Core Viewpoint - In the increasingly complex international environment, global capital is more determined in choosing growth certainty. Promoting regular cash dividends among listed companies will further demonstrate the resilience and vitality of China's capital market, significantly enhancing the investment value of Chinese assets [1][3]. Group 1: Cash Dividends and Market Dynamics - The total cash dividends for 2024 are expected to reach a historical high, with many listed companies announcing interim profit distribution plans and leading enterprises taking the initiative to distribute substantial dividends [1]. - The issuance of the new "National Nine Articles" has led to continuous improvement in the fundamental systems of the capital market, gradually forming an ecosystem where listed companies are willing to distribute and regularly distribute dividends [1]. - Active dividend distribution by companies helps convey a strong signal of stable and improving performance to the market, contrasting with companies that do not distribute dividends, which erode investor confidence [1]. Group 2: Policy and Regulatory Framework - The emphasis on improving the incentive and constraint mechanisms for cash dividends at the 20th National Congress and the new "National Nine Articles" highlights the necessity of enhancing cash dividend supervision [2]. - The increasing willingness and intensity of dividends among listed companies effectively address common investor concerns regarding operational status and long-term returns [2]. - There are still challenges in optimizing the dividend ecosystem, such as significant disparities in dividends across different industries and the lack of awareness among some companies regarding dividends [2]. Group 3: Incentives and Penalties - Strengthening policy incentives through positive publicity and evaluation bias can make companies with frequent and substantial dividends more attractive, guiding market funds to prefer cash dividends and attracting more long-term capital [3]. - A combination of measures, including restrictions on major shareholder reductions and risk warnings, is necessary to compel companies that do not distribute dividends to enhance internal governance and return awareness [3]. - Differentiated supervision based on industry characteristics and company types is essential to guide reasonable profit distribution and protect investors' legal rights [3].