来源：市场资讯 （来源：ETF万亿指数） 同时，指数最新市盈率仅7.78倍，凸显其估值优势。随着市场波动加大，港股红利类资产有望成为资金 穿越周期的重要配置方向，未来估值修复空间或可期。 伴随资金的持续流入，产品最新基金规模、基金份额达32.34亿元、18.83亿份，双双攀升至成立以来新 高，反映出市场对港股红利类资产的配置热情持续升温。 | 11.02 | 11.03 | 11.04 | 11.05 | 11.06 | 11.07 | 11.08 | | --- | --- | --- | --- | --- | --- | --- | | 休市 | 浄流入V | 浄流入V | 浄流入V | 浄流入 | 浄流入V | 休市 | | 11.09 | 11.10 | 11.11 | 11.12 | 11.13 | 11.14 | 11.15 | | 休市 | ノス炭奥 | 浄流入V | 浄流入V | ＞ に入 ／ | 浄流入V | 休市 | | 11.16 | 11.17 | 11.18 | 11.19 | 11.20 | 11.21 | 11.22 | | 休市 | 冷流入V | 冷流入イ | ンス提供 | ...

格隆汇12月9日丨掌阅科技(603533.SH)公布，公司持有北京点众科技股份有限公司（以下简称"点众科 技"）4.99%的股权。根据点众科技2024年年度股东大会会议决议，点众科技2024年度向全体股东派发 现金红利1亿元，将按照持股比例进行分配。公司作为股东按照持股比例可获分红款499.00万元，占公 司2024年度经审计归母净利润的10.12%。 截至本公告披露日，公司已收到点众科技现金分红款499.00万元。根据相关会计准则，上述分红款计入 公司2025年度损益，对公司2025年度当期及全年经营业绩产生积极影响。 ...

格隆汇12月9日丨掌阅科技(603533.SH)公布，公司持有北京点众科技股份有限公司（以下简称"点众科 技"）4.99%的股权。根据点众科技2024年年度股东大会会议决议，点众科技2024年度向全体股东派发 现金红利1亿元，将按照持股比例进行分配。公司作为股东按照持股比例可获分红款499.00万元，占公 司2024年度经审计归母净利润的10.12%。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：安东 截至本公告披露日，公司已收到点众科技现金分红款499.00万元。根据相关会计准则，上述分红款计入 公司2025年度损益，对公司2025年度当期及全年经营业绩产生积极影响。 ...

证券日报网讯 12月8日，长海股份在互动平台回答投资者提问时表示，股息率是指每股股息除以每股股 价。股息支付率是指每股股息除以每股收益。公司积极践行分红承诺，公司2020年至2022年度公司三年 累计现金分红总额（含税为1.84亿元）占最近三年实现的年均可分配利润的110.77%，超过《公司章 程》中最近三年以现金方式累计分配的利润不少于最近三年实现的年均可分配利润的30%的规定。 （文章来源：证券日报） ...

（编辑 任世碧） 证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司的现金将充足保障日常商业 运营，并满足现金分红等市值管理工作需求。公司连续两年年度现金分红比例维持在50%以上，并于今 年三季报首次确认中期分红。同时，公司还将进一步提升整体资本运作能力。 ...

伊利股份公告称，2025年中期权益分派方案已获2025年第一次临时股东大会审议通过。本次以总股本 63.25亿股为基数，每股派发现金红利0.48元（含税），共计派发现金红利30.36亿元。股权登记日为 2025年12月16日，除权（息）日和现金红利发放日为2025年12月17日。部分股东现金红利由公司自行发 放，不同类型股东扣税政策有别。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies," emphasizing the protection of investors' rights, particularly for small and medium-sized investors [2][3]. Group 1: Protection of Investors - The draft regulations highlight the need to strengthen supervision of listed companies to enhance their quality and protect the legitimate rights of investors [2]. - Small and medium-sized investors are often in a vulnerable position, making them more susceptible to rights violations, which the new regulations aim to address [2][3]. - Common forms of rights infringement include major shareholders abusing control rights, failure to disclose significant operational information, and related-party transactions that harm overall company value [2]. Group 2: Improvement of Company Quality - The regulations stress the importance of improving the quality of listed companies as a key objective, with enhanced supervision being a means to achieve this [4]. - Improving company quality involves refining governance structures to reduce rights violations and enhancing core competitiveness to provide returns to investors [4]. Group 3: Investor Returns and Market Management - The regulations call for listed companies to enhance their awareness of returning value to investors and to focus on market capitalization management [6][7]. - In 2024, listed companies are expected to achieve cash dividends of 2.4 trillion yuan, reflecting a commitment to ensuring shareholders' rights to asset returns [8]. - The draft emphasizes the need for companies to establish reasonable and stable cash dividend policies based on their development stage and financial health [8].

