12月23日晚间，*ST东易发布关于公司股价向下除权的风险提示公告，披露本次重整中公司以资本公积金转增股本的平均价格为5.89元/股。结合股权登记 日，*ST东易的股价除权已成为必然。 随着*ST东易（SZ002713，股价10.42元，市值43.72亿元）重整计划的执行，老股东担忧的股价除权日益临近。 12月29日为股权登记日 相较于传统高送转，重整中的上市公司不会向老股东转增股票，这意味着老股东需直接承受除权导致的股价下跌。 不过，《每日经济新闻》记者（以下简称"每经记者"）注意到，*ST名家、*ST宁科此前已有先例，除权后均出现了溢价的填权效应。那么，*ST东易能否 复制这一情况？ 除权势在必行 此次*ST东易公布重整计划实施进度后，投资者最关心的是重整后股价将如何除权。 根据《重整计划》，以*ST东易现有总股本4.2亿股为基数，按每10股转增12.7股的比例实施资本公积金转增股本，转增后公司总股本将增至9.5亿股。前述 转增股票不向原股东分配，专项用于清偿东易日盛债务及引进投资人。 两家公司除权后均现填权行情 由于本次资本公积金转增股本是《重整计划》的重要内容，与一般情形下上市公司的资本公积金转增股本 ...

Core Viewpoint - The trend of increasing cash dividends in the A-share market is driven by both policy support and a market consensus on the importance of shareholder returns, with total dividends surpassing 20 trillion yuan by 2024, exceeding IPO financing for four consecutive years [1] Group 1: Dividend Trends - A-share listed companies have shown a steady increase in total dividends since 2010, with a significant rise to over 22,285 billion yuan in 2023 and projected to reach 23,413 billion yuan in 2024 [1] - The State-owned Assets Supervision and Administration Commission (SASAC) has issued guidelines to enhance cash dividend frequency and proportion, reinforcing the dividend responsibility of state-owned enterprises [1] - Major state-owned banks plan to distribute over 2,047 billion yuan in dividends, accounting for nearly 31% of total dividends, indicating a strong commitment to shareholder returns [1] Group 2: Company-Specific Insights on Fuwei Co., Ltd. - Fuwei Co., Ltd. has announced a mid-term dividend plan of 2.08 billion yuan, with a high dividend payout ratio of 78.44%, reflecting its strong capital management and commitment to shareholder returns [2][3] - The company has maintained robust operational performance, with a nearly 10% year-on-year increase in net profit in the first three quarters of 2025, ensuring sufficient funds for dividends [3] - Fuwei Co., Ltd. benefits from stable operating cash flow, driven by its scale advantages in automotive parts and efficient cost management, which supports its dividend policy [4] Group 3: Competitive Position and Market Strategy - As a leading enterprise in the automotive interior and exterior trim sector, Fuwei Co., Ltd. holds a strong position in technology development, market share, and brand influence, enhancing its resilience against risks [5] - The company's high dividend strategy attracts long-term institutional investors and provides strong support for its stock price, demonstrating the effectiveness of high dividend strategies in volatile markets [6] - Fuwei Co., Ltd. has integrated "enhancing investor returns" into its core governance and operational goals, aligning with regulatory advocacy for investor-centric practices [7]

Core Viewpoint - The article addresses common misconceptions about dividends, emphasizing that dividends are not a loss but a mechanism to maintain market fairness and provide long-term benefits to investors [1][2]. Group 1: Understanding Dividends - The concept of "ex-dividend" is explained as a necessary mechanism to prevent market manipulation, ensuring that total asset value remains unchanged post-dividend [1]. - The "filling effect" is highlighted, where good companies' stock prices tend to recover after a dividend payout, exemplified by the case of a bank with attractive dividend yields [2]. - The article stresses the importance of a long-term investment strategy, where dividends serve as a form of income for investors who hold onto their stocks [2]. Group 2: ETF Performance and Strategy - The Hong Kong Dividend Low Volatility ETF (520550) is presented as a strong investment option, with a monthly dividend distribution mechanism and a current dividend yield of 5.84% [3][5]. - The ETF has shown significant growth, with a year-to-date increase of 20.72% and a 363% rise in scale since February, indicating strong investor interest [5]. - The ETF's strategy includes focusing on sectors like finance and public utilities, which are known for stable and consistent dividends [3][5].