With the completion of the disclosure of the third quarter financial statements of listed companies, the mid-term dividends of listed companies have also come to a temporary end. Since the beginning of this year, under the guidance and support of regulatory authorities, the mid-term dividend team of listed companies has continued to grow, and the dividend scale has continued to increase. According to data from Wind Information, as of November 5th, 1035 companies announced interim dividends (including quarterly, semi annual, and special dividends) for the year, with a total dividend amount of 735.686 billion yuan, exceeding last year's interim dividend amount. Among them, 316 companies received their first mid-term dividend. Multiple annual dividends by listed companies are not only a way to repay shareholders, but also a "signal" to demonstrate confidence and strength. Professor Han Qian from Lingnan College of Sun Yat sen University stated in an interview with Securities Daily that multiple dividends can provide investors with regular cash returns, reduce dependence on stock price fluctuations, and boost investor confidence; Listed companies can also attract long-term capital, optimize equity structure, and force companies to standardize cash flow management, focus on their main business, and improve profitability quality. For the capital market, it can guide funds from speculative themes to high-quality value targets, reduce short-term market fluctuations, attract long-term funds into the market, and promote the transformation of the market ecology towards maturity and stability. 26 companies with a total market value of billions of yuan have disclosed their mid-term dividend plans for the first time. Over the years, A-share companies often disclose their dividend plans when disclosing their annual reports, and implement dividends once a year. The new "National Nine Point Plan" proposes to enhance the stability, sustainability, and predictability of dividends, promote multiple dividends per year, pre dividends, and dividends before the Spring Festival. Currently, the wave of multiple dividend payouts over the course of a year is sweeping across A-shares. According to Wind Information data, as of November 5th, 316 listed companies have disclosed their first mid-term dividend plans since going public, involving a total dividend amount of 105.772 billion yuan. Among the 316 companies mentioned above, there are 146 companies with a total market value exceeding 100 billion yuan, accounting for 46.2%. Among them, 26 companies have a total market value exceeding 100 billion yuan. In the eyes of market participants, the proactive response of top companies indicates that the concept of shareholder returns in the capital market is gradually deepening. Cheng Fengchao, a member of the Academic Advisory Committee of the China Association of Listed Companies, stated in an interview with reporters that more and more companies are now focusing on cash flow and returns, which means that companies are paying more attention to operational quality and shareholder returns, and also indicates that the ecology of the capital market is being optimized. State owned enterprises and private enterprises are advancing together, and investors are receiving "real gold and silver" returns. From the perspective of enterprise attributes, among the 316 companies mentioned above, there are a total of 89 central state-owned enterprises and local state-owned enterprises, accounting for 28.16%, with a planned dividend amount of 61.339 billion yuan, accounting for 57.99%. Profitability is the foundation of dividends. In the first three quarters of this year, the total operating revenue of the 316 companies mentioned above was 5.56 trillion yuan, a year-on-year increase of 7.19%, and the total net profit attributable to the parent company was 484.43 billion yuan, a year-on-year increase of 9.65%. 29 companies had a net profit of over 3 billion yuan in the first three quarters, of which 11 companies had a net profit of over 10 billion yuan in the same period. Multiple dividends are a direct reflection of a company's profitability and cash flow stability. The continuous dividend arrangement reflects the stable profitability of the enterprise and also sends a positive business signal to the market. ”Zhang Wenyu, a strategic analyst at Zhongtai Securities, stated in an interview with Securities Daily that from the perspective of the capital market, top companies taking the lead in implementing multiple dividends can help establish a market orientation centered on investor returns, form a demonstration effect, and promote the reshaping of the entire market valuation system. From a regulatory perspective, this is also an important measure to implement the spirit of the new "National Nine Articles" and improve the dividend constraint mechanism for listed companies. Strengthening institutional incentives and creating a "dividend friendly" environment to guide and promote more listed companies to practice multiple dividends per year, creating a market culture that rewards shareholders, attracting and retaining long-term value investors, has become an important task in the reform and development of the capital market. On October 27th, the China Securities Regulatory Commission issued the "Several Opinions on Strengthening the Protection of Small and Medium sized Investors in the Capital Market", proposing multiple measures to guide listed companies to implement multiple annual dividends while ensuring sustainable development, enhancing the stability, sustainability, and predictability of dividends. In the eyes of market participants, guiding more companies to practice multiple annual dividends can start from strengthening positive incentives, enhancing dividend constraint mechanisms, and cultivating a dividend culture. Zhang Wenyu believes that the first is institutional incentives. By optimizing dividend assessment indicators and incorporating dividend policies into the information disclosure and corporate governance evaluation system of listed companies, financing and refinancing convenience can be provided to enterprises that continue to receive dividends; Next is tax system optimization, studying the extension of the deferred policy period for dividend tax, further reducing the tax burden on long-term equity investors, and creating a "dividend friendly" environment; Finally, there is cultural guidance to strengthen the concept of "investor returns are the core competitiveness" of listed companies, especially for state-owned and central enterprise listed companies, to promote the establishment of a hard constraint mechanism for dividend assessment and form a demonstration and driving effect. Cheng Fengchao believes that we can start from two aspects. On the one hand, regulatory authorities can require listed companies to disclose their dividend policies, and on the other hand, optimize incentive mechanisms, such as optimizing tax policies and linking state-owned enterprise assessments with dividends. In addition, enriching dividend index products, in terms of valuation, index weight, and investment rating, allows high dividend companies to receive premiums, forming positive incentives. (New Society)