Core Viewpoint - Stock dividends are a crucial method for listed companies to distribute profits to shareholders based on operational results, serving as a primary avenue for shareholder returns [1] Summary by Category Cash Dividends - Cash dividends are a common form of stock dividends where companies distribute a portion of current net profits or retained earnings to shareholders in cash, based on their shareholding [1] - According to the revised regulations in 2025, companies must clearly define their cash dividend policies in their articles of association, including conditions, minimum ratios, and intervals [1] - The cash dividend process requires a proposal from the board of directors and approval from the shareholders' meeting, adhering to corporate governance requirements [1] - Shareholders must pay personal income tax on cash dividends according to the 2025 Personal Income Tax Law and its supporting regulations [1] - Companies are required to disclose dividend amounts, payment dates, and tax information transparently to help shareholders understand their returns [1] Stock Dividends - Stock dividends involve companies converting retained earnings into shares, distributing them to shareholders without compensation, which increases the number of shares but does not change total equity [2] - The 2025 regulations stipulate that companies must have positive retained earnings and sufficient reserves to implement stock dividends, along with detailed disclosures on the impact on key financial metrics [2] - Shareholders are also required to pay personal income tax on stock dividends, with specific tax calculations following the latest tax department policies [2] Capital Increase - Capital increase is often viewed as a form of dividend but differs fundamentally from stock dividends, as it involves transferring from capital reserves to share capital without profit distribution [2] - According to the 2025 regulations, capital increases do not affect total equity, only changing the structure of equity, and typically do not require shareholders to pay personal income tax [2] Physical Dividends - Physical dividends are a unique form where companies distribute products, services, or other physical assets to shareholders [3] - The 2025 regulations require fair valuation of physical dividends by qualified appraisal agencies, along with detailed disclosures about the type, quantity, and valuation basis of the assets [3] - Due to complexity and valuation challenges, physical dividends are less common in market practice but must still comply with disclosure and fairness regulations [3] Overall Implications - Different forms of dividends reflect various financial strategies and return philosophies of listed companies, and shareholders should consider compliance, financial impact, and tax policies when evaluating dividend proposals [3]

Core Viewpoint - The recent release of the "Regulations on the Supervision and Management of Listed Companies (Draft for Public Comment)" by the China Securities Regulatory Commission (CSRC) emphasizes the protection of the legitimate rights and interests of small and medium-sized investors as a foundation for the revitalization of the A-share market [1][2]. Group 1: Protection of Small and Medium-sized Investors - The draft regulations highlight the need for stronger supervision and management of listed companies to enhance their quality and protect investors' rights [1][3]. - Small and medium-sized investors are often in a vulnerable position within the overall structure of listed companies, making them more susceptible to rights violations [1]. - Common forms of rights infringement include major shareholders abusing control rights, failure to disclose significant operational information, and related-party transactions that harm overall company value [1]. Group 2: Improvement of Listed Company Quality - The regulations stress the importance of improving the quality of listed companies as a key objective, with enhanced supervision being a means to achieve this [3]. - Improving company quality involves refining governance structures to reduce rights violations and enhancing core competitiveness to provide returns to investors [3]. - The regulations advocate for supporting the transformation and upgrading of listed companies to cultivate world-class enterprises, ultimately aiming to enhance investment value and investor returns [3]. Group 3: Market Value Management and Cash Dividends - Listed companies are required to strengthen market value management and improve cash dividend policies to ensure reasonable returns for shareholders [5][6]. - The CSRC previously issued guidelines on market value management to encourage companies to utilize management tools effectively, thereby maximizing overall benefits and shareholder wealth [5]. - In 2024, listed companies achieved cash dividends totaling 2.4 trillion yuan, indicating a growing willingness among small and medium-sized investors to manage personal wealth through the capital market [6].

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing emphasized the need to optimize evaluation indicators for quality institutions, appropriately expand capital space and leverage limits, and enhance capital utilization efficiency [2][6] - The Financial Regulatory Bureau announced adjustments to risk factors for insurance companies' investments in specific indices, which will lower capital occupation and improve solvency ratios, encouraging long-term investment by insurance funds [2][8][10] - The new performance assessment guidelines for fund managers link their compensation closely to fund performance, with significant penalties for underperformance [3][15] Group 2 - The People's Bank of China has increased its gold reserves for the 13th consecutive month, with reserves reaching 7.412 million ounces as of the end of November [5] - The CSRC is pushing for a shift from price competition to value competition among securities firms, encouraging resource integration and the development of internationally influential benchmark institutions [6] - The CSRC is seeking to enhance corporate governance and investor protection through new regulations on market capitalization management, cash dividends, and share buybacks [7] Group 3 - The new drug directory for basic medical insurance and commercial health insurance will be implemented starting January 1, 2026, with strict compliance required from local authorities [16] - The 2025 drug directory includes 114 new drugs, of which 50 are classified as innovative drugs, highlighting a focus on high-quality development in the pharmaceutical sector [17] Group 4 - Major airlines have extended free ticket changes and cancellations for flights to and from Japan until March 28, 2026, reflecting ongoing adjustments in the travel sector [18] - This week, five new stocks are available for subscription, indicating ongoing market activity [19][20]