Amid recent market turbulence triggered by external factors, the A-share market has experienced notable adjustments. For capital markets, establishing "certainty" is crucial for reinforcing "stability" during volatile periods. Cash dividends distributed by listed companies to reward investors serve as a vital pillar supporting the "certainty" of market investment value.
Data from the Shanghai Stock Exchange reveals that 856 listed companies on the A-share market have disclosed plans for 2026 interim dividends (including first-quarter and half-year reports), with total planned distributions reaching approximately 716.67 billion yuan.
Dividend Stability Continues to Strengthen
In recent years, an increasing number of listed companies have institutionalized shareholder returns, making interim dividends increasingly common. Statistics show that in 2022, only about 100 A-share companies distributed interim cash dividends. This figure surpassed 700 in 2024, reached 852 in 2025, and has grown to 856 this year. Dividend amounts remain at historically high levels, with interim dividend scale climbing from approximately 200 billion yuan in 2023 to consistently exceeding 700 billion yuan over the past two years.
Taking Shanghai-listed companies as an example, as of August 31, 427 Shanghai-listed companies have introduced interim dividend plans, with proposed cash payouts totaling 633 billion yuan. Among these, 423 companies have launched dividend plans based on their half-year reports, with proposed cash distributions exceeding 620.1 billion yuan. Additionally, 103 companies are introducing half-year report dividends for the first time in three years.
For instance, China Shipbuilding Industry Corporation and Luoyang Molybdenum (CMOC Group Limited) have announced their first-ever interim dividend plans in recent years, proposing payouts of approximately 3.5 billion yuan and 2 billion yuan respectively. Companies such as Yiwu Commodity Market (Zhejiang China Commodities City Group), YTO Express, and Yonghe Refrigeration are all "testing the waters" with half-year report dividends this year, with amounts ranging from 130 million to 550 million yuan. Several of these companies have achieved significant performance growth in the first half of this year—for example, Yonghe Refrigeration saw net profit surge 89% during the reporting period, while YTO Express recorded a 73% increase in net profit.
Shanghai-listed blue-chip companies continue to reward investors with substantial dividend payouts. A total of 59 Shanghai-listed companies have announced dividends exceeding 1 billion yuan, with 15 companies distributing more than 10 billion yuan. China Mobile, ICBC, and China Construction Bank lead the rankings with payouts of 54.4 billion, 53.9 billion, and 52.6 billion yuan respectively.
Overall, numerous listed companies have implemented interim dividends for multiple consecutive years, demonstrating continuously strengthening dividend stability. Among the 423 Shanghai-listed companies introducing half-year report dividend plans this year, 298 also implemented half-year dividends in 2025, with 55% of these companies increasing their interim dividend amounts year-on-year. Among companies distributing over 1 billion yuan, 49 have implemented half-year dividends for two consecutive years, with this year's planned total payout reaching 542.8 billion yuan, representing an 11% increase compared to the same period last year.
Furthermore, among the 423 Shanghai-listed companies, 190 have maintained half-year dividends for three consecutive years. Notably, 65% of these companies achieved earnings growth in the first half of the year, and nearly 60% recorded positive growth in net operating cash flow. For example, CITIC Securities and Guotai Haitong have announced interim dividends of 6.67 billion and 5.25 billion yuan respectively, with corresponding net operating cash flow growth of 248% and 410% during the reporting period.
The continuous increase in both the number of companies offering interim dividends and the scale of distributions reflects listed companies' capability to withstand external fluctuations and navigate economic cycles. Without a solid earnings foundation and robust cash flow, sustaining high-frequency, repeatable dividends would be impossible. The dividend boom highlights the endogenous strength of the real economy sector in resisting pressure and moving forward.
Market analysts suggest that when listed companies allocate real capital to reward investors in half-year reports, it typically indicates strong cash flow, high earnings quality, and genuine confidence in sustained, stable long-term development. "Advocating interim dividends does not mean requiring all companies to adopt a one-size-fits-all approach. For science and technology enterprises in expansion phases with heavy R&D investment pressure, prioritizing profit reinvestment into technological breakthroughs equally serves their long-term interests," noted one market analyst. From the actual dividend practices of listed companies, the vast majority make prudent decisions based on their specific circumstances, balancing immediate needs with long-term development.
Dividend ETFs Gain Favor
Through stable and predictable dividends, listed companies provide continuous cash flow returns to long-term investors such as social security funds and insurance companies, making them important allocation choices. The Shanghai Stock Exchange has actively responded to market demand for diversified low-volatility, stable products by consistently promoting the development of dividend ETFs and similar low-risk, steady-return instruments while enriching related product offerings.
As of the end of August, the Shanghai Stock Exchange has facilitated the listing of 12 dividend ETFs this year, with issuance scale exceeding 4 billion yuan. The overall scale of Shanghai-listed dividend ETFs has surpassed 180 billion yuan. The product lineup is becoming increasingly comprehensive, with underlying indices covering dividend quality, dividend low-volatility, central enterprise dividends, and dividend value. Shanghai-listed dividend ETFs have achieved an average annualized return exceeding 9% since listing, providing investors with sustained value returns and fully leveraging the ETF market's role in serving residents' wealth management needs.
Liu Jun, Deputy General Manager of ChinaAMC (Huatai-PineBridge), noted that high-dividend listed companies generally share common characteristics of stable operations, high earnings quality, and strong shareholder return awareness. Therefore, dividend indices composed of high-dividend listed companies can provide investors with greater certainty and security through relatively predictable fundamental performance and consistently stable dividend returns. In market environments where risk appetite periodically declines, these indices serve as indispensable "cushions" and "balancers" for the capital market.
"From the perspective of the assets themselves, dividend index constituents are predominantly mature industry leaders with stable profitability and abundant cash flow, maintaining relatively stable and sustainable dividends. The current dividend yield of the CSI Dividend Index stands at approximately 4%, still offering attractive investment value. Overall, dividend ETFs can provide investors with relatively stable dividend returns, thereby supporting orderly market operations," commented Yang Zhengwang, Fund Manager at E Fund Management.
If dividends represent listed companies "proactively sharing profits and rewarding the market," then share buybacks and major shareholder increases represent "proactively stabilizing the market and safeguarding valuations." Both approaches work in tandem to strengthen capital market certainty. Since the beginning of 2026, Shanghai-listed companies have announced 240 new buyback disclosures with planned upper limits exceeding 68.5 billion yuan, representing growth of 15% and 20% respectively. Additionally, 187 new increase disclosures have been announced with planned upper limits surpassing 27.5 billion yuan, using real capital to stabilize expectations and reinforce confidence.
Market analysts believe that listed companies, with quality and efficiency improvement as their core and dividend returns as their tool, convey development confidence and accumulate internal resilience, injecting continuous momentum for the market's long-term healthy development.
Comments