Year-end is here, and brokerages are launching big dividend plans. This wave of "red envelope rain" should not be underestimated.

In the top tier, CITIC Securities is leading the way—planning to distribute 4.298 billion yuan in dividends (2.90 yuan per 10 shares), with a dividend yield of about 3.2%. Revenue growth in the first three quarters was 15%, and its investment banking market share remains the first. A shareholders' meeting will be held on December 19 to review the plan, with subsequent record date and dividend payout date awaiting announcement. Guotai Junan follows closely, with a planned dividend of 3.562 billion yuan, a dividend yield of about 3.0%. Its brokerage client assets have surpassed 1 trillion yuan, with over 50% of revenue coming from institutional business.

The second tier also shines. Huatai Securities plans to distribute 1.354 billion yuan (0.15 yuan per share), with a dividend yield of about 2.8%. It leads in digital transformation, with the highest online trading market share for many years. The record date is December 11, 2025, and the ex-dividend date is December 12, 2025 (already completed). Guosen Securities, one of the leading brokerages, plans to distribute 1.024 billion yuan (1 yuan per 10 shares), with the dividend plan still pending shareholder approval.

Small and medium-sized brokerages are also not to be outdone. Great Wall Securities plans to distribute 307 million yuan (0.76 yuan per 10 shares), with a dividend yield of about 2.5%. Its proprietary trading profitability is improving, with net profit growth of 22% in the first three quarters. Industrial Securities plans to distribute 432 million yuan (0.05 yuan per share), with a dividend yield of about 2.7%. Its research strength is solid, and the public fund management scale has increased by 30%. Zheshang Securities plans to distribute 317 million yuan (0.07 yuan per share), having already carried out three dividends this year, which do not require shareholder approval this time. Additionally, Chuangye Securities distributed 273 million yuan, and Huaxi Securities, Caitong Securities, and others have also announced dividend plans.

Remember these points if you want to participate in dividends: you must hold the corresponding stocks before the closing of the record date to receive dividends; personal income tax rules state that holding stocks for over 1 year is tax-free, holding within 1 month requires 20% tax, and holding between 1-12 months requires 10%. The actual amount received depends on the brokerage's settlement. Price adjustments on the ex-dividend date are normal operations, so there's no need to overreact. December 18-23 is a busy period for record date processing, so investors who want to participate should seize the opportunity.