%，创下近三年同期新高。 在业内人士看来，在当前市场环境下，基金分红热潮或将延续。一方面，震荡市下，投资者对产品收益 确定性的关注度显著提升，分红吸引力有所增强；另一方面，公募行业正主动强化分红意识，以提升投 资者的体验和获得感。但分红能力与基金盈利能力，不能简单等同。 单 ...

Core Viewpoint - The company has announced a profit distribution plan for the year 2024, proposing a cash dividend of 1 yuan per 10 shares, totaling approximately 68.94 million yuan, based on a total share capital of 689,392,273 shares after accounting for repurchased shares and shares subject to performance compensation obligations [1][2]. Summary by Sections Profit Distribution Plan - The company plans to distribute a cash dividend of 1 yuan per 10 shares (including tax) to all shareholders, with a total expected cash dividend of 68,939,227.30 yuan [1][2]. - The distribution will not include any stock dividends or capital increases from reserves, and any undistributed profits will be retained for future distribution [1][2]. Share Capital and Dividend Calculation - The total share capital used for the dividend calculation is 689,392,273 shares, which is derived from the total shares of 724,601,378 shares minus 29,169,534 shares held in the repurchase account and 6,039,571 shares subject to performance compensation [1][2]. - The cash dividend will be distributed based on the shares registered as of June 26, 2025, with the payment date set for June 27, 2025 [4][5]. Taxation on Dividends - The cash dividend will be subject to different tax treatments based on the type of shareholder, with specific rates for QFII, RQFII, and individual investors depending on their holding period [2][3]. - For individual shareholders, the tax will be calculated based on the holding period, with no tax due for shares held over one year [3]. Ex-Dividend Date and Rights Distribution - The ex-dividend date is set for June 26, 2025, and the rights distribution will be directly credited to shareholders' accounts through their custodial securities companies [4][5]. - The company will bear all legal responsibilities for any shortfall in cash dividends distributed by the China Securities Depository and Clearing Corporation [4]. Reference Price Calculation - The reference price for the ex-dividend shares will be adjusted based on the cash dividend distribution, calculated to be approximately 0.951409 yuan per 10 shares [5].

Core Viewpoint - The regulatory body has issued guidelines to insurance companies to ensure sustainable dividend levels for participating insurance products, preventing excessive competition that could harm the industry's long-term health [1][2][3]. Regulatory Guidelines - The recent regulatory opinion emphasizes that insurance companies must carefully determine annual dividend levels based on actual asset-liability and investment income situations, avoiding arbitrary increases that lead to "involution" competition [1][2]. - Six specific scenarios have been outlined where insurance companies must justify the necessity, reasonableness, and sustainability of proposed dividend levels before implementation [3]. Industry Context - In a low-interest-rate environment, participating insurance products have become a focal point for insurance companies, but the sales difficulty and competition remain high [2]. - The regulatory opinion aims to prevent short-term consumer attraction through inflated dividends, which poses long-term sustainability challenges for products [2]. Financial Metrics - The average financial investment return for the past three years in the life insurance sector is 3.20%, which serves as a benchmark for evaluating proposed dividend levels [3]. - The regulatory body will enhance data monitoring and impose penalties for non-compliance, including regulatory interviews and score deductions [3]. Cost Management - The regulatory opinion continues the trend of reducing liability costs to mitigate interest rate risk, with previous adjustments allowing for lower guaranteed rates on universal insurance products [4]. - Major companies have already begun to lower the dividend realization rates for participating insurance products since last year, with specific caps set for different company sizes [4]. Future Projections - The average monthly pressure on the predetermined interest rate research value is approximately 4 basis points, with expectations of further declines in the coming months [6]. - A recent product launch by a joint venture life insurance company has introduced a participating product with a predetermined interest rate of 1.5%, marking a significant shift in the market [6].

Core Viewpoint - The report outlines the differentiated dividend distribution plan of Youlide Technology (China) Co., Ltd., confirming compliance with relevant laws and regulations, and indicating that the plan does not harm the interests of the company and its shareholders [5]. Group 1: Reasons for Differentiated Dividend - The differentiated dividend is due to the company's decision to adjust the total cash dividend amount for the 2024 fiscal year, as announced on May 17, 2025 [1]. - The company has completed the registration of an additional 499,051 shares, increasing the total share capital from 111,281,997 shares to 111,781,048 shares [1]. Group 2: Dividend Distribution Plan - The company plans to distribute a cash dividend of 10.00 yuan (including tax) for every 10 shares held, resulting in a total cash dividend distribution of 111,036,148 yuan (including tax) [2]. - The actual number of shares participating in the profit distribution is 111,036,148 shares after excluding 744,900 shares held in the repurchase account [2]. Group 3: Calculation Basis for Dividend Distribution - The reference price for ex-dividend trading is calculated using the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [3]. - With a closing price of 34.20 yuan on May 21, 2025, the calculated cash dividend per share is approximately 1.0 yuan, resulting in an ex-dividend reference price of 33.20 yuan per share [3][4]. - The impact of the differentiated dividend on the ex-dividend reference price is negligible, remaining below 1% [4]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution, Changcheng Securities, confirms that the differentiated dividend distribution complies with the Company Law, Securities Law, and other relevant regulations, ensuring no harm to the interests of the company and its shareholders [5].

