Goldman Sachs released a research report on June 24th stating that the investment theme centered on shareholder returns is taking shape in mainland China, with mainland-listed companies returning more than 2 trillion yuan annually to shareholders through dividends and buybacks over the past three years. The bank is bullish on this theme and has constructed a portfolio of Chinese stocks that prioritize shareholder returns, including stable cash flow-generating companies, companies with surprising dividends or buybacks, as well as certain SOEs. The portfolio includes 40 companies from 16 industries and is expected to achieve a shareholder return yield of 3%, a free cash flow yield of 5%, and a cash/market cap ratio of 16% by 2024. Some of the individual stocks in the portfolio include ICBC, BOC, CMB, PICC, Tencent, JD.com, BYD Company Limited, Yum China, ZTO Express, and Tongchengtravel.