资本市场深化改革加速推进的背景下，科创板"1+6"改革、"并购六条"等政策组合拳先后出台，第五套 上市标准重启并扩展至商业航天与AI领域。丁文韬认为，这一系列举措正从多方面重构资本市场生 态，注入新动能。在融资生态上，实现精准突破，科创板设置科创成长层，为未盈利企业上市开辟"专 属通道"，第五套上市标准扩容让商业航天、人工智能等前沿领域企业迎来发展曙光，科技企业获得全 周期赋能；在产业整合方面，效能全面提升，"并购六条"推出的分期支付机制、简易审核程序等改革， 加速优质资产向上市公司集中，跨行业并购有望催生新质生产力，推动前沿领域形成百亿甚至千亿级别 龙头公司。 2025年以来，内地企业"A+H"上市热潮涌现，丁文韬分析，这一现象背后有三大原因：一是政策红利释 放，去年4月证监会明确支持内地行业龙头企业赴港上市，去年10月香港市场优化审批流程，今年8月港 交所进一步放宽特专科技公司上市市值门槛；二是港股流动性改善提供支撑，2025年以来恒生指数累计 上涨30%，南向资金年内净流入超1万亿港元，外资回流趋势显现；三是企业层面有出海、避险、再定 价三大诉求，港股市场成为中国企业参与全球产业链重构的重要桥梁。 （原 ...

9月以来，包括常熟银行、民生银行、苏农银行、沪农商行、长沙银行等多家上市银行实施2025年中期利润分配。 长江商报记者注意到，截至9月28日，包括上述银行在内，已有21家上市银行明确2025年中期分红意向，并有17家 上市银行制定分红方案，拟分红金额合计达到2375.4亿元。 长江商报消息 ●长江商报记者 徐佳 上市银行2025年中期分红正逐步落地。 其中，国有六大行继续发挥"领头雁"作用，工商银行拟分红金额503.96亿元，居上市银行中期分红榜首。建设银 行、农业银行、中国银行、邮储银行、交通银行分别拟分红486.1亿元、418.2亿元、352.5亿元、147.72亿元、 138.11亿元，六大行合计拟分红2046.6亿元，占上市银行中期分红总额的比例超过86%。 其中，国有六大行计划分红2046.6亿元（含税，下同），占比超过86%。同时，招商银行、常熟银行等7家银行均 为上市后首次推出中期分红计划。 在新"国九条"等多重政策引导下，原本就是A股分红大户的银行板块明显提升了分红频率，旨在进一步增强投资 者信心。 数据显示，2025年上半年，A股42家上市银行合计实现营业收入2.9万亿元，同比增长1%；归属 ...

9月23日，德勤中国资本市场服务部发布《2025年前三季度中国内地和香港新股市场回顾与展 望》。 德勤中国资本市场服务部A股上市业务华东区主管合伙人赵海舟表示："2025年第三季度，A股市场 新股发行稳步推进，符合监管当局所制定的新'国九条'及资本市场'1+N'系列政策的方向，突显此系列 改革的成果。同时，在此严密监管的背景下，上海证券交易所仍然能够在全球新股融资排行中取得前五 的席位，实在令人感到鼓舞，也足够证明内地新股市场的实力。" 报告指出，今年全球经济放缓，持续面临不同的地缘政治不明朗因素，尤其是美国的对等关税政 策，令全球新股市场在进入第三季度后开始放慢。与去年同期相比，预计今年前三季度全球十大新股的 融资规模将会稍逊。然而，受惠于期内有6只超大型新股上市，以新股融资额计算，香港交易所（港交 所）将继续夺得全球新股融资排名的冠军。 与此同时，随着内地监管机构扎实推动新"国九条"及资本市场"1+N"系列政策落地，今年前三季度 A股市场呈现稳步发展的趋势，新股数量及融资额均有所增长，预计此势头将一直持续至年底。而国家 对科技及创新行业的支持和重视，将使得科技、新能源等行业的公司继续成为A股新股的热点。今 ...

Group 1 - The core viewpoint is that the Chinese capital market has undergone significant reforms and improvements during the "14th Five-Year Plan" period, laying a solid foundation for future high-quality development [1] - The China Securities Regulatory Commission (CSRC) has implemented over 60 supporting rules following the "National Nine Articles" introduced by the State Council, fundamentally restructuring the regulatory framework for stable market development [1] - During the "14th Five-Year Plan," listed companies distributed over 10.6 trillion yuan through dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan," and this amount is 2.07 times the total of IPOs and refinancing during the same period [1] - The resilience and risk resistance of the A-share market have significantly improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" [1] - The achievements in the capital market during the "14th Five-Year Plan" are attributed to the collective efforts and strong support from various market participants, especially investors [1]

