Core Viewpoint - The A-share market is experiencing a "new normal" in cash dividends, with an increasing number of companies adopting quarterly cash dividends and multiple distributions within a year, fundamentally changing the previous focus on financing over returns [1][5]. Group 1: Increase in Cash Dividends - As of December 23, 2025, the number of companies in the A-share market that distributed cash dividends in the third quarter reached 270, with expectations for further increases [2]. - The trend of quarterly cash dividends has been growing, with the number of companies distributing dividends in the third quarter rising from fewer than 10 before 2019 to 60 in 2023, and projections indicate a surge to over 300 in 2024 [2]. Group 2: Generosity in Dividend Payments - Companies are showing significant generosity in their cash dividends, with some, like Gigabit, announcing a cash dividend of 6.00 yuan per share, totaling approximately 431 million yuan [3]. - Several companies reported cash dividend yields exceeding 2% for the third quarter of 2025 [3]. Group 3: Increased Frequency of Dividends - The number of companies conducting multiple cash dividends within a year has also increased, indicating a developing ecosystem for more frequent distributions [4]. - For instance, Yuyin Co. and 37 Interactive Entertainment have both implemented multiple cash dividend plans in 2025, showcasing the trend of increased distribution frequency [4]. Group 4: Impact on Market Ecology - Analysts believe that the enhanced cash dividend policies will fundamentally alter the A-share market's previous focus on financing, promoting a balanced development of investment and financing, which is beneficial for the long-term health of the market [5][6]. - Increased cash dividends are expected to shift the market's profit model from speculative trading to long-term value investment, enhancing the attractiveness for long-term capital [5][6].

A股分红"新常态"。 随着 A 股市场从制度性层面加强投资者回报，以及上市公司回报投资者意识增强， A 股 公司 进行季度现金分红 以及一年多次分红的案例明显增加，并逐渐成为 A 股市场"新常态"。 有专家在接受证券时报记者采访时认为，现金分红力度的增强将从根本上改变A股以往"重融 资、轻回报"的格局，进一步优化市场生态，推动市场投融资均衡发展，有利于A股长期健康 发展。 值得注意的是，除了进行季度现金分红的公司数量明显增长外，A股市场一年内多次进行现金 分红的公司数量也明显增多，加大分红频次的A股市场生态亦初具雏形。 截至目前，2025年以来进行了两次现金分红的公司数量已达数十家，其中部分公司已进行了 多次现金分红。 比如御银股份在2025年第一季度、2025年半年度，以及2025年第三季度均推出了利润分配 方案，均为每10股派发现金股利0.02元（含税）。 季度现金分红渐成A股"新常态" 据同花顺iFinD数据，以三季度现金分红为例，截至12月23日，A股市场2025年三季度进行现 金分红的公司数量已达270家，且有望进一步增加。 总体上看，包括三季度现金分红在内，最近数年来，A股市场进行季度现金分红的公 ...

财经频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月22日丨博杰股份(002975.SZ)公布，本次中期现金分红预案如下：截至2025年12月16日，公 司总股本为160,302,593股，回购专户股份为840,547股，因此，扣除回购专户股份后，利润分配的总股 本基数为159,462,046股。公司拟以扣除回购专户股份数量后的股本159,462,046股为基数，向全体股东每 10股派发现金红利0.940663元（含税），合计派发现金15,000,004.66元，不送红股，不以资本公积金转 增股本。该分配方案未超出截至2025年9月30日的可分配范围。 责任编辑：钟离 ...

★ 宏观动态 ★ 在今天（18日）下午召开的商务部例行新闻发布会上，新闻发言人何亚东针对稀土相关物项出口管制的最新进 展进行回应。商务部新闻发言人何亚东表示，对稀土相关物项实施出口管制以来，中方主管部门向中国出口商 进行了政策宣介，随着相关出口和合规经验的积累，部分中国出口商已初步达到申请通用许可的基本要求。据 我所知，目前已收到并批准了部分中国出口商提交的通用许可申请。 韩国计划孵化万家AI等硬科技初创企业 据新华社，韩国政府计划今后五年内在人工智能(AI)等硬科技领域孵化1万家初创企业，推动这些企业成长为 韩国经济发展的重要力量。韩联社报道说，韩国中小风险企业部12月18日会同有关部门发布"迈向全球四大创 投强国综合对策"并提出多个目标，包括孵化1万家AI等硬科技领域初创企业、打造50家独角兽和"十角兽"企 业、推动企业对接年规模约40万亿韩元（约合1904亿元人民币）的全球风险投资市场。 ★ 金融机构 ★ 中金公司：2025年半年度共计派发现金红利4.34亿元 国务院办公厅印发《关于全链条打击涉烟违法活动的意见》 国务院办公厅日前印发《关于全链条打击涉烟违法活动的意见》，提出一系列针对性政策举措，解决烟 ...

