Group 1 - In 2024, a record 3,720 listed companies implemented cash dividends totaling 2.4 trillion yuan, marking a historical high [1] - Over 400 companies disclosed interim dividend plans in this year's mid-year report, with a proposed total dividend amount of 180 billion yuan, indicating that interim dividends are becoming a norm for many listed companies [1] - The management encourages cash dividends as a direct and effective way to return value to investors, with policies like the "New National Nine Articles" emphasizing the need for enhanced regulation on cash dividends [1] Group 2 - The normalization of multiple dividends per year is pressuring the resolution of the dividend tax issue, as the current tax system is linked to the holding period of shares [2] - The dividend tax system imposes a differentiated tax rate based on the holding period, which can be seen as unreasonable, especially for individual investors who often face losses [2] - The introduction of multiple dividends per year highlights the unfairness of the dividend tax, as it increases the tax burden on investors who receive interim dividends [3] Group 3 - Two potential solutions to the dividend tax issue are proposed: either abolishing the dividend tax entirely or reforming the tax system to reduce the holding period for tax exemption from 12 months to 6 months [3]