Public companies increase dividend payouts; 61 constituent stocks of the CSI Dividend Index distribute nearly 560 billion yuan in dividends. Dividend assets are undergoing a valuation system overhaul.

CSRC High-Dividend Index: 61 constituent stocks distribute 558 billion yuan in dividends; institutions: High-dividend assets are shifting from “defense” to a market “value anchor”

As April approaches, A-share listed companies are entering a period of heavy annual-report disclosures, and many listed companies are increasing their dividend payouts. Data show that as of 21:00 on March 26, a total of 406 listed companies have released their final dividend plans, accounting for nearly 94% of profitable listed companies.

Among them, the constituent stocks of the CSRC High-Dividend Index have become the main force behind this round of the dividend wave. As of March 26, 2026, the index has 611 constituent stocks that have disclosed their 2025 dividend plans, with a cumulative cash dividend total of 5580 billion yuan****, including 15 companies that have distributed more than 100 billion yuan each.

Based on historical dividend-payment records, the CSRC High-Dividend Index constituent stocks’ annual dividend payout ratios have remained stable in the33%-45% range.

In 2024, the 100 constituents of the index delivered a total of 921.99 billion yuan in dividends, with a dividend payout ratio of 36.19%; in 2023, the 96 constituent stocks paid 855.194 billion yuan in dividends, with a dividend payout ratio of 36.08%. Sustained and stable high-dividend records confirm that the index constituents have sustainable dividend-distribution capacity.

Data show that as of March 26, the CSRC High-Dividend Index’s latest dividend yield is 4.94**%**. In the same period, the yield to maturity on 10-year government bonds is only 1.82%, and the dividend spread of more than 3 percentage points gives the high-dividend assets covered by the index significant allocation advantages in a low interest-rate environment.

CSRC High-Dividend Merchants****ETF (515080) tracks the A-share benchmark high-dividend asset index—the CSRC High-Dividend Index. It mainly selects 100 stocks with high cash dividend yields across the two markets, dividend continuity of three years or more, and a certain size and liquidity, as constituents. By the end of 2025, since the launch of the ETF, the cumulative return has been 102.18%, and the excess return versus the performance benchmark has been 71.28%****, with clear outperformance.

Guojin Securities said that against the backdrop of rising global macro uncertainty and the downward shift in China’s interest-rate “center of gravity,” high-dividend assets are undergoing a profound transformation from traditional “defensive allocation” to a market “value anchor.”

With the shift in global growth momentum and the rise in the volatility “center of gravity,” the market’s pricing logic has moved from chasing forward-looking growth elasticity to locking in the certainty of operating cash flows. Relying on the characteristics of “high dividend, stable dividends, and low valuation,” high-dividend assets have established a distinctive “volatility-hedging” paradigm.

Driven by the “lack of desirable assets” and the expansion in allocation needs from long-term capital, high-dividend assets are entering a systematic improvement in the rebuilding of valuation frameworks and the enhancement of allocation value.

Risk warning: Funds involve risk; invest with caution.