Core Viewpoint - The A-share market has shown resilience and improvement in performance for 2024, driven by a series of growth policies and the impact of AI on technological innovation, with over half of listed companies achieving revenue growth and a significant number of new listings reporting both revenue and net profit increases [2][5][6]. Group 1: Market Performance - In 2024, among 5,403 listed companies, 3,035 achieved positive revenue growth, accounting for 56.17% [5] - Over half of the 100 newly listed companies in 2024 reported both revenue and net profit growth, with notable performances from companies like Kema Technology and Pioneer Precision [6][7] - The financial sector has accelerated recovery, with consumer spending and logistics showing significant improvement, contributing to the overall resilience of listed companies [2][3]. Group 2: Regulatory Impact - The introduction of new regulations, including the "National Nine Articles," has led to a significant reduction in the number of terminated IPO reviews, with only 2 terminations in April 2024 compared to 31 in the same month of the previous year [3][8] - The strict IPO review process has resulted in a tripling of terminated projects in 2024, indicating a focus on improving the quality of listed companies [7][8]. - The implementation of the "strictest delisting rules" has led to 22 companies being delisted in 2024, with a focus on financial and trading indicators [9][10]. Group 3: Corporate Quality Improvement - The combination of delisting and rescue measures has led to an overall improvement in the quality of listed companies, with 32 companies expected to withdraw delisting risk warnings by the end of May 2024 [11][12] - Companies like *ST Hengyu have successfully removed delisting risk warnings by improving their financial performance, demonstrating the effectiveness of regulatory measures [12][13]. Group 4: Investor Returns - In 2024, nearly 70% of listed companies announced cash dividend plans, totaling 1.66 trillion yuan, with the overall dividend amount reaching 2.39 trillion yuan, a 7.2% increase year-on-year [15][16] - The number of companies announcing mid-term dividends has significantly increased, with 985 companies declaring plans, marking a 4.3-fold increase in both number and amount compared to 2023 [15][16]. - State-owned enterprises continue to be the main contributors to dividends, with nearly 1,000 state-owned companies distributing a total of 1.5 trillion yuan in dividends in 2024 [16].

Core Insights - The A-share market has shown resilience in 2024, with over half of the 5403 listed companies reporting revenue growth, and 55% of new listings achieving both revenue and net profit increases [1][4] - The financial sector is recovering, driven by AI innovation and supportive policies, leading to improved performance in Q1 2024 [1] Group 1: Market Performance - 3035 companies, or 56.17%, reported positive revenue growth in their 2024 annual reports [4] - Among the 100 new listings in 2024, more than half achieved simultaneous revenue and net profit growth [4] - Notable performers include Kema Technology, which reported revenue of 857 million yuan, a 78.45% increase, and net profit of 311 million yuan, a 279.88% increase [4] Group 2: IPO and Regulatory Environment - The introduction of new regulations has led to a significant reduction in the number of terminated IPO reviews, with only 2 in April 2024, compared to 31 in the same month of the previous year [2][5] - A total of 300 IPO projects were terminated in 2024, indicating a rigorous screening process [5][6] - The "hard technology" focus of the Sci-Tech Innovation Board has been reinforced, with over 80% of new listings in strategic emerging industries [7] Group 3: Delisting and Company Quality - The trend of regular delisting is becoming established, with 55 companies delisted in 2024, and 22 confirmed delistings by April 30, 2025 [9][10] - The new delisting regulations have prompted companies to improve their quality, with many successfully removing delisting risk warnings [10][11] Group 4: Shareholder Returns - In 2024, the total cash dividend amount reached 2.39 trillion yuan, a 7.2% increase year-on-year, with nearly 70% of listed companies announcing dividend plans [13][14] - The number of companies announcing mid-term dividends increased significantly, with 985 companies declaring a total of 699.47 billion yuan, marking a 4.3-fold increase in number and a 2.7-fold increase in amount compared to 2023 [14] - Share buyback activities also surged, with 1470 buyback plans disclosed, totaling 212.3 billion yuan, which is 2.1 times the amount in 2023 [15]