2026.03. 03 本文字数：728，阅读时长大约2分钟 作者 | 第一财经 安卓 深交所启动"质量回报双提升"专项行动两年来，已有超470家深市公司响应。 第一财经了解到，为进一步推动上市公司高质量发展和投资价值提升，促进资本市场长期健康发展，3月3日，深交所发布《关于深入开展深市公司"质量 回报双提升"专项行动的倡议》，倡议全体深市公司开展"质量回报双提升"专项行动，尤其是鼓励尚未披露"质量回报双提升"行动方案的公司积极参与， 切实提高经营质量和投资回报水平。 在倡议中，深交所指出，上市公司可结合自身实际情况制定方案，且提出的举措应当可操作、可落实、可检验。不应使用可能引起歧义、误读或者夸大的 表述。同时，禁止利用方案从事违规行为。不得利用披露行动方案"蹭热点"、不当影响股票交易价格、从事内幕交易或者其他违法违规行为。 伊朗、美国分别公布美军伤亡情况 具体方案可包括：持续聚焦主业，提升经营质量；强化科技创新，发展新质生产力；完善公司治理，强化"关键少数"责任；提升回报水平，增强投资者 获得感；加强投资者沟通，积极回应投资者诉求等。 其中，在强化"关键少数"责任方面，深交所倡议要加强公司控股股东、实际控 ...

早在2024年2月，深交所便启动了"质量回报双提升"专项行动，核心目标是推动提升上市公司质量，落实以投资者为本的理念，强化上市公司投 资者回报意识。专项行动推出以来，已有超470家深市公司积极响应，在提升经营质量、增强投资回报、维护资本市场稳定健康发展方面发挥了 积极作用。 此次倡议进一步明确专项行动的总体原则、核心方案内容及具体实施要求，为深市公司践行"质量回报双提升"理念划定了清晰路径。 倡议强调，投资者是市场之本，上市公司是市场之基，提高质量、增强回报、提升投资者获得感，是上市公司的应有之义和应尽之责。全体深市 公司开展专项行动需紧扣三大总体原则： 一是结合自身实际情况制定。公司制定方案时应当结合自身发展、所处行业的实际情况，提出提升质 量、增强回报的具体举措；二是可操作、可落实、可检验。公司提出的举措应当可操作、可落实、可检验。披露内容及举措应当明确具体、具有 可执行性，不应使用可能引起歧义、误读或者夸大的表述；三是禁止利用方案从事违规行为。不得利用披露行动方案"蹭热点"、不当影响股票交 易价格、从事内幕交易或者其他违法违规行为。 围绕"质量回报双提升"，倡议明确了方案制定的核心内容，要求公司先结合行 ...

Core Viewpoint - The Shenzhen Stock Exchange has launched the "Quality and Return Dual Improvement" initiative to enhance the quality and investment value of listed companies, thereby strengthening the stability of the capital market [1] Group 1: Company Performance - By the end of 2025, 472 companies have released action plans focusing on core business, innovation, and investor returns [1] - Sanhua Intelligent Control Co., Ltd. (002050) expects a net profit of 3.874 billion to 4.649 billion yuan in 2025, representing a year-on-year growth of 25% to 50% [2] - Hisense Home Appliances (000921) achieved operating revenue of 71.533 billion yuan and a net profit of 2.812 billion yuan in the first three quarters of 2025 [2] - TCL Smart Home (002668) reported operating revenue of 14.346 billion yuan, a year-on-year increase of 2.87%, and a net profit of 977 million yuan, up 18.45% [3] Group 2: Technological Innovation - Sanhua Intelligent Control increased R&D investment to 705 million yuan in the first half of 2025, accounting for 4.34% of operating revenue [4] - TCL Smart Home invested 517 million yuan in R&D in the first three quarters of 2025, representing 3.61% of operating revenue [4] - Hisense Home Appliances focuses on technological innovation in smart, healthy, and energy-saving directions, establishing over 20 technology innovation platforms [5] Group 3: Investor Returns - Sanhua Intelligent Control plans to distribute a cash dividend of 932 million yuan for the 2024 fiscal year and has repurchased 7.1501 million shares for approximately 303 million yuan [7] - Hisense Home Appliances increased its cash dividend payout ratio from 30% to 50% of net profit in 2022, with cumulative dividends reaching 6.751 billion yuan over the past decade [8] - The practices of Sanhua Intelligent Control, Hisense Home Appliances, and TCL Smart Home serve as benchmarks for other companies in the Shenzhen market to enhance quality and returns [8]

