With the end of the disclosure of the 2026 semi-annual report, the medium-term profit distribution plan for A-share listed companies was basically settled. Among them, the cash dividend situation attracted much attention. According to Wind data, 867 A-share companies are planning to pay cash dividends in the middle of this year, and the number of mid-term cash dividend companies has reached a record high. The mid-term cash dividends of A-share companies in recent years have gone through an evolutionary path from less to more: in 2022, only 100 listed companies paid mid-term cash dividends; in 2023, the number increased to more than 180; further “blowout” in 2024, to more than 700; further increased to more than 800 in 2025, reaching 852; and reaching 867 in 2026, a record high. Judging from the total amount of cash dividends for the medium term, the total amount of cash dividends proposed for the middle of 2026 exceeds 700 billion yuan, which is roughly the same as the middle of the previous year, and is at a high level in recent years. Judging from the scale structure, the 2026 mid-term dividend shows the remarkable characteristics of “leading leaders and industry concentration”. Industries such as petroleum and petrochemical, banking, telecommunications, and non-bank finance became the main dividend players, accounting for more than 60% of the total dividend amount. Large dividends are highly concentrated on central state-owned enterprises with abundant cash flow and leading enterprises in the industry.

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