Goldman Sachs has released a research report indicating that the investment theme focused on shareholder returns is taking shape in mainland China. Mainland-listed companies have returned more than 2 trillion yuan to shareholders each year through dividends and buybacks over the past three years. The bank is bullish on this theme and has constructed a Chinese stock shareholder return portfolio that includes companies with stable cash flows, surprising dividend or buyback policies, and specific state-owned enterprises. This portfolio consists of 40 companies from 16 industries, with an expected shareholder return yield of 3%, a free cash flow yield of 5%, and a cash/market value ratio of 16% by 2024. The individual stocks in the portfolio include ICBC, BOC, CCB, PICC, Tencent, JD.com, BYD Company Limited, Yum China, ZTO Express, and Tongchengtravel.