Core Viewpoint - The Shenzhen Stock Exchange has launched the "Quality Return Dual Improvement" initiative to enhance the quality and investment value of listed companies, aiming to strengthen the inherent stability of the capital market by the end of 2025 [1] Group 1: Company Participation and Performance - A total of 472 companies have released action plans under the "Quality Return Dual Improvement" initiative, focusing on core business, innovation, and investor returns [1] - Sanhua Intelligent Controls has achieved a revenue growth from 160.21 billion yuan in 2021 to 279.47 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.38% and a net profit growth from 16.84 billion yuan to 30.99 billion yuan, with a CAGR of 22.54% [2] - Hisense Home Appliances has seen revenue increase from 741.15 billion yuan in 2022 to 927.46 billion yuan in 2024, with a CAGR of 11.87%, and net profit growth from 14.35 billion yuan to 33.48 billion yuan, with a CAGR of 52.74% [3] - TCL Home has grown its revenue from 78.43 billion yuan in 2022 to 183.61 billion yuan in 2024, with net profit increasing from 4.24 billion yuan to 10.19 billion yuan [3] Group 2: Technological Innovation - Sanhua Intelligent Controls has invested 7.05 billion yuan in R&D in the first half of 2025, representing 4.34% of its revenue, and holds 4,387 patents, including 2,404 invention patents [4] - Hisense Home Appliances emphasizes technology innovation with over 20 technology innovation platforms and has made significant breakthroughs in low-carbon, intelligent, and health-oriented technologies [5] - TCL Home has invested 5.17 billion yuan in R&D in the first three quarters of 2025, accounting for 3.61% of its revenue, and has over 1,000 R&D personnel and more than 2,000 authorized patents [6] Group 3: Investor Returns - Sanhua Intelligent Controls plans to distribute approximately 9.32 billion yuan in cash dividends for the 2024 fiscal year and has cumulatively distributed 88 billion yuan in cash dividends since its listing [7] - Hisense Home Appliances has repurchased 25.6 million shares for a total of 5.54 billion yuan and has increased its cash dividend payout ratio from 30% to 50% of net profit, with a 95.9% increase in cash dividends per share in 2023 [8]

Core Viewpoint - Tianjin Ruixinchang Technology Co., Ltd. announced a "Quality and Return Dual Improvement" action plan aimed at enhancing operational quality and core competitiveness while increasing returns to investors and protecting shareholder rights [1] Group 1: Action Plan and Industry Response - The "Quality and Return Dual Improvement" initiative has seen 471 companies in the Shenzhen Stock Exchange disclose related action plans since its launch in February 2024, indicating a broad participation across various sectors [1][2] - Companies are shifting from viewing shareholder returns as a short-term action to integrating it into their long-term development strategies, focusing on solidifying core businesses, enhancing R&D, and optimizing governance [1][2] Group 2: Focus on Core Business and Innovation - Companies are concentrating resources on core businesses by divesting non-core assets and improving operational efficiency, which lays a foundation for high-quality development [2] - There is a strong emphasis on technological innovation, with companies increasing R&D investments to drive growth and enhance core business capabilities [2][3] Group 3: Financial Performance and Shareholder Returns - The first 11 companies to release "Quality and Return Dual Improvement" reports achieved a combined profit of 5.701 billion yuan in the first three quarters of 2025, with significant stock price increases for most of these companies [3][4] - From 2022 to 2024, the annual dividend amount for 471 companies on the Shenzhen Stock Exchange grew at a compound annual growth rate of 10.0%, with 433 companies implementing cash dividends totaling 324.47 billion yuan in 2024 [6] Group 4: Dividend and Share Buyback Strategies - Companies are actively increasing cash dividend frequencies and optimizing dividend schedules to enhance shareholder returns, with 141 companies implementing mid-year dividends in 2024 [5][6] - Share buybacks and stock purchases by major shareholders are being utilized to signal confidence in the company's future, exemplified by Zhongwei New Materials' planned buyback of 800 million yuan [5][6] Group 5: Future Outlook - The ongoing deepening of the initiative is expected to attract more companies to join the value creation and sharing movement, reinforcing the micro-foundation for high-quality development in the capital market [7]

