On the evening of December 5, there was a pretty big piece of news—a new draft regulation was released for public comment by the regulators, and this time they mean business. From corporate governance and information disclosure to investor protection, a whole bunch of "hard indicators" have been set for listed companies. The focus is on regulating market value management and cash dividends, as well as strictly investigating financial fraud. In plain terms, it means companies need to perform well, and shareholders should see tangible benefits.

With this policy shift, it’s worth paying more attention to A-share companies with low valuations and high dividends. High-dividend SOEs cover a wide range of sectors—banks, coal, and construction are all included. For central SOEs like ICBC and China Shenhua, dividends may become even more generous going forward.

Looking at the data: over the past year, the top dividend yields include COSCO Shipping Holdings, China Shenhua, Shaanxi Coal and Chemical, Gree Electric, and the four major banks are also on the list. This year, it’s even more interesting to look at those with strong dividends but modest price gains—Guanghui Energy's dividend yield has broken 12%, and consumer leaders like Gree and Yunnan Baiyao are also on the list, covering energy, consumer, and financial sectors.

That said, the logic of traditional markets and crypto markets is quite different. These high-dividend stocks are suitable for more stable allocations, but remember, any investment carries risks, so weigh your options carefully.