Core Viewpoint - The A-share market is experiencing an unprecedented wave of dividend reform, with 25 listed companies reporting profits exceeding 3 billion yuan in the third quarter of 2025, collectively announcing a mid-term dividend plan totaling 69.4 billion yuan, averaging over 2.7 billion yuan per company [1] Group 1: Dividend Reform - The new "National Nine Articles" and other policies are significantly driving this dividend reform [1] - Leading companies in energy, manufacturing, and finance are at the forefront of this change, with China Shenhua leading with a dividend of 19.47 billion yuan, followed by Industrial Bank and Industrial Fulian [1] - Mid-term dividends are becoming a "new standard" for quality enterprises, with over half of the companies reporting profits exceeding 3 billion yuan implementing mid-term dividends, a nearly sixfold increase compared to three years ago [1] Group 2: Shareholder Return Mechanism - This shift marks a new phase in the A-share shareholder return mechanism, showcasing a significant breakthrough in the balanced development of capital market investment and financing [1] - As regulatory policies continue to strengthen, listed companies are transitioning from "distributing if possible" to "distributing as much as possible" [1]

Core Insights - The A-share market is experiencing an unprecedented wave of dividend reform, with 25 companies announcing their first interim dividend plans since listing, distributing a total of 69.39 billion yuan, averaging 2.78 billion yuan per company [1][3][4] Group 1: Dividend Trends - The trend of interim dividends is becoming a new standard for high-quality companies, with over half of the 207 companies reporting profits exceeding 3 billion yuan in Q3 2025 implementing interim dividends, a significant increase from three years ago [1][3] - The number of companies choosing to implement interim dividends has seen exponential growth, with 72.5% of companies with profits over 10 billion yuan in 2025 participating in interim dividends, compared to only 10% in 2023 [2][3] Group 2: Leading Companies - China Shenhua leads the way with a dividend payout of 19.47 billion yuan, followed by Industrial Fulian and Industrial Bank, with these three companies accounting for 54.73% of the total dividends distributed [4][5] - Notable companies like China Shenhua and Industrial Fulian have significant market capitalizations, with China Shenhua's market cap reaching 852.86 billion yuan and Industrial Fulian's rising from 427.16 billion yuan to 1.44 trillion yuan [3][4] Group 3: Regulatory Influence - Regulatory policies are significantly driving the change in the dividend landscape, with new rules imposing stricter requirements on companies that have not paid dividends for years, thereby encouraging higher dividend payouts [6][7] - The 2025 financial forum introduced policies aimed at promoting long-term investment, emphasizing the importance of companies' long-term dividend capabilities [7][8]