A-shares continue to see a record-high dividend payout for the year with "net return".

Data shows that as of December 23, 2025, A-share dividends amounted to 2.63 trillion yuan, buybacks totaled 138.3 billion yuan, financing amounted to 1.16 trillion yuan, and reductions in holdings reached 355.8 billion yuan. The "net return" of A-shares for that year reached 1.25 trillion yuan. Since the announcement by the China Securities Regulatory Commission in August 2023 to "promote dynamic balance between investment and financing," the policy effects have gradually become evident, with IPO financing sharply decreasing and refinancing significantly tightening. The net return of A-shares in 2023 increased dramatically from the previous year's 36.7 billion yuan to 761 billion yuan, reaching a multi-year high. The net return further increased in 2024 to 2.16 trillion yuan. This positive trend continued into 2025, marking the fourth consecutive year of net return.