Core Viewpoint - Tianjin Ruixinchang Technology Co., Ltd. announced a "Quality and Return Dual Improvement" action plan aimed at enhancing operational quality and core competitiveness while increasing returns to investors and protecting shareholder rights [1] Group 1: Action Plans and Company Strategies - 471 companies in the Shenzhen Stock Exchange have disclosed action plans in response to the "Quality and Return Dual Improvement" initiative since its launch in February 2024, indicating a broad participation across various sectors [1][2] - Companies are focusing on long-term strategies for shareholder returns, integrating them into their core development plans rather than treating them as short-term actions [2] - The action plans emphasize a combination of strengthening core businesses, enhancing research and development, and optimizing governance to systematically improve operational quality and competitiveness [2][3] Group 2: Focus on Core Business and Innovation - The initiative encourages companies to concentrate on their core businesses and drive innovation, leading to steady growth in operational performance and enhanced core competitiveness [3] - Companies are returning to their roots by reallocating resources to core operations, divesting non-core assets, and improving operational efficiency [3] - For instance, Weihai Guangwei Composite Materials Co., Ltd. is committed to focusing on its main business and avoiding blind expansion, while continuously developing its core carbon fiber business [3] Group 3: Research and Development Investments - Shenzhen Inovance Technology Co., Ltd. exemplifies the focus on industrial automation and smart technology, with R&D investments reaching 3.15 billion yuan in 2024, a 19.9% increase year-on-year [4] - The company has a workforce of 5,538 R&D personnel and has obtained 2,886 patents and software copyrights, showcasing a strong commitment to innovation [4] - The first 11 companies that published "Quality and Return Dual Improvement" reports achieved a combined profit of 5.701 billion yuan in the first three quarters of 2025, indicating successful implementation of the initiative [4] Group 4: Shareholder Returns and Dividends - The 471 companies are committed to increasing cash dividends and optimizing dividend schedules, with a compound annual growth rate of 10.0% in annual dividend amounts from 2022 to 2024 [6][7] - In 2024, 433 companies distributed a total of 324.47 billion yuan in cash dividends, representing 43.6% of net profits [7] - Companies are also responding to calls for multiple dividends within a year, enhancing the stability and timeliness of returns for investors [7] Group 5: Market Impact and Future Outlook - The "Quality and Return Dual Improvement" initiative is reshaping the relationship between companies and investors, fostering a value co-creation environment [8] - As the initiative deepens, more companies are expected to join in creating and sharing value, contributing to the high-quality development of the capital market [8]

Group 1 - The core idea of the "Quality and Return Dual Improvement" initiative is to guide listed companies to focus on their core businesses and enhance operational performance, thereby solidifying the foundation for capital market development [2] - As of November 2025, 471 companies in the Shenzhen market have actively responded to the initiative, proposing practical measures to enhance core business awareness, innovation capabilities, and investor return levels [1][2] - In the first three quarters of 2025, the 471 "Dual Improvement" companies achieved a total operating revenue of 7.5 trillion yuan, a year-on-year increase of 6.9%, and a net profit of 651.3 billion yuan, up 10.8% year-on-year [2] Group 2 - The companies involved in the initiative have significantly increased their R&D investments, with a total of 430.93 billion yuan in R&D spending in the first half of 2025, representing a year-on-year growth of 6.3% [3] - The proportion of R&D investment relative to operating revenue increased to 4.3%, up 0.1 percentage points year-on-year, indicating a stronger focus on innovation [3] - Notable companies like Mindray Medical and Inovance Technology have made substantial advancements in their respective fields, showcasing the innovation capabilities of Shenzhen enterprises [3] Group 3 - The "Dual Improvement" initiative emphasizes investor returns, with companies implementing a combination of dividends, buybacks, and shareholdings to enhance investor confidence [4] - From 2022 to 2024, the annual dividend amount for the 471 companies grew at a compound annual growth rate of 10.0%, with 433 companies distributing a total of 324.47 billion yuan in cash dividends in 2024 [4] - A total of 378 companies have achieved continuous dividends for three consecutive years, enhancing the predictability and sustainability of shareholder returns [4] Group 4 - The market has shown strong recognition of the "Dual Improvement" initiative, with an average stock price increase of 77.2% for the participating companies from February 2024 to November 2025, significantly outperforming the Shenzhen Composite Index [6] - This initiative has created a virtuous cycle of quality improvement, optimized returns, and market recognition, contributing to the high-quality development of the capital market [7] - The ongoing deepening of the initiative is expected to encourage more listed companies to focus on their core businesses, strengthen innovation, and optimize returns, fostering a sustainable capital market ecosystem [7]

