转自：新华财经 新华财经北京12月29日电（记者刘玉龙）中国上市公司协会12月29日发布消息称，根据《上市公司治理准则》及证监会相关工作部署，协会研究开展上市公 司治理评价工作。为全面客观反映上市公司治理现状，结合2025年评价工作，协会梳理总结沪深A股上市公司治理表现，形成年度上市公司治理情况报告。 报告显示，从资金占用披露情况来看，98.34%的公司2024年度未发生控股股东、实际控制人及其关联企业对公司非经营性资金占用行为。 从关联交易来看，91.61%的公司2024年度关联交易成本费用占比小于10%；90.75%的公司2024年度关联交易收入占比小于10%。 从现金分红来看，2024年度公司现金分红总额为2.4万亿元（数据截至2025年6月30日），其中有9家上市公司2024年度现金分红金额超过500亿元，33家上市 公司分红金额超过100亿元。在4445家上市满三年（时间截至2024年12月31日）的公司中，2447家近三年连续现金分红；在3569家上市满五年的公司中， 1681家近五年连续现金分红，其中210家近五年分红连续增长。 从机构投资者持股情况来看，机构投资者持股比例（剔除第一大股东）高于 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国上市公司协会 编者按 根据《上市公司治理准则》及证监会相关工作部署，中国上市公司协会研究开展上市公司治理评价工 作。为全面客观反映上市公司治理现状，结合2025年评价工作，协会梳理总结沪深A股上市公司治理表 现，形成年度上市公司治理情况报告。报告数据来源于上市公司年报、公告等公开披露信息，以下为报 告摘要，供市场各方参考。 本报告研究对象为2024年1月1日前上市且截至2025年9月30日未退市的沪深A股上市公司，合计5012 家。公司治理相关情况如下： 一、股东与股东会 （一）股权结构 从股权集中度来看，第一大股东/控股股东（含一致行动人）持股比例在20%至50%的公司数量占比最 高，合计达58.7%；持股比例低于20%的占10.64%。 从机构投资者持股情况来看，机构投资者持股比例（剔除第一大股东）高于5%的公司占比41.3%， 0.02%的公司机构投资者持股比例为0。 从股权质押情况来看，73.48%的公司控股股东或第一大股东股权质押比例小于10%；71.50%的公司前十 大股东股权质押比例合计小于10%。 （二）股东会 ...

Core Viewpoint - The A-share market is experiencing a significant increase in cash dividend proposals from listed companies, with a total cash dividend amount exceeding 82 billion yuan as of the report date [1] Group 1: Dividend Trends - More than 50 listed companies in the Shanghai and Shenzhen stock exchanges have proposed dividend plans [1] - The total cash dividend for A-share listed companies in 2024 is projected to reach 2.4 trillion yuan, representing a 9% increase compared to 2023 [1] - The frequency of dividends has increased, with many companies introducing "multiple dividends per year" and "special dividends" [1]

Group 1 - The core viewpoint of the article highlights the increasing trend of cash dividend proposals among listed companies in the A-share market during the mid-year report disclosure period [1] - More than 50 listed companies in the Shanghai and Shenzhen stock markets have proposed dividend plans, indicating a strong inclination towards cash dividends [1] - The estimated total cash dividend scale has exceeded 82 billion yuan, reflecting a significant commitment to returning value to shareholders [1]

Group 1 - Ningde Times plans to distribute cash dividends exceeding 4.5 billion yuan [1] - As of July 31, over 20 listed companies in A-shares have disclosed their mid-year dividend plans for 2025, with total cash dividends exceeding 10 billion yuan [1] - Several companies, including Longbai Group, Sanqi Interactive Entertainment, and Dongfang Precision, implemented cash dividends in the first quarter of this year [1]

