**: CBN.
In recent years, the level of buybacks and dividends of A-share listed companies has been continuously improved, the relevant index system has been continuously improved, and the scale of index products has gradually increased.
Taking the Shanghai Stock Exchange as an example, since the beginning of this year, nearly 300 listed companies in the Shanghai Stock Exchange have disclosed share repurchase plans, with a total maximum planned amount of nearly 75 billion yuan. In 2022, more than 1,500 listed companies on the Shanghai Stock Exchange will pay cash dividends, more than 70% of the total number of listed companies in the Shanghai Stock Exchange, and the number of listed companies that have paid cash dividends for 10 consecutive years will account for nearly 40%, and the annual cash dividend amount has reached 17 trillion yuan, more than the sum of the amount of IPO, refinancing and major shareholders' shares, and the average dividend yield reached 36%。
In terms of index products, up to now, including SSE Dividend, CSI Dividend, Dividend Low Volatility, etc., the overall scale of dividend index products has exceeded 63 billion yuan, doubling the scale at the end of last year.
In March and October 2022, the Shanghai Stock Exchange and China Securities Index Company successively revised the compilation plans of the SSE Dividend Series and the CSI Dividend Series Index, further strengthening the characteristics of the index with sustainable dividends and high dividend yield. The dividend growth index series released in November 2022 depicts the dividend performance of listed companies from the perspective of sustainable growth of cash dividends, forming a differentiated positioning from traditional high-dividend strategies.
The SSE Repo, CSI Repo, CSI Repo Value Strategy and CSI Repo Quality Strategy Index, released in October 2023, are the first index series focusing on share repurchases in China, aiming to guide listed companies to focus on shareholder returns.
In addition to the above-mentioned indexes, the 180 Dividend Index and 380 Dividend Index combined with the broad-based index, the SSE and CSI Dividend Low Volatility Indices combined with the low-volatility factor, the Central Enterprise Dividend 50 Index combined with the theme of central enterprises, and the launch of the SSE and CSI Shareholding and Repurchase Event Indices have also attracted market attention.
Up to now, the number of SSE and CSI dividend series indices has reached 69, and the number of repurchase series indices has reached 6, and the supply of indices has become increasingly rich, covering a variety of strategy types, covering the domestic, Hong Kong, Shanghai, Shenzhen and Hong Kong markets.
Since the beginning of this year until December 15, the Shanghai Composite Dividend Index has been **41%, CSI Dividend Index**15%, SSE Dividend Low Volatility Index**81%, CSI Dividend Low Volatility Index**61%, SSE Repo Index**60%, CSI Repurchase Index**62%。The all-return index after taking into account dividend income has performed better, and the SSE Dividend All-Return Index, for example, has achieved a return of 10. year-to-date6%。
On the evening of December 15, the China Securities Regulatory Commission issued the revised "Rules for Share Repurchase of Listed Companies" and "Regulatory Guidelines for Listed Companies No. 3 - Cash Dividends of Listed Companies". The Shanghai and Shenzhen ** stock exchanges have simultaneously revised and improved the relevant supporting rules and clarified the operational requirements.
Among them, the Shanghai Stock Exchange revised and issued the Guidelines for Share Repurchase, the Guidelines for Standardized Operation and supporting business guidelines, and improved the two systems of share repurchase and cash dividends. That is, to lower the repurchase threshold and further improve the repurchase constraint mechanism;Further strengthen the guidance of increasing cash dividends, and urge listed companies to reasonably determine dividend plans.
Some industry insiders said that this will further promote the continuous improvement of the buyback, dividend index system and indexed investment ecology, which will help better play the functions of long-term investment, rational investment, and value investment concept guidance, and deepen the reform of the investment side. At the same time, the development space of domestic repurchase and dividend indexation investment will continue to expand.