CSI 300 Dividend 61 Constituent Stocks Distribute 558 Billion Yuan in Dividends, Institutions: Dividend Assets Are Shifting from "Defense" to Market "Value Anchor"

As April approaches, A-share listed companies are entering a busy annual report disclosure period, with many companies increasing their dividend payouts. Data shows that as of 21:00 on March 26, 406 listed companies have announced their year-end dividend plans, accounting for nearly 94% of profitable listed companies.

Among them, the CSI Dividend Index constituent stocks have become the main force in this round of dividend distribution. As of March 26, 2026, the index has 61 constituent stocks disclosing their 2025 dividend plans, with a cumulative cash dividend total reaching 558 billion yuan, of which 15 companies have dividends exceeding 10 billion yuan.

From historical dividend records, the dividend payout ratio of CSI Dividend Index constituent stocks has remained stable in the range of 33%-45% over the years.

In 2024, the 100 constituent stocks of the index paid a total dividend of 921.99 billion yuan, with a dividend payout ratio of 36.19%; in 2023, 96 constituent stocks paid a dividend of 855.194 billion yuan, with a dividend payout ratio of 36.08%. The consistently high dividend record confirms the sustainable dividend capability of the index constituent stocks.

Data shows that as of March 26, the latest dividend yield of the CSI Dividend Index has reached 4.94%, while the yield on ten-year government bonds during the same period is only 1.82%, resulting in a spread of over 3 percentage points that provides significant allocation advantages for the high-dividend assets covered by the index in a low-interest-rate environment.

CSI Dividend ETF (515080) tracks the benchmark dividend asset index of A-shares—the CSI Dividend Index, primarily selecting 100 stocks with high cash dividend yields, continuous dividends for three years or more, and certain scales and liquidity as constituent stocks. As of the end of 2025, since its establishment, the ETF has achieved a cumulative return of 102.18%, with an excess return rate of 71.28% relative to the performance benchmark, which is significantly high.

Guojin Securities pointed out that against the backdrop of rising global macro uncertainty and a downward adjustment in domestic interest rate centers, dividend assets are undergoing a profound transformation from traditional “defensive allocation” to market “value anchors.”

Faced with a switch in global growth momentum and a rising volatility center, the market pricing logic has shifted from chasing forward growth elasticity to locking in the certainty of operating cash flows. Dividend assets, with their characteristics of “high dividends, stable payouts, and low valuations,” have established a unique “volatility hedge” paradigm.

Driven by the “asset shortage” and the expansion of long-term capital allocation needs, dividend assets are experiencing a systematic enhancement of valuation systems and allocation value.

(Author: Zhang Xiaobo)

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