Core Viewpoint - The Shanghai Stock Exchange has announced a special action plan to enhance the ESG rating levels of listed companies, transitioning from a "disclosure-oriented" to a "value-oriented" approach, aiming to integrate sustainable elements into the information, evaluation, and resource allocation processes [1][2]. Group 1: ESG Rating Enhancement Measures - The action plan includes six key initiatives: providing rating guidance, promoting communication between listed companies and rating agencies, improving information disclosure, forming best practice examples, strengthening positive incentives, and enhancing management performance [2][3]. - The plan aims to support financial institutions in incorporating ESG ratings into various financing products, thereby increasing the influence of ESG ratings in capital markets [3][4]. Group 2: Current ESG Rating Landscape - The number of Chinese companies rated AA and AAA by MSCI is expected to increase by 66% from 2023 to 2024, indicating a significant improvement in ESG rating levels among Chinese enterprises [6][7]. - As of the end of 2024, 342 listed companies in Shanghai are included in the MSCI ESG rating, with 100 companies receiving upgrades, and 8 companies achieving AAA ratings, which is significantly higher than lower-rated companies [7][8]. Group 3: Benefits of ESG Ratings for Companies - Companies adhering to the action plan can benefit from improved resource allocation, increased financing opportunities, and enhanced valuation advantages, leading to a shift from merely complying with ESG requirements to internalizing sustainable management practices [4][8]. - The overall ESG rating levels of A-share listed companies are steadily improving, with 39.22% rated BB and 34.43% rated BBB, indicating a foundational level of ESG management [8][9].

Group 1 - The article highlights the increasing frequency of extreme climate disasters and their negative impact on the real economy and financial markets, leading to lower consumption, investment, and potential economic recession [1] - The NGFS categorizes climate-related risks into physical risks and transition risks, with physical risks stemming from extreme environmental disasters that negatively affect microeconomic entities and overall economic stability [1] - Identifying and managing climate disasters is crucial for companies to maintain economic stability and promote high-quality economic development in the current era [1] Group 2 - The methodology for measuring the physical impact of climate on companies involves analyzing the frequency of climate-related terms in annual reports from 2011 to 2023 for Chinese A-share listed companies [2] - Data collection involved using web scraping tools to download annual reports, converting them to text format, and calculating the ratio of climate-related term frequency to total term frequency to derive a physical impact indicator [2][3] - The data includes stock codes, years, climate physical impact term frequency, total term frequency, and climate physical impact variables in Excel format [3] Group 3 - Existing research on climate physical impacts focuses on several areas, including the effects on corporate operations, where climate disasters disrupt normal production and reduce profitability, leading to increased default risk [5] - Climate physical impacts also affect capital markets, as investors may overestimate risks associated with environmental disasters, leading to lower asset valuations [5] - The relationship between climate physical risks and financial risks is significant, as physical impacts can elevate default risks for companies, influenced by their cost transfer capabilities and information disclosure quality [6] Group 4 - The connection between physical risks and transition risks is emphasized, as companies' efforts to transition to low-carbon operations can influence the effects of climate physical impacts [6] - Climate risks can transmit to the financial system, increasing risks for banks and affecting asset quality and risk levels within financial institutions [7]

Core Insights - The report released by the China Securities Association on May 8 indicates that 5,412 listed companies have published their 2024 annual reports as of May 7, excluding those that delayed disclosures [1] - A total cash dividend of nearly 2.4 trillion yuan has been announced, marking a historical high, with an average dividend payout ratio of 37.78% [1] - The proportion of profitable companies planning to distribute cash dividends has increased to 89.20%, with 2,093 companies having paid cash dividends for five consecutive years [1] Summary by Categories - **Dividend Distribution** - 3,751 listed companies have announced or implemented cash dividend plans for 2024 [1] - 265 companies have cash dividends exceeding 1 billion yuan, and 33 companies have dividends exceeding 10 billion yuan [1] - The number of companies implementing quarterly or semi-annual dividends has increased significantly to 1,013 [1] - **Payout Ratios** - The average dividend payout ratio across the market stands at 37.78% [1] - 1,277 companies have a payout ratio exceeding 50% [1]