Recently, the market has been relatively volatile, and dividend assets have stood out thanks to ample cash flow, attractive dividend returns, and strong earnings resilience, becoming an important direction for capital allocation.
In the eyes of many investors, such companies operate mature businesses with stable business models, strong willingness and capacity to pay dividends, and clear, predictable return paths.
Analysts believe that in a highly uncertain market environment, companies with sustained cash-generation capability are more likely to ride through cycles, and the dual offensive-defensive attributes of dividend stocks are gaining favor with more capital, with their allocation significance set to keep emerging.
Judging from recent disclosures by Shanghai-listed companies, a number of listed firms have ample cash on hand and have frequently taken dividend actions, with real money returns showing strong appeal, and a group of companies combining earnings support and dividend strength is becoming the focus of market attention.
Industrial and Commercial Bank of China (601398) stays true to a prudent operating approach, continues to implement a normalized dividend mechanism, and has built itself into a core high-dividend banking target with sustained and stable profits and solid risk-resistance capability.
The company's operations have maintained steady progress, with earnings resilience continuing to show. 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 assets have continued to expand, credit allocation has precisely matched the real economy, support for inclusive finance, green finance, and technology innovation finance has increased, 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 (including tax), with total cash distribution of about 53.853 billion yuan.
China Shenhua (601088), as an energy giant integrating coal, power, railways, ports, shipping, and coal chemical operations, is a sample for observing the quality of dividend assets.
Its third-quarter report showed 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 was 106.693 billion yuan, a record high for the same period in history, with the profit foundation remaining solid.
Operations are also improving. The company's coal base remains solid, the selling price of self-produced coal rose about 4% year on year, unit production cost fell to 158 yuan/ton, down 3.9%, and the gross margin of self-produced coal rose to 42.4%.
Beyond earnings, what impresses investors more is cash flow and dividends: net operating cash flow in the first three quarters was about 92.7 billion yuan, up 23.1% year on year, and monetary funds on hand at period-end exceeded 130 billion yuan. This solid foundation gives the company confidence to reward shareholders.
In late October, the company's 2026 interim dividend of about 21.256 billion yuan was paid, 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 growth and production increases together with shareholder returns.
Its third-quarter report showed 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 profit elasticity.
The foundation is also being strengthened: net oil and gas production in the first three quarters reached 593.7 million barrels of oil equivalent, a record high for the same period in history, with nine new projects successively coming onstream, and the cost moat remains clear.
The cash inflow is even more notable: net operating cash flow in the first three quarters was about 199.6 billion yuan, up 16.2% year on year. Ample cash flow supports large-scale and institutionalized dividends: since its Hong Kong listing in 2001, the company has paid cumulative dividends of more than 600 billion yuan and has always maintained two dividend payments each year.
The recently released 2026 Action Plan for Improving Quality, Increasing Efficiency, and Rewarding 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 operating resilience amid cyclical fluctuations in a 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 profit elasticity accelerating.
Along with higher volumes and revenue, its cash coffers are also growing: net operating cash inflow in the first three quarters 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 about 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 range of 30%-50%.
Shaanxi Coal Industry (601225), relying on high-quality coal resource endowment, continues to strengthen its core business 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 achieved relatively rapid growth, and earnings quality 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 core business saw both volume and price rise, self-produced coal output and sales grew steadily, and cost control results emerged. Net operating cash flow was 40.923 billion yuan, up 47.61% year on year, with solid cash flow reserves laying a safety cushion for continued dividends.
While strengthening its coal core business, the company is actively positioning itself in new energy, high-end chemicals, and other tracks, accelerating industrial transformation, hedging cyclical fluctuations, and broadening long-term development space.
In terms of shareholder returns, the company adheres to the concept of continuously rewarding investors and regularly implements interim dividends. Its 2026 interim dividend plan is 0.58 yuan per 10 shares (including tax), with total cash distribution of 562 million yuan.
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