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On April 12, 2024, the State Council issued some opinions on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market (the new "National Nine articles") and the "opinions on strengthening the Supervision of listed companies (for trial implementation)" issued by the Securities Regulatory Commission on March 15 of the same year. "strengthen the supervision of cash dividends of listed companies", it is clearly pointed out that it will be reduced and implemented by restricting the controlling shareholders in the future.BestblockchaingamingplatformHe tightened restrictions on companies whose dividends were not up to standard by means of risk warning (ST).
Under the strong guidance of the policy, the cash dividend situation of listed companies has improved significantly in 2023. As of April 30, 2024, a total of 3864 listed companies (listed on or before 2023, the same below) have disclosed the profit distribution plan for 2023 and are expected to implement dividends, accounting for 72% of the A shares that have disclosed the plan.Bestblockchaingamingplatform.5%, a significant improvement in 5.77pct compared with the proportion of listed companies that implemented dividends in 2022, reversing the trend decline of the data since 2018.
The enthusiasm and persistence of dividends of listed companies have improved significantly in 2023. The median ratio of all-A dividend [1] in 2023 was 30.37%, which was significantly higher than the 20.96% in 2022, indicating a significant improvement in the dividend intensity of listed companies. Among them, the proportion of companies with dividends for five consecutive years increased from 45.82% in 2022 to 47.47% in 2023, while the proportion of companies with continuous improvement in dividend ratio for three consecutive years increased from 4.79% in 2022 to 6.17% in 2023, indicating that with the improvement of the A-share dividend system, the stability and predictability of dividends of listed companies are gradually improving.
[1] the dividend of most companies in 2023 has not been implemented yet. Here, the total annual cash dividend (announced) is used to measure the dividend ratio in 2023.
From the point of view of the primary industry, the proportion of dividends in the consumer goods sector is generally high. The primary industries were ranked in descending order of the median dividend ratio in 2023, with food and beverage (49.59%), household appliances (43.50%), textiles and clothing (39.90%) and light industrial manufacturing (34.35%) all in the top five. In addition, the median dividend ratio of the coal industry in 2023 also reached 38.47%, ranking fourth.
From a dynamic point of view, the median dividend ratio of the social service industry in 2023 has improved significantly compared with 2022 (+ 22.82pct). In addition to benefiting from the general improvement in corporate dividend ratio, a greater contribution comes from the significant increase in the number of dividend shares in the industry in 2023 compared with 2022 (+ 24.36pct). Media (+ 21.34pct), textile and apparel (+ 18.03pct), trade and retail (+ 17.90pct) are also relatively at the top of the median dividend ratio in 2023. In the same period, the median dividend ratio of real estate (- 9.13pct), agriculture, forestry, animal husbandry and fishing (- 8.69pct) in 2023 is significantly lower than in previous years, mainly due to the downward fundamentals of the industry, it is difficult to support a large proportion of dividends.
According to the dividend yield of the primary industry under the overall approach [2], even after the continuous rise since the 23H2, coal (6.54%) is still the industry with the highest dividend yield in 2023, followed by banks (6.26%), petrochemical (5.15%) and household appliances (3.88%). Dynamically, the dividend yields of the food and beverage (+ 0.72pct), commercial retail (+ 0.68pct) and light industrial manufacturing (+ 0.57pct) industries in 2023 are significantly better than those in 2022, while the dividend yields of the petroleum and petrochemical (- 2.90pct) and coal (- 2.17pct) sectors declined significantly in 2023.
[2] in the calculation of the dividend yield under the holistic approach, the market capitalization takes the market value of the last trading day of the year, the total dividend in 2022 is taken as the total dividend actually implemented in that year, and the total annual cash dividend (announced) is adopted in 2023.
Further observation of the distribution of the dividend yield of individual stocks in the first-tier industry in 2023 shows that the median dividend yield of the banking sector is the highest (5.98%), and the horizontal distribution of the dividend yield of individual stocks is relatively concentrated, and the dividend yield of most stocks is more than 3%. The median dividend yield of coal stocks in 2023 (4.52%) was the second, while that of other sectors was less than 2%. The median dividend yield of the oil and petrochemical sector in 2023 is relatively low (0.49%), but the high dividend characteristics of the leading companies represented by "three barrels of oil" are more significant.
It is only a historical data analysis report and does not constitute recommendations and recommendations to the industry or individual stocks.