Core Viewpoint - The company has proposed a cash dividend distribution plan for 2025, allocating 0.60 yuan per 10 shares to all shareholders, without issuing bonus shares or converting reserves into capital [1] Financial Performance - For the first three quarters of 2025, the company's consolidated financial statements show a net profit attributable to shareholders of 439 million yuan [1] - The company's undistributed profits at the end of the period amount to 3.142 billion yuan [1] - The parent company achieved a net profit of 388 million yuan, with undistributed profits of 2.543 billion yuan at the end of the period [1] - The total distributable profits available for shareholders stand at 2.543 billion yuan [1]

Core Viewpoint - The recent surge in annual profit distribution plans from numerous listed companies is a result of regulatory requirements rather than spontaneous corporate generosity, reflecting a structured process mandated by the China Securities Regulatory Commission (CSRC) and stock exchanges [1][2][8] Regulatory Framework - The CSRC revised the guidelines for cash dividends, mandating that companies clarify their profit distribution decision-making mechanisms and minimum dividend amounts in their articles of association [1] - The Shanghai and Shenzhen stock exchanges require timely disclosure of profit distribution plans, detailing the form, amount, and compliance with company bylaws [2] 2025 Dividend Landscape - As of October 22, 2025, 843 listed companies in the Shanghai and Shenzhen markets have announced profit distribution plans, marking a 22.71% increase from the previous year, with total cash dividends amounting to 6620.26 billion, up 18.93% [3][6] - Cash dividends remain the dominant form of distribution, with notable examples including Airo Energy proposing a cash dividend of 0.9375 yuan per share and Saltian Port continuing its cash distribution strategy [3][6] Dividend Characteristics - There is a noticeable trend of high cash dividend payouts, with companies like Dong'e Ejiao proposing a cash dividend that accounts for 99.94% of its net profit [6] - The dual model of mid-term and annual dividends is becoming common, with companies like Mindray Medical and WuXi AppTec adopting this approach to enhance shareholder returns [6] Process Interpretation - The profit distribution process involves four key steps: board proposal, public disclosure, shareholder meeting approval, and implementation within two months [7] - Companies must adhere to these steps, and any changes to the proposed plan must be disclosed promptly, ensuring transparency and compliance with regulations [7]

Core Points - The company has announced a cash dividend distribution plan for the first three quarters of 2025, which has been approved by the shareholders' meeting [1] - The dividend distribution is based on 895,979,222 shares, with a cash dividend of 2 yuan (including tax) for every 10 shares, resulting in a total cash dividend of 179 million yuan [1] - The record date for the dividend is November 24, and the ex-dividend date is November 25 [1] - Shares repurchased by the company will not participate in the dividend distribution, and the ex-dividend price will be adjusted accordingly [1] - The employee stock ownership plan's share purchase price will also be adjusted in line with the dividend distribution [1]

Core Points - The company announced a cash dividend distribution plan for the first three quarters of 2025, proposing a payout of 0.3 RMB per share to all shareholders [1] - The total number of shares used for the dividend calculation is based on the existing total share capital of 466 million shares, excluding any repurchased shares [1] - The record date for the dividend distribution is set for November 24, 2025, with the ex-dividend date on November 25, 2025 [1]

Core Viewpoint - The implementation of the "Guidance No. 10 on Market Value Management" has led to a significant increase in the use of various market value management tools by listed companies, including cash dividends, share buybacks, mergers and acquisitions, and equity incentives, to enhance investment value and return to investors [1][2][4]. Group 1: Market Value Management Tools - Cash dividends and share buybacks have become frequently used tools in the market value management toolbox, with companies encouraged to establish clear mechanisms for share repurchase and to develop long-term dividend plans [2][3]. - As of October 31, 2023, 1,195 companies in China's stock market have announced 1,525 share buyback plans for 2025, with a total buyback amount of 92.3 billion yuan, of which 36% was from self-owned funds and 26% from cancellation buybacks [2]. - A total of 1,033 listed companies have announced cash dividend plans for the first three quarters, with a total cash dividend amount of 734.9 billion yuan, reflecting an increase in the number of companies engaging in multiple dividends [3]. Group 2: Mergers and Acquisitions - The past year has seen a vibrant A-share merger and acquisition market, characterized by significant activity in the "hard technology" sector and accelerated integration of state-owned enterprises [4][5]. - Notable cases include the acquisition of 72.33% of shares in ChipLink by ChipLink Integrated and the merger of Haiguang Information with Zhongke Shuguang, showcasing the trend of industry consolidation [4]. - Policy support has been crucial for the active M&A market, with recent reforms aimed at enhancing the efficiency and vitality of mergers and acquisitions [5]. Group 3: Equity Incentives - Equity incentives have gained prominence as a market value management tool, with companies encouraged to establish long-term incentive mechanisms [6][7]. - By mid-2023, nearly 3,500 listed companies had implemented equity incentive or employee stock ownership plans, representing 64% of A-share listed companies [6]. - The recognition of equity incentives as a significant method for market value management has deepened, with more companies expected to adopt these tools in the future [7].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market, focusing on improving the incentive and constraint mechanisms for listed companies to stimulate entrepreneurial spirit and innovation [1] Group 1: Capital Market Improvements - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing advocates for refining the incentive and constraint mechanisms for listed companies [1] - There is a call to encourage listed companies to strengthen their awareness of returning value to investors through cash dividends and share buybacks [1] Group 2: Market Ecology - The article highlights the importance of consolidating and deepening the regular delisting mechanism to ensure a smooth exit for companies [1] - It stresses the need to establish a market ecology that promotes orderly entry and exit, ensuring a competitive environment where the fittest survive [1]