Recently, the market has experienced considerable volatility, and dividend assets have stood out thanks to their ample cash flow, attractive dividend yields, and strong earnings resilience, becoming a key direction for capital allocation.
In the eyes of many investors, these companies have mature operations, stable business models, strong willingness and capacity to pay dividends, and a clear and predictable return path.
Analysts believe that in a highly uncertain market environment, companies with sustained cash-generating ability are more likely to ride out cycles, and the offensive-and-defensive attributes of dividend stocks are gaining favor with more capital, with their allocation significance set to become increasingly prominent.
Judging from recent disclosures by Shanghai-listed companies, a batch of listed firms with abundant cash on hand and frequent dividend actions are offering tangible returns that demonstrate strong appeal, and a group of companies with both earnings support and dividend strength is becoming the focus of market attention.
Industrial and Commercial Bank of China (601398) adheres to a steady operating approach, continuously implements a normalized dividend mechanism, and leverages sustained and stable profitability along with solid risk-resistance capabilities to establish itself as a core high-dividend target in the banking sector.
The company's operations have maintained steady progress, with earnings resilience continuing to emerge. In the first three quarters, the company achieved operating revenue of 695.947 billion yuan, up 8.74% year on year; net profit attributable to shareholders of 285.640 billion yuan, up 5.83% year on year; and non-recurring net profit attributable to shareholders of 284.926 billion yuan, up 5.76% year on year.
The company's total asset scale has continued to expand, credit allocation has precisely targeted the real economy, support for inclusive finance, green finance, and technology innovation finance has been strengthened, the asset-liability structure has been continuously optimized, and the net interest margin foundation has been steadily consolidated.
In terms of shareholder returns, the company has long adhered to a stable and transparent dividend policy, with strong dividend continuity and clear expectations. Its 2026 interim dividend plan is 1.511 yuan per 10 shares (tax included), with total cash distribution of approximately 53.853 billion yuan.
China Shenhua (601088), as an energy giant integrating coal, power, railways, ports, shipping, and coal chemical operations, serves as a sample for observing the quality of dividend assets.
Its third-quarter report shows that in the first three quarters, the company achieved operating revenue of 296.031 billion yuan and net profit attributable to shareholders of 44.403 billion yuan, up 9.0% and 3.8% year on year respectively. In the third quarter alone, revenue reached 106.693 billion yuan, a record high for the same period in history, with a solid earnings foundation.
Operations are also improving. The company's coal base remains solid, with the selling price of self-produced coal rising about 4% year on year, unit production cost falling to 158 yuan per ton, down 3.9%, and the gross margin of self-produced coal rising to 42.4%.
Beyond earnings, what impresses investors more is cash flow and dividends: in the first three quarters, net cash flow from operating activities was approximately 92.7 billion yuan, up 23.1% year on year, and monetary funds on hand at period-end exceeded 130 billion yuan. This solid "family foundation" provides confidence for rewarding shareholders.
In late October, the company's 2026 interim dividend of approximately 21.256 billion yuan was paid in place, at 0.98 yuan per share, accounting for 74% of net profit attributable to shareholders in the first half.
China National Offshore Oil Corporation (600938) takes offshore oil and gas exploration and development as its core business and ties "reserve and production growth" with "shareholder returns" into one rope.
Its third-quarter report shows that in the first three quarters, the company achieved operating revenue of 355.574 billion yuan and net profit attributable to shareholders of 119.12 billion yuan, up 13.8% and 16.8% year on year respectively, fully releasing earnings elasticity.
The fundamental base is also being consolidated: in the first three quarters, net oil and gas production reached 593.7 million barrels of oil equivalent, a record high for the same period in history, with nine new projects put into production successively, and the cost moat remains clear.
The real cash inflow is even more notable — net cash flow from operating activities in the first three quarters was approximately 199.6 billion yuan, up 16.2% year on year.
Abundant cash flow supports large-scale and institutionalized dividends: since its Hong Kong listing in 2001, the company has paid cumulative dividends exceeding 600 billion yuan and has consistently maintained two dividend payments each year. Its recently released "2026 Action Plan for Improving Quality, Increasing Efficiency, and Focusing on Returns 2.0" further clarifies that the annual dividend payout ratio will be no less than 45%.
COSCO Shipping Holdings (601919), with container shipping and terminal operations as its core businesses, demonstrated operational resilience amid cyclical fluctuations in its third-quarter report.
In the first three quarters, the company achieved operating revenue of 187.614 billion yuan and net profit attributable to shareholders of 30.649 billion yuan, up 11.94% and 13.22% year on year respectively. In the third quarter alone, net profit attributable to shareholders was 17.230 billion yuan, up 80.73% year on year, with earnings elasticity accelerating.
Along with rising volumes and revenue, its "money bag" is also growing: in the first three quarters, net cash inflow from operating activities was 47.909 billion yuan, up 19.83% year on year.
This confidence is continuously being converted into shareholder returns: the company's 2026 interim dividend was 0.43 yuan per share, totaling approximately 6.544 billion yuan, and was paid on October 23.
The company has adhered to two dividend payments a year for many years and has made clear that its dividend ratio for 2025-2027 will be in the 30%-50% range.
Shaanxi Coal Industry (601225), relying on its high-quality coal resource endowment, continues to strengthen its core business operations and uses steady performance and ample cash flow to safeguard shareholder returns, building itself into a high-dividend value target.
The company's operating performance has achieved relatively rapid growth, and earnings quality has continued to improve. In the first three quarters, the company achieved operating revenue of 122.766 billion yuan, up 3.97% year on year; net profit attributable to shareholders of 17.065 billion yuan, up 34.23% year on year; and non-recurring net profit attributable to shareholders of 15.514 billion yuan, up 34.98% year on year.
During the reporting period, the coal main business saw both volume and price rise, production and sales of self-produced coal grew steadily, and cost control results emerged. Net cash flow from operating activities was 40.923 billion yuan, surging 47.61% year on year. Its thick cash flow reserve lays a safety cushion for continued dividends.
While strengthening its coal main business, the company is actively positioning itself in new energy, high-end chemicals, and other tracks, accelerating industrial transformation, hedging against cyclical fluctuations, and broadening long-term development space.
In terms of shareholder returns, the company adheres to the philosophy of continuously giving back to investors and routinely implements interim dividends. Its 2026 interim dividend plan is 0.58 yuan per 10 shares (tax included), with total cash distribution of 562 million yuan.
A MACD golden cross signal has formed, and these stocks are rising well!
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