Core Viewpoint - The awareness of listed companies in China regarding returning value to investors has significantly increased during the "14th Five-Year Plan" period, with a total of 10.6 trillion yuan distributed through dividends and buybacks, representing an over 80% increase compared to the "13th Five-Year Plan" period, and equivalent to 2.07 times the amount raised through IPOs and refinancing during the same period [1] Policy Ecosystem - The explosive growth in dividends and buybacks is attributed to systematic upgrades in the capital market's foundational systems during the "14th Five-Year Plan" period. The regulatory framework has shifted from sporadic encouragement to a comprehensive institutional framework [2] - New policies, such as the "National Nine Articles," impose restrictions on major shareholders of companies that have not paid dividends or have low dividend ratios, while also encouraging long-term dividend planning [2] - The evolution of policies has transitioned from "requiring returns" to "facilitating returns" and "cultivating a return culture," establishing a solid institutional foundation for a normalized dividend mechanism [2] Listed Company Ecosystem - The concept of sharing profits has evolved, with dividends shifting from "passive compliance" to "active return." In 2024, nine companies are expected to distribute over 50 billion yuan in dividends, and 33 companies over 10 billion yuan [3] - The number of companies consistently paying cash dividends over the past five years has increased by 6% in 2024 compared to 2023 [3] - The behavior of listed companies has also changed, with a notable increase in share buybacks aimed at reducing share circulation and enhancing earnings per share, allowing all shareholders to share in value appreciation [3] Investor Ecosystem - The surge in dividends and buybacks corresponds with a shift in investor structure and investment philosophy, with a growing preference for high-dividend assets as value investment concepts gain traction [4] - Investors are increasingly focused on returns, prompting companies to actively publish shareholder return plans and set minimum dividend rates above historical averages [4] - The transformation from "speculative price differences" to "sharing value" has diminished speculative market behavior, highlighting a more rational market ecosystem [4]