国有资本收益上缴比例调整
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中信证券:政策将倒逼央企上市公司提升分红比例,石油石化、电力、煤炭等预算增量显著的行业应重点关注
Jin Rong Jie· 2026-03-30 00:16
Group 1 - The core viewpoint of the article is that the government has reiterated the importance of increasing the proportion of state-owned capital revenue remitted, marking the first time in 12 years this has been emphasized [1] - The Ministry of Finance has announced an increase in the revenue remittance ratio for various central enterprises by 10-15 percentage points, representing the largest adjustment in history [1] - This adjustment is expected to significantly boost the scale of the state-owned capital operating budget by over 100 billion yuan, effectively addressing the shortfall in the general public budget [1] Group 2 - The policy is anticipated to compel central enterprise listed companies to enhance their dividend payout ratios, with particular focus on industries such as petroleum, petrochemicals, electricity, and coal, which are expected to see significant budget increases [1] - Currently, the adjustments are focused on central enterprises regulated by the State-owned Assets Supervision and Administration Commission (SASAC), with future policies likely to extend to financial enterprises and local state-owned enterprises [1] - Attention is also drawn to state-owned banks and high-dividend securities as potential areas of interest due to the anticipated policy changes [1]