Listed securities firms are accelerating the release of their 2026 interim dividend proposals, leveraging robust earnings growth to enhance shareholder returns. Data as of August 31 shows 25 listed brokers have unveiled interim distribution plans, with the combined payout reaching 274.8 billion yuan on a pre-tax basis. This figure dramatically surpasses the 191.03 billion yuan distributed by listed brokers during the same period last year. CITIC Securities leads the pack with record-high planned distributions, while several other brokers have also raised their per-share dividend payouts year-on-year.
Greater Dividend Commitment
CITIC Securities tops the interim dividend list, proposing a per-share dividend of 0.427 yuan, translating to a total cash payout of 6.672 billion yuan—an all-time high. This move underscores the firm's dedication to long-term value creation and its advocacy for a patient-capital investment philosophy. When measured against last year's interim dividend (0.29 yuan per share, totaling 4.298 billion yuan), CITIC Securities' proposed payout this year represents a substantial 55.23% surge. Several other major brokers have also presented compelling half-year distribution plans. Guotai Haitan proposes 0.3 yuan per share, amounting to 5.254 billion yuan in total dividends. CSC Financial, GF Securities, and China Galaxy Securities have earmarked 2.249 billion yuan, 1.956 billion yuan, and 1.64 billion yuan, respectively. Meanwhile, Huatai Securities, China Merchants Securities, Shenwan Hongyuan Group, and Guosen Securities each plan interim payouts exceeding 1 billion yuan.
Beyond the absolute distribution scale, the dividend payout ratio—calculated as proposed dividends divided by net profit attributable to the parent company—offers a transparent view of a broker's generosity. Among the 25 firms, Hongta Securities takes the lead with a 46.01% payout ratio, proposing 235 million yuan in interim dividends. Everbright Securities follows at 35.16%, while Shanxi Securities, CSC Financial, and CITIC Securities post ratios of 29.78%, 29.45%, and 28.58%, respectively. Nanjing Securities, Guotai Haitan, and Guoyuan Securities all maintain payout ratios above 25%. Year-on-year comparisons reveal that 18 of the 25 brokers have increased their per-share interim dividends, while five held steady, and the remaining two lacked comparable data from the previous year.
Liu Youhua, research director at Shenzhen PaiPaiWang Fund Sales Co., Ltd., commented that a confluence of factors, including improved performance and policy guidance, is driving listed brokers to elevate both the frequency and magnitude of their distributions. During the first half, active market trading boosted revenues and net profits across the sector, providing a solid profit base for dividends. Concurrently, ongoing policy initiatives encouraging normalized dividend practices are pushing brokers to shift from discretionary payouts to more institutionalized distribution frameworks. Overall, the increasing normalization of broker dividends enhances investor sentiment, strengthens the appeal to long-term institutional capital, and provides a degree of support for the sector's valuation recovery.
Mid-Year Payouts Becoming Standard Practice
The exceptional first-half performance stands as the foundation for the brokers' proactive dividend stance. During the period, 43 A-share listed brokers collectively generated operating revenue of 364.71 billion yuan, an annual increase of 45.87%, while aggregate net profit attributable to shareholders reached 155.37 billion yuan, up 49.01% year-on-year. Among these, 41 brokers reported profit growth, with 26 achieving gains exceeding 30%. Furthermore, listed brokers are actively formulating long-term dividend strategies to ensure continuity and transparency. This year, ten brokers have released shareholder return plans covering 2026 through 2028, with firms like Southwest Securities and Orient Securities explicitly committing to distribute no less than 30% of annually distributable profits in cash, thereby enhancing the predictability of shareholder returns.
Cao Zhe, chief investment officer at Aiwen Zhilue, noted that the enhanced dividend commitments and clear future distribution roadmaps not only demonstrate a broker's focus on shareholder value but also signal the industry's strong confidence in future operational prospects. Looking ahead, as capital market reforms continue to deliver benefits and business structures are refined, the earnings potential for brokers is likely to expand further, providing sustained capital for distributions. He expects the number of listed brokers participating in interim dividends to increase, with both payout frequency and aggregate amounts projected to climb steadily.
Liu Youhua further cautioned that the normalization of interim dividends places higher demands on the operational capabilities of listed brokers. Sustainable mid-year distributions must be anchored in stable profitability and dependable cash flow generation. To ensure long-term, consistent, and sustainable payouts, brokers need to improve operational efficiency and value-creation capacity, enhance the precise management of capital, and strike a careful balance between capital-intensive business expansion and shareholder return enhancement. This approach is essential for achieving a virtuous cycle between boosting investor returns and pursuing high-quality corporate development.
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