编者按：高盛发布策略报告《奏响中国现金交响曲中的回报乐章，创纪录的现金回报有望进一步增长》指出，在 2024 年 4 月 《九项措施》出台后政策大力推动、保守的现金回报传统、强劲的现金流以及充足的现金储备等多重因素推动下，中国上市公 司在 2024 年向股东交付了前所未有的现金回报。展望未来，尽管不同的财务特征会影响回报方式的选择，但高盛预计 2025 年 总股息 / 回购将达到 3.0 万亿元 / 0.6 万亿元（同比增长 10%/35%）。另据其估计，国内机构对高收益股票的需求达 4 万亿元。 一、核心观点：现金回报创纪录且有望持续增长 2024 年，在中国 2024 年 4 月 "九项措施" 等政策推动、保守的现金回报传统、强劲现金流及充足现金储备支撑下，中国上市公 司向股东的现金回报达历史新高。展望 2025 年，尽管不同财务特征影响回报方式选择，预计总股息 / 回购将达 3.0 万亿元 / 0.6 万亿元，同比分别增长 10%/35%。 二、现金回报与增长投资的协同关系 企业分类与市场偏好：将 6700 余家中国上市公司分为 "旧中国"（传统行业）和 "新中国"（新经济行业）。 "旧中国" 公司：投 ...

Founder of Dividend Mantra. Founder of Mr. Free At 33. Co-Founder of Dividends & Income. I started blogging about my journey to financial independence back in 2011. By living well below my means and intelligently investing my hard-earned capital, I went from below broke at age 27 to financially free at 33 years old. I regularly create content on dividend growth investing, living off of dividends, undervalued high-quality dividend growth stocks, high-yield situations, and other long-term investment opportuni ...

Group 1 - The article suggests that Palomar Holdings (PLMR) is currently experiencing a price drop of approximately 10%, which may present an optimal entry point for new investments [1] - The previous best entry point for investments in Palomar Holdings was noted, indicating a trend of price fluctuations that could be advantageous for investors [1] Group 2 - The author emphasizes a focus on equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, highlighting the importance of macroeconomic trends and corporate earnings [1]