The new "National Nine Rules" is about to mark its two-year anniversary of implementation, and there have been significant changes in shareholder returns!

Ask AI · How will the new “Nine Regulations of the State” guide the capital markets toward a return-first approach?

The new “Nine Regulations” are about to mark their two-year implementation anniversary. On April 12, 2024, the document titled “Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market” was released. Over the past two years, under the guidance of the new “Nine Regulations,” as a series of reform measures took hold, the investment and financing ecosystem of the capital market has undergone fundamental change. Most notably, the market’s return level has improved significantly.

Data show that in 2024, dividends across the entire market reached 2.4 trillion yuan, and listed company share repurchases reached 147.6 billion yuan. In 2025, dividends across the entire market reached 2.55 trillion yuan, and listed company share repurchases reached 142.7 billion yuan. Over two years, the total scale of A-share dividends and repurchases amounted to 5.24 trillion yuan.

Market participants analyze that over the past two years, the fundamental change in the A-share market has been a shift from “financing-focused with little regard for returns” to “giving equal weight to financing and returns, with returns feeding back into financing.” For the first time, shareholder returns have systematically surpassed the scale of financing. Investors have changed from “providers of capital” to “beneficiaries,” and the advantage of dividend (bonus) asset—so-called “dividend assets”—has been directly reflected.

According to Industrial Securities, in April, the cost-performance of dividend assets allocation continues to improve at the margin. Geopolitical conflicts still have uncertainties. The quality of earnings during the financial report season still needs to be validated. Dividend assets remain a widely agreed upon direction for risk avoidance.

The dividend low-volatility ETF Huaxia (159547) (fund of funds A class 021482; fund of funds C class 021483) closely tracks the CSI Dividend Low Volatility Index (H30269.CSI). Among ETF products tracking the same index, it has the lowest overall fee rate. It selects 50 securities with good liquidity, consistent dividend payments, high dividend yields, and low volatility, covering industries such as banking, coal, and transportation and logistics. In a choppy market, it has defensive characteristics and dual advantages of cash-flow returns.

The Economic Daily News