147 A-share firms to distribute 34.8 billion yuan in pre-holiday cash dividends, led by Ping An Bank and Fuyao Glass

By Ye Maisui, 21st Century Business Herald

As market volatility persists, stable dividend payouts have once again become the preferred safe-haven strategy for retail investors and long-term capital.

A-share listed companies are significantly accelerating the pace of mid-year dividend distributions in 2026. Ahead of the National Day holiday, the market is set to enter a concentrated cash dividend window, with record dates concentrated between September 21 and September 30. Numerous companies are adopting a "bonus payout" model, delivering modest but welcome returns to investors.

According to the latest market data compiled by our team, a total of 147 A-share companies have implemented mid-year cash dividend plans before the holiday, with cumulative total dividends reaching 34.8 billion yuan. Among them, several industry leaders have made generous payouts, with a cluster of companies distributing dividends in the billions. Core sectors such as banking, consumer goods, and manufacturing lead the pack, with a wave of high-dividend, high-quality targets emerging, offering cost-effectiveness far exceeding that of ordinary bank wealth management products.

Financial Sector Leads the Dividend Wave

Within this round of dividend distributions, the financial sector stands out as the "main dividend force," with multiple banks presenting impressive and sincere payout plans.

Ping An Bank tops the list for this round of dividends. The company's record date is September 23, with ex-dividend and ex-rights taking effect on September 24. The bank will distribute 2.49 yuan (including tax) per 10 shares, with a total semi-annual dividend payout reaching 4.832 billion yuan. As of the close on September 18, its TTM dividend yield stood at 5.21%, a prominent advantage among large-cap blue chips.

In addition, Hangzhou Bank and Shanghai Rural Commercial Bank also performed strongly. Both banks reported semi-annual dividend payouts exceeding 2 billion yuan, with dividend yields all surpassing 4%.

Manufacturing Giant Fuyao Glass Sets Benchmark

In the non-financial sector, manufacturing leader Fuyao Glass stands out as a "dividend benchmark" among real economy enterprises. The company will distribute 10 yuan (including tax) per 10 shares, with a total dividend payout of 2.61 billion yuan. The payout ratio reaches 65.73% of its first-half net profit attributable to the parent company. A-share shareholders are entitled to 2.003 billion yuan in dividends. The record date and ex-dividend date are consistent with those of Ping An Bank.

Consumer and Healthcare Giants Join the Payout Wave

Beyond banking and manufacturing, leading companies in sectors such as consumer goods and healthcare are also distributing substantial dividends. Industry leaders including Eastroc Beverage, Yunnan Baiyao, and Giant Network are each paying out dividends exceeding 1.5 billion yuan before the holiday, with dividend yields all surpassing 3%. Notably, Yunnan Baiyao's dividend yield exceeds 5%, offering strong defensive characteristics amid market volatility.

Ultra-High Dividend Yields Attract Investor Attention

In this round of dividend distributions, targets with ultra-high dividend yields have drawn the most capital attention. As one-year bank deposit rates continue to decline, among the 147 companies distributing dividends before the holiday, 31 companies have dividend yields exceeding 3%, and 9 companies have broken through 5%, far surpassing fixed deposit returns.

Tower Group leads the pack with a dividend yield of 8.53%, emerging as the biggest dark horse in this round. The company will distribute 1.3 yuan per 10 shares, with a cumulative dividend payout of 152 million yuan and a payout ratio close to 70%. More importantly, the company's dividend policy is not a one-off event; its long-term dividend stability is exceptionally strong. Its average dividend yield over the three years from 2023 to 2025 stands at 6.69%. Since its listing in 2008, the company has conducted 22 cash dividend distributions, with a total payout of 7.107 billion yuan, highlighting its strong track record of rewarding long-term shareholders. The company also noted that the southern China cement market is entering its traditional peak season in September, and a recovery in demand is expected to drive an upturn in industry sentiment, making subsequent performance improvements worth watching.

Other companies, including Chaohua Jewelry, Xiantan Shares, and Zuoli Pharmaceutical, also have dividend yields exceeding 5%. Among them, Xiantan Shares has achieved a remarkable record of 14 consecutive years of profitability, with net profit attributable to the parent company never falling into the red from 2012 to 2025, making it a rare "zero-loss" target in the A-share livestock and poultry breeding sector. Since its listing, the company has distributed a total of 1.541 billion yuan in dividends, with an average payout ratio of 48.28%, earning long-term recognition from institutional investors. The National Social Security Fund portfolio has held its shares for 27 consecutive quarters.

Editor's Note

In a volatile market, the high-dividend strategy remains the most prudent investment approach for ordinary investors, offering both potential gains from price recovery and stable passive income from dividends. However, investors should exercise caution, prioritizing targets with stable dividend records, solid fundamentals, and sustainable earnings, while avoiding the trap of one-off high dividends. A long-term, steady approach to portfolio allocation is recommended.

Risk Disclaimer: The data in this article is for reference only and does not constitute any investment advice.