Core Points - The company has announced a cash dividend of 0.236 CNY per share for its shareholders [1][6] - The dividend distribution plan was approved at the annual general meeting held on May 19, 2025 [1][2] - The record date for the dividend is June 26, 2025, with the ex-dividend date and payment date both set for June 27, 2025 [2][4] Dividend Distribution Details - The company will distribute a cash dividend of 2.36 CNY for every 10 shares held, with no stock dividends or capital reserve transfers [1][2] - The total share capital of the company is 309,441,175 shares, and the cash dividend amount is approximately 71,433,522.88 CNY (including tax) [2][3] - The calculation for the ex-dividend reference price will be based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the circulating shares ratio being 0 for this distribution [2][3] Tax Implications - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax [6][7] - For shares held for less than one year, the tax will be calculated upon the sale of the shares, with a tax rate of 20% for holdings of one month or less, and 10% for holdings between one month and one year [6][7] - For qualified foreign institutional investors (QFII), the net dividend after tax will be 0.2124 CNY per share [7]

贵州茅台：2024年度A股每股现金红利为27.673元 金十数据6月19日讯，贵州茅台公告，公司实施2024年年度利润分配，向公司全体股东合计派发现金红 利34,671,299,522.40元（含税）。截至本公告日，公司回购专用证券账户内股份数3,310,085股，总股本 扣除回购专用证券账户内的股份数为1,252,887,715股，公司按照维持分红总额不变的原则，每股派发现 金红利27.673元（含税），共计派发现金红利34,671,161,737.20元（含税），与股东大会决议金额不一 致系每股现金红利的尾数四舍五入所致。股权登记日6月25日，现金红利发放日6月26日。 ...

申万宏源证券承销保荐有限责任公司 股东回报规划》的规定，对亨通光电 2024 年度利润分配所涉及的差异化分红（以 下简称"本次差异化分红"）相关事项进行了审慎核查，核查情况如下： 一、本次差异化分红的原因 监事会第二十四次会议，审议通过了关于《以集中竞价交易方式回购公司股份方 案》的议案，拟以自有资金回购公司股份。截至 2023 年 12 月 20 日，亨通光电 实际回购公司股份 8,436,800 股，支付的总金额 9,999.03 万元（不含交易费用）， 回购方案实际执行情况与原披露的回购方案不存在差异，本次回购股份方案已实 施完毕。 事会第二十八次会议，审议通过了关于《以集中竞价交易方式回购公司股份方案》 的议案，拟以自有资金回购公司股份。截至 2025 年 1 月 14 日，亨通光电实际回 购公司股份 14,168,695 股，支付的总金额 15,561.22 万元（不含交易费用），回购 方案实际执行情况与原披露的回购方案不存在差异，本次回购股份方案已实施完 毕。 关于江苏亨通光电股份有限公司 差异化分红事项的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐机构"）作为江苏亨 通光电股份有限 ...

Core Viewpoint - Guizhou Sanli Pharmaceutical Co., Ltd. is implementing a differentiated dividend distribution plan due to the repurchase of shares and the cancellation of certain restricted stocks, ensuring compliance with relevant laws and regulations [2][7]. Group 1: Reasons for Differentiated Dividend - The company plans to repurchase and cancel 60,000 restricted stocks from one employee who no longer qualifies for the incentive program due to resignation [3]. - Additionally, 732,000 restricted stocks from seven employees will be repurchased and canceled as the company's performance did not meet the conditions for the third release period of the 2021 incentive plan [3]. Group 2: Dividend Distribution Plan - The total share capital of the company is 409,802,216 shares, and the company will distribute a cash dividend of 3.40 yuan (including tax) for every 10 shares to eligible shareholders, adjusting the total distribution amount accordingly due to the repurchased shares [5][6]. - The total cash dividend to be distributed amounts to 137,638,805.44 yuan (including tax) [5]. Group 3: Calculation Basis for Differentiated Dividend - As of May 29, 2024, the closing price of the company's shares was 12.02 yuan per share, with a total of 4,982,200 shares in the repurchase account [6]. - The reference price for ex-dividend is calculated to be approximately 11.68 yuan per share, with a minimal impact of 0.0351% on the reference price due to the differentiated dividend distribution [6][7]. Group 4: Legal Compliance and Conclusion - The legal opinion confirms that the differentiated dividend distribution complies with the Company Law, Securities Law, and relevant regulations, and does not harm the interests of the company or its shareholders [7].