According to financial news on December 29 (Editor: Li Chen), the enthusiasm for dividends among A-share listed companies is unprecedented. Data from Choice shows that as of the time of writing, 3,972 listed companies have implemented cash dividends this year, with a total cash dividend amount of 2.39 trillion yuan, reaching new highs in both the number of dividend-paying companies and the total dividend amount.

In terms of dividend amounts from listed companies, 34 stocks distributed over 10 billion yuan in dividends this year. Among them, Industrial And Commercial Bank Of China has the highest dividend amount for the year, at 109.203 billion yuan, followed by China Construction Bank with a dividend amount of 100.004 billion yuan. CHINA MOBILE ranks third with a dividend amount of 97.844 billion yuan. Petrochina and Agricultural Bank Of China both have dividend amounts exceeding 80 billion yuan, ranking fourth and fifth, respectively. Bank Of China and Kweichow Moutai have dividend amounts of 69.593 billion yuan and 68.787 billion yuan, ranking sixth and seventh. The stocks ranked eighth to tenth are China National Offshore Oil Corporation, CM BANK, and China Shenhua Energy. The specifics are as follows:

From the perspective of sector distribution, stocks with dividend amounts exceeding 10 billion yuan in 2024 are concentrated in sectors such as Banks, Communication, Petroleum and Petrochemicals, CSI SWS Food & Beverage index, and Coal.

As of the time of writing, Industrial And Commercial Bank Of China is the stock with the highest dividend amount for the year, at 109.203 billion yuan. Wind data shows that the Industrial And Commercial Bank Of China has cumulatively distributed cash dividends 19 times since its listing, with a total cash dividend amount of 1,466.623 billion yuan. Dongguan Securities analyst Wu Xiaotong stated in a research report published on December 25 that considering the liquidity aspect, the Banks sector continues to attract incremental funds, and the expectation of valuation reconstruction is strengthening. First, the trend of insurance capital increasing allocation for high-dividend sectors and incorporating it into FVOCI may continue and strengthen; second, with the advancement and implementation of policies like market cap management, swap convenience, and share repurchase increases, analysts expect that funds will continue to gather liquidity in directions that align with policy guidance such as undervalued stocks with low prices-to-book ratios and high dividends.

CHINA MOBILE ranks third, with a dividend amount of 97.844 billion yuan for the year. Analysts from Huaxin Securities, including Mao Zheng, stated in a research report published on December 11 that CHINA MOBILE will focus on three major initiatives in the second half of the year: First, the "two new types" upgrade plan, gradually upgrading to new information infrastructure such as computing power networks, low-altitude economy, and Satellite Internet, as well as corresponding new information service systems. Second, the "AI+" action plan, on one hand, achieving economies of scale in AI technology capability, systematically enhancing the supply capacity of large computing power, Big Data, and large models, creating super large-scale intelligent computing clusters, and accumulating a trillion-level token data set, while advancing the training of trillion-parameter large models; on the other hand, realizing economies of scale in AI economic benefits through innovative integration of AI and other new technologies, empowering AI applications in personal, family, and government-enterprise markets, such as AI+DICT, etc. Third, the "BASIC6" technology innovation plan, vigorously promoting technological innovation in fields such as Big Data, AI, security, capability platforms, computing power networks, and 6G, which has already achieved remarkable effectiveness.

Petrochina ranks fourth with a dividend amount of 82.359 billion yuan for the year. According to Petrochina news, as of December 17, Petrochina used electric-driven fracturing equipment with a total of 1.285 million hydraulic horsepower during this year's peak, which is a 25.5% increase in annual workload year-on-year, creating the highest level for the same period in history, with a localization rate of 100% for equipment, indicating that Petrochina's electric-driven fracturing scale and key technologies have reached international advanced levels. Electric-driven fracturing is a fracturing operation technology that uses electric-driven equipment. Compared with traditional diesel-driven fracturing, it has advantages such as lower costs, eco-friendliness, improved speed and efficiency, and autonomous control, effectively saving costs for fuel, labor, and maintenance, while significantly improving construction efficiency.

Kweichow Moutai ranks seventh, with a dividend amount of 68.787 billion yuan for the year. Analysts from Orient, including Ye Shuhua, stated in a research report published on December 27 that on December 25, Kweichow Moutai's 2025 dealer symposium was held in Guiyang. Wang Li, the deputy secretary of the Party Committee and general manager of Moutai Group, said that Kweichow Moutai is expected to smoothly complete the goals set at the beginning of the year in 2024, with revenue and profit maintaining double-digit growth. Looking ahead to 2025, in terms of products, the output of Feitian 53-degree 500ml Kweichow Moutai will slightly increase year-on-year, the output of precious Kweichow Moutai will decrease, and the output of Feitian 53-degree 1000ml Kweichow Moutai will increase, further strengthening the status of the popular Maotai single product as the base of the “pyramid” of the olive-shaped product matrix.

China Shenhua Energy ranks tenth, with a dividend amount of 44.903 billion yuan this year. According to Wind data, China Shenhua has had a total of 18 cash dividend distributions since its listing, amounting to a cumulative cash dividend of 416.096 billion yuan. On December 26, China Shenhua announced that its Dongsheng East to Taige Miao Railroad project received approval from the Development and Reform Commission of Inner Mongolia Autonomous Region. This project is located in the Yijinhuoluo Banner and Kangbashi District of Ordos City, Inner Mongolia, with a main line length of 97.611 kilometers and a connecting line length of 8.915 kilometers, with a total investment of approximately 11.347 billion yuan.