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange aims to enhance the development quality and investment value return capabilities of listed companies, with 471 companies disclosing action plans by November 2025 [1][2]. Group 1: Company Participation and Focus Areas - Among the 471 companies, 293 are part of the Shenzhen Component Index, 88 are in the CSI 300 Index, and 82 belong to the ChiNext Index, collectively representing about 50% of the total market capitalization of the Shenzhen market [2]. - The companies involved span 30 industries, including electronics, power equipment, pharmaceuticals, and computers, with nearly 70% being private enterprises [2]. - The action plans of these companies emphasize three focal points: focusing on core business, focusing on technological innovation, and focusing on regulatory operations [2]. Group 2: Financial Performance and R&D Investment - In 2024, the "Dual Improvement" companies achieved a total operating revenue of 9.8 trillion yuan, a year-on-year increase of 3.6%, and a net profit of 743.39 billion yuan [4]. - For the first three quarters of 2025, these companies reported an operating revenue of 7.5 trillion yuan, up 6.9% year-on-year, and a net profit of 651.3 billion yuan, reflecting a 10.8% increase [4]. - The R&D investment of these companies accounted for 4.3% of their operating revenue in the first half of 2025, up 0.1 percentage points year-on-year, with total R&D expenditure representing 59.5% of the Shenzhen market [4]. Group 3: Shareholder Returns and Market Response - From 2022 to 2024, the annual total dividend of the "Dual Improvement" companies had a compound growth rate of 10.0%, with the 2024 dividend amounting to 43.6% of net profit, an increase of 10.9 percentage points from 2022 [5]. - Approximately 80% of the companies (378) maintained continuous dividends over the past three years, enhancing the stability and predictability of returns for investors [5]. - The average stock price increase for the 471 "Dual Improvement" companies from February 2024 to November 2025 was 77.2%, surpassing the growth of the Shenzhen Component Index [6].

Core Insights - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange aims to enhance the development quality and investment value return capabilities of listed companies, with 471 companies having disclosed action plans by November 2025 [1][2] Group 1: Company Participation and Industry Coverage - Among the 471 companies, 293 are part of the Shenzhen Component Index, 88 are in the CSI 300 Index, and 82 belong to the ChiNext Index, collectively representing about 50% of the total market capitalization of Shenzhen [2] - The participating companies span 30 industries, including electronics, power equipment, pharmaceuticals, and computers, with a significant presence of private enterprises, accounting for nearly 70% of the participants [2] Group 2: Focus Areas of Improvement - The action plans from the listed companies emphasize three main focuses: enhancing core business awareness, improving technological innovation capabilities, and strengthening regulatory operations [2] - Specific examples include Mindray Medical (300760.SZ) increasing R&D investment and global expansion, and BYD (002594.SZ) planning R&D expenditures of 54.2 billion yuan in 2024 [2] Group 3: Shareholder Returns and Buybacks - Companies are increasing dividend and buyback efforts, with firms like BOE Technology Group (000725.SZ) disclosing future shareholder return plans, and Anke Bio (300009.SZ) maintaining 16 consecutive years of cash dividends [3] - The average annual dividend growth rate for "dual improvement" companies from 2022 to 2024 is 10.0%, with 2024 dividends accounting for 43.6% of net profits, a 10.9 percentage point increase from 2022 [5] Group 4: Financial Performance and Market Response - In terms of financial performance, "dual improvement" companies achieved a total revenue of 9.8 trillion yuan in 2024, a 3.6% year-on-year increase, and a net profit of 743.39 billion yuan [4] - The average stock price increase for these companies from February 2024 to November 2025 was 77.2%, surpassing the Shenzhen Component Index, with a total market capitalization of 21.2 trillion yuan by November 2025 [6]

Group 1 - The core initiative of the Shenzhen Stock Exchange is the "Quality Return Dual Improvement" action, aimed at enhancing the development quality and investment value return capabilities of listed companies, with 471 companies already disclosing their action plans by November 2025 [1] - The 471 companies involved have significant influence, with 293 being part of the Shenzhen Component Index, 88 in the CSI 300 Index, and 82 in the ChiNext Index, collectively representing about 50% of the total market capitalization of the Shenzhen market [1] - The participating companies span 30 industries, including electronics, power equipment, pharmaceuticals, and computers, with nearly 70% being private enterprises [1] Group 2 - The "Dual Improvement" companies have focused on core business development, achieving a total operating revenue of 9.8 trillion yuan in 2024, a year-on-year increase of 3.6%, and a net profit of 743.39 billion yuan [2] - In the first three quarters of 2025, these companies reported an operating revenue of 7.5 trillion yuan, up 6.9% year-on-year, and a net profit of 651.3 billion yuan, reflecting a 10.8% increase [2] - Research and development (R&D) investment accounted for 4.3% of operating revenue in the first half of 2025, with a total R&D investment representing 59.5% of the Shenzhen market [2] Group 3 - From 2022 to 2024, the annual total dividend of the "Dual Improvement" companies grew at a compound annual growth rate of 10%, with the 2024 dividend amount accounting for 43.6% of net profit, an increase of 10.9 percentage points from 2022 [3] - In 2024, the dividend amount represented 60.8% of the total dividends in the Shenzhen market, up 3.7 percentage points from 2022, indicating a steady growth in dividend amounts and proportions [3] - A total of 378 companies maintained continuous dividends over the past three years, enhancing dividend stability and predictability, while 203 share repurchase plans were disclosed, including a nearly 1 billion yuan repurchase by Kailaiying [3]