Core Viewpoint - The A-share market has entered a new era of normalized cash dividends, with the total cash dividends for 2024 reaching a historical record, indicating a shift towards a more mature capital market focused on high-dividend assets [1][2]. Group 1: Dividend Normalization - The total cash dividends of A-share listed companies for 2024 have set a historical record, marking the formal entry into a new era of normalized dividends in the Chinese capital market [1]. - This transformation is driven by both policy and market forces, suggesting that high-dividend assets are reshaping the valuation logic of the capital market [1][2]. - Over 100 listed companies have established a stable dividend group with a dividend yield of no less than 3% for three consecutive years, indicating a more mature capital market [1]. Group 2: Investment Value of High-Dividend Stocks - High-dividend stocks are showing strong anti-cyclical capabilities, making them core assets for long-term funds due to their combination of high dividends and low volatility [2]. - The trend of dividend index investment is experiencing explosive growth, with a positive cycle expected to form around high dividends, high ratings, and low-cost financing [2]. - The low-risk, moderate-return characteristics of dividend assets are increasingly appealing to long-term funds such as insurance and pension funds, especially as deposit rates and government bond yields decline [2]. Group 3: Changes in Dividend Structure - The frequency of dividends is shifting from annual to quarterly, with multiple dividends per year becoming the norm [2]. - The structure of dividends is evolving from cash dividends to a combination of cash dividends and share buybacks, enhancing the overall quality of dividends [2]. - Regulatory requirements are pushing companies to disclose the alignment between dividends and free cash flow, fostering a stable dividend expectation and improving valuation premiums [2][3]. Group 4: Investment Strategy Transformation - Investors are encouraged to adopt a quasi-fixed income mindset, transitioning from capital gains to cash flow returns, as high-dividend assets provide both safety and growth potential [3]. - The deepening of the registration system and the acceleration of institutionalization in the A-share market are expected to lead to more "cash cow" companies that generate free cash flow and allocate profits reasonably [3].