Group 1: Industry Development and Opportunities - The Chinese capital market is currently in a development stage focused on "high-quality development," emphasizing financial strength as a national strategy [1] - The new "National Nine Articles" highlight the principles of serving the real economy and market-oriented legal frameworks [1] - Regulatory measures are centered around risk prevention, strong regulation, and promoting high-quality development, leading to a transformation in development paradigms [1] Group 2: Strategic Opportunities for Securities Firms - Capital market reforms have expanded the dimensions of securities firms' operations, providing strategic opportunities for transformation [2] - In wealth management, there is an upgrade towards a client trust model [2] - In investment banking, firms are evolving into roles that empower industries [2] - In trading, firms are becoming providers of risk management and asset allocation solutions [2] - In cross-border business, firms are building platforms for global resource allocation [2] Group 3: Investment Banking Business Development - The company focuses on serving the high-quality development of the real economy, aligning with national strategies and regulatory requirements [2] - It aims to strengthen industry leadership and resource accumulation in key sectors, particularly in the Greater Bay Area and Yangtze River Delta [2] - The company is enhancing cross-border collaboration and talent development to support Chinese enterprises' international expansion [2] Group 4: Derivatives and Asset Management - As a primary dealer in OTC derivatives, the company leverages its pricing and trading expertise to enhance product offerings and client services [3] - The investment management segment includes asset management, public fund management, and private fund management, focusing on a diverse product supply system [3] - The company aims to build a leading asset management brand through superior strategies and diverse product offerings [3] - As of June 2025, the public fund management scale of the company ranks third in the industry, while its partner ranks first [3]

Core Viewpoint - The significant increase in mid-term dividends announced by listed securities firms reflects a recovery in performance, adherence to new policies, and efforts to enhance brand appeal and attract investors [1][4]. Group 1: Dividend Announcements - A total of 28 listed securities firms have announced mid-term dividend plans, with a cumulative dividend amount of 18.797 billion yuan, representing a nearly 40% year-on-year increase [1][3]. - Among the firms, 21 have announced dividends exceeding 100 million yuan, with 7 firms exceeding 1 billion yuan, the highest being 4.298 billion yuan from CITIC Securities [3][4]. - The per-share dividend (pre-tax) ranges from 0.008 yuan to 0.29 yuan, with cash dividend ratios primarily between 10% and 35% [3]. Group 2: Performance and Policy Impact - The securities industry has shown a significant performance recovery in the first half of 2025, with 150 securities firms reporting a total revenue of 251.036 billion yuan and a net profit of 112.28 billion yuan, marking increases of 23.47% and 40.37% respectively compared to the same period in 2024 [4]. - The new "National Nine Articles" policy encourages multiple dividends within a year, aiming to enhance shareholder returns and improve the overall dividend culture among listed companies [4][5]. - The policy also imposes stricter regulations on companies with low or no dividends, incentivizing firms to maintain higher dividend payouts [4]. Group 3: Market Perception and Investor Confidence - The substantial dividends are seen as a strategy to establish a strong market image of profitability, thereby enhancing brand competitiveness and attracting more investors [4]. - High and frequent dividends can boost investor confidence in the long-term development of the capital market and related securities firms [5].

Core Viewpoint - The significant increase in mid-term dividends announced by listed securities firms reflects a recovery in performance, adherence to new policies, and efforts to enhance brand appeal and attract investors [1][3]. Group 1: Dividend Announcements - A total of 28 listed securities firms have announced mid-term dividends, amounting to 18.797 billion yuan, representing a nearly 40% year-on-year increase [1][2]. - Among the firms, 21 have announced dividends exceeding 100 million yuan, with 7 firms surpassing 1 billion yuan, the highest being 4.2 billion yuan [1][2]. - The per-share dividend (pre-tax) ranges from 0.008 yuan to 0.29 yuan, with cash dividend ratios primarily between 10% and 35% [1][2]. Group 2: Year-on-Year Comparison - In 2024, 25 listed securities firms implemented mid-term dividends totaling 13.447 billion yuan, indicating a year-on-year increase in the number of firms and a 39.79% rise in total dividends [2]. - Notably, 22 firms have consistently issued mid-term dividends in both 2024 and 2025, with several new entrants in 2025 [2]. Group 3: Financial Performance - The securities industry has shown a significant recovery in performance, with 150 securities firms reporting a total revenue of 251.036 billion yuan and a net profit of 112.28 billion yuan in the first half of 2025, marking increases of 23.47% and 40.37% respectively compared to 2024 [3]. - For the 42 directly listed securities firms, total revenue reached 251.866 billion yuan, and net profit was 104.017 billion yuan, reflecting year-on-year growth of 11.37% and 65.08% [3]. Group 4: Policy Influence - The new "National Nine Articles" policy emphasizes the importance of cash dividends, encouraging firms to enhance dividend stability and predictability, and promoting multiple dividends within a year [3]. - The policy also imposes restrictions on major shareholders of companies that have not paid dividends for years or have low dividend ratios, aiming to incentivize high-quality dividend-paying companies [3]. Group 5: Considerations for Dividends - While high dividends can attract investors and enhance confidence in the capital market, firms must also consider their liquidity to avoid negatively impacting normal operations [4]. - High and frequent dividends can provide investors with greater returns, fostering long-term confidence in the development of the capital market and related securities firms [4].

