China Securities Regulatory Commission Data Show Listed Companies Have Paid Out and Repurchased Over 7 Trillion Yuan Since New 'Nine Guidelines'

China Securities Regulatory Commission data show that since the rollout of the new 'Nine Guidelines,' listed companies have cumulatively paid out dividends and repurchases worth more than 7 trillion yuan, with more than 2,000 companies paying dividends for five consecutive years and more than 1,000 companies conducting interim dividends, according to Jiemian News. On September 11, China Merchants CSI Dividend ETF (515080) announced its third dividend of the year, paying 0.15 yuan per 10 shares, with a dividend yield of 0.92% and a record date of September 15. Jiemian News said the ETF's regular quarterly dividend reflects the broader rise in dividend frequency and amounts among A-share listed companies. It also noted that as of September 10, the 40-day return gap between the CSI Dividend Total Return Index and the Wind All A Index had narrowed to 8.91% from a July peak, suggesting the earlier rapid rally may be cooling. The report added that overseas government bond yields have risen since July on higher inflation expectations, while a widening China-U.S. yield spread may ease pressure on the yuan and support demand for high-dividend assets. CITIC Securities reiterated the appeal of high-dividend allocations and said investors could focus on banks, utilities, telecoms and property services, while seeing better value in steel, coal, nonferrous metals, retail and non-bank financials. China Securities (CSC Financial) suggested a three-layer balanced approach with dividends as the core holding, citing high-growth offensive positions, dividend core holdings such as shipping, non-bank financials and banks, and low-level rebalancing in oil and gas, basic chemicals, coal and agriculture. The ETF tracks the CSI Dividend Index, which selects 100 stocks with high cash dividend yields, at least three years of dividend continuity and sufficient scale and liquidity.