Core Points - The mid-term dividends from 20 companies, including Beijing-Shanghai High-Speed Railway Co., Ltd., Guotai Junan Securities Co., Ltd., and State Power Development Co., Ltd., will exceed 9 billion yuan from October 27 to October 31 [1] - As of October 24, 320 companies in the Shanghai market have distributed over 278 billion yuan in mid-term dividends, with an additional 90 companies expected to distribute over 280 billion yuan [1][2] - The total mid-term dividend amount for 414 companies has reached over 560 billion yuan, setting a historical high [1] Company-Specific Information - Major dividend payers include China Mobile and China Telecom, with cash distributions of 54.1 billion yuan and 16.6 billion yuan, respectively, while the "Big Three" oil companies have collectively distributed approximately 82.5 billion yuan [2] - Companies like Xiamen Gibit Network Technology Co., Ltd. and Jiangsu Shuoshi Biotechnology Co., Ltd. have reported per-share dividends exceeding 2 yuan, with Gibit reaching 6.6 yuan per share [2] Dividend Yield Insights - The dividend yield for 290 companies in the Shanghai market exceeds 3%, with 81 companies yielding over 5% [3] - Among the 320 companies that have implemented mid-term dividends, the average yield is 2.53%, with 102 companies exceeding 3% and 40 companies surpassing 5% [3]

Core Viewpoint - Jiangsu Guotai announced a plan to invest over 1.83 billion yuan in securities but terminated it within two days, indicating a shift towards increasing shareholder returns through dividends instead of investments [1][2][3]. Group 1: Investment Plan and Termination - On August 22, Jiangsu Guotai planned to use up to 1.83 billion yuan of idle funds for securities investment, including 330.6 million yuan already used and an additional 1.5 billion yuan [2]. - The investment was intended to cover various securities, including new stock subscriptions and bonds, through a subsidiary [2]. - The termination of the investment plan was announced on August 24, just before the market opened, to avoid potential market misinterpretations and volatility [2][3]. Group 2: Dividend Policy - On the same day as the investment plan termination, Jiangsu Guotai released a three-year shareholder dividend return plan, which will be submitted for shareholder approval on September 10 [4]. - The new dividend plan aims to increase the frequency of dividends from once a year to two to three times a year and raise the cash dividend ratio from a minimum of 10% to 40% of distributable profits [5]. - The average annual cash dividend amount as a percentage of net profit attributable to shareholders will also increase from 30% to 40% over the next three years [5][6]. Group 3: Industry Trends - Jiangsu Guotai's move reflects a broader trend among A-share companies to enhance dividend payouts, with 17 companies announcing mid-term dividend plans exceeding 100 yuan per hand as of August 25 [7]. - The largest dividend announced was from Jibite, with a payout of 660 yuan per hand, indicating a significant increase in dividend distribution across the market [7]. - Factors driving this trend include regulatory encouragement for increased cash dividends, improved corporate profitability, and a heightened sense of responsibility among companies to return value to shareholders [8].