Core Viewpoint - Guangdong Tapai Group Co., Ltd. is committed to a high dividend policy and stable operational performance, with a focus on maintaining a strong market position and managing production capacity effectively [2][5]. Group 1: Dividend Policy and Financial Planning - For the fiscal year 2024, the company plans to distribute a cash dividend of 4.5 yuan per 10 shares, representing 99.74% of the net profit for the year, as part of its three-year shareholder return plan (2024-2026) [2]. - The high dividend policy is influenced by the "New National Nine Articles" guidelines on market value management and aims to convey a commitment to stable operations and positive returns, thereby stabilizing the stock price [2]. - The company anticipates capital expenditures to remain between 200 million to 400 million yuan annually, primarily for self-built emerging industries, with cash flow expected to cover dividends and capital expenditures without hindering growth [2]. Group 2: Operational Performance and Market Conditions - In the third quarter, cement sales remained flat year-on-year due to seasonal factors and adverse weather conditions, with a notable decrease in sales compared to June [3]. - The cement prices in the Pearl River Delta region have been under pressure since May, nearing cost levels, but are expected to stabilize and recover as the traditional sales season begins in September [3]. Group 3: Cost Management and Efficiency - The company's management expenses decreased by 17.63% year-on-year, primarily due to a reduction in labor costs, as the impact of shutting down inefficient enterprises last year led to lower severance costs [4]. Group 4: Capacity Planning and Business Goals - Following the elimination of low-efficiency capacity, the company does not plan to add new capacity, believing that current production levels will meet future demand [5]. - The operational target for 2025 is to produce and sell over 16.3 million tons of cement, with a net profit exceeding 530 million yuan, building on a 10.90% year-on-year increase in cement and clinker sales in the first half of the year [5]. Group 5: Production Policies and Investment Strategy - The company plans to implement staggered production policies in 2025, with kiln shutdowns scheduled for 95 days in Guangdong, 160 days in Guangxi, and 170 days in Fujian, which is expected to support cement prices [6]. - The board has approved a securities investment budget of 1.3 billion yuan for 2025, focusing on low-risk investments such as government bonds and local bonds, while maintaining a cautious investment approach to ensure controlled risks and stable returns [6].

Core Viewpoint - A-share companies are increasingly announcing mid-term dividend plans, with over a hundred companies having released such proposals since August 22, indicating a trend towards enhancing shareholder returns and stability in dividend distribution [1][9]. Group 1: Mid-term Dividend Announcements - Several leading companies, including China CRRC, Hengli Petrochemical, and Changan Automobile, have announced their mid-term dividend plans, with China CRRC proposing a cash dividend of 3.157 billion yuan [3][4][5]. - Sany Heavy Industry plans to distribute a cash dividend of 2.614 billion yuan, reflecting a robust performance with a 14.96% increase in revenue and a 46% rise in net profit for the first half of 2025 [7]. - Dong-E E-Jiao announced a cash dividend of 817 million yuan, which represents 99.94% of its net profit for the same period, showcasing strong financial health with an 11.02% revenue growth [7]. Group 2: Factors Driving Mid-term Dividends - The increase in mid-term dividends is driven by policy guidance, particularly the new "National Nine Articles," which emphasizes cash dividend regulations and encourages companies to increase both the frequency and amount of dividends [10]. - The recovery of the macro economy has improved the overall profitability and cash flow of listed companies, providing a solid financial foundation for more substantial mid-term dividends [10]. - Implementing mid-term dividends allows companies to signal operational stability to the market, enhancing investor confidence and improving shareholder return mechanisms [10]. Group 3: Investor Benefits - Mid-term dividends shorten the return cycle for investors, allowing them to share in corporate growth sooner and promoting reinvestment of funds, which can enhance market attractiveness and resilience over the long term [11].

Group 1 - Shanghai Securities Regulatory Bureau has implemented a regular visiting mechanism to enhance the quality and efficiency of listed companies, resulting in significant improvements in investment returns and corporate governance [1][4] - Since 2024, the bureau has visited 286 listed companies, achieving a coverage rate of two-thirds, and has established a multi-level visiting system to address company needs effectively [1][2] - The bureau has collected over 500 issues and suggestions from companies, with more than half resolved, focusing on areas such as capital markets, industrial policies, and financial support [2][3] Group 2 - The bureau has guided 87 major index constituent companies to develop market value management systems and urged 23 long-term undervalued companies to create valuation enhancement plans [3] - In 2024, over 760 companies announced cash dividends exceeding 280 billion yuan, with more than 110 companies declaring mid-term dividends of over 36 billion yuan [3] - The bureau has supported the issuance of over 118 billion yuan in special loans for share buybacks and has facilitated more than 20 major asset restructuring announcements with a total disclosed amount exceeding 270 billion yuan [3] Group 3 - The bureau aims to continue implementing regular visits to listed companies, focusing on the new "National Nine Articles" and the capital market "1+N" policy system to enhance company quality and investment value [4]