In the past many years, bond funds have been the absolute mainstay of public offering dividends, with a dividend contribution rate often as high as eighty to ninety percent. Since the beginning of this year, the total amount of dividends from bond funds has decreased by nearly thirty percent compared to the previous year, with equity products "breakthroughly" taking up half of the public offering dividend market. Against the backdrop of thinning interest rates, shrinking capital gains, and increasingly standardized dividends, affected by the significant decrease in the dividend amount of bond funds, the total amount of public offering dividends in the current year has decreased by 201.92 billion yuan compared to the same period last year, a decrease of 24.08%. According to Choice statistics, as of May 20, the total amount of dividends for 1563 products (counting multiple share classes separately) from the beginning of the year to date is 63.672 billion yuan; while in the same period in 2025, 1732 products had a total of 83.864 billion yuan in dividends; and in the same period in 2024, 1456 products had a total of 58.584 billion yuan in dividends. Compared to the same period last year, the total amount of dividends from bond funds has decreased by 34.887 billion yuan. The dividend contribution rate for the same period in the past three years has dropped from 88.56% to 48.83%, formally relinquishing its dominant position in dividends; at the same time, equity funds have surged, with the dividend size increasing by 90.12% compared to the same period. In the rare event of equity funds sharing the limelight with bond funds in terms of dividends, reports have previously pointed out that from 2015 to 2018, equity funds were the undisputed main source of dividends. This year, the public offering fund dividend market has once again seen a shift in dynamics. With the recovery of the equity market, public offering funds are cashing in profits for investors through real money. Since the beginning of this year, well-known fund managers under Fuguo Fund, Zhushao Xing, Zhongou Fund, Zhou Weiwen, Shenwan Lingxin, Fu Juan, Morgan Asset Management, Du Meng, Wan Jia Fund, Mo Haibo, and Western Lide Sheng Fengyan have all distributed dividends. Passive index funds, especially broad-based ETFs, have become the core force in equity fund dividends. At the top of the public offering dividend rankings, Huatai Bairui topped the list with a total dividend amount of 11.152 billion yuan, making it the only public offering fund with a total dividend amount exceeding 10 billion yuan so far this year. The company's Shanghai and Shenzhen 300 ETF has distributed 9.811 billion yuan in dividends so far this year, contributing nearly 90% of the company's dividends. In addition, the top four in terms of dividend amounts so far this year are all broad-based ETFs. In addition, under the banner of Yifangda ETF, the contribution rate of dividend fund bonds is relatively balanced. This relatively balanced dividend pattern has also produced a dividend answer of 9.637 billion yuan, with the two veteran fixed-income players, Wang Xiaochen and Hu Jian, under the company distributing dividends in multiple fixed-income + products this year. While broad-based ETFs are shouldering the dividend amount, dividend theme funds are beginning to "manage" the frequency of dividends, accounting for more than seventy percent of funds that have distributed dividends five times this year. Interestingly, the fund with the highest dividend frequency this year is an actively managed equity product with the word "dividend" in its name, distributing dividends six times this year, with five of them concentrated in January alone, already reaching the stipulated annual limit for dividend distributions. According to the first-quarter report, the yield of this product has outperformed the benchmark by more than 11 times since its inception. Bond funds have lost their position as the main source of dividends, with equity dividends contributing more than half Since the beginning of this year, the total amount of dividends from bond funds has decreased by 34.887 billion yuan compared to the same period last year, with the overall contribution rate to public offering dividends down by 29.84%. According to Choice's first-level classification, so far this year, a total of 1,029 bond funds (counting multiple share classes separately) have distributed dividends totaling 31.088 billion yuan, accounting for 48.83% of the total public offering dividends. In the same period in 2025, a total of 1,434 bond funds distributed dividends totaling 65.975 billion yuan, with a dividend contribution rate of 78.67%; and in the same period in 2024, a total of 1,363 bond funds distributed dividends totaling 51.88 billion yuan, with a dividend contribution rate of 88.56%. It can be seen that in the past three years, the contribution rate of bond funds to dividends has gradually decreased from 88.56%, 78.67%, to 48.83%. According to Choice's third-level classification, among the 1,029 bond funds that distributed dividends this year, medium to long-term pure bond funds contributed over sixty percent of the total dividend amount, with a total of 568 medium to long-term pure bond funds distributing a total of 19.1 billion yuan dividends this year. The scale of dividends from equity funds has significantly increased since the beginning of this year, with an increase of 15.275 billion yuan in total dividends compared to the same period in 2025, a year-on-year increase of 90.12%, and a simultaneous increase in the dividend contribution rate of 30.4%. It is worth noting that passive index funds have seen a significant increase in dividend volume, with a year-on-year increase of 8.861 billion yuan, a growth rate of 73.63%. Since the beginning of this year, a total of 503 equity funds have distributed dividends totaling 32.224 billion yuan, with an overall dividend contribution rate of 50.61%. In the same period in 2025, a total of 271 equity funds distributed dividends totaling 16.949 billion yuan, with a dividend contribution rate of 20.21%; and in the same period in 2024, a total of 117 equity funds distributed dividends totaling 6.5 billion yuan, with a dividend contribution rate of 19.09%. For equity funds, passive index funds are the core engine of dividends. Among the 503 equity funds mentioned above, 250 passive index funds have distributed dividends totaling 20.896 billion yuan so far this year, with a dividend contribution rate of 64.85%. Among them, 60 ETFs have distributed dividends totaling 19.25 billion yuan so far this year, with a dividend contribution rate of 92.12% among passive index funds. QDII funds are still in a dividend desert, with a relatively small overall dividend amount. Since the beginning of this year, only 9 public fund companies have distributed a total of 2.8 billion yuan in dividends from a combined 18 QDII funds, a decrease of over 60% compared to the 7.66 billion yuan distributed by 18 QDII funds in the same period in 2025. According to Choice's third-level classification, among the 18 QDII funds that have distributed dividends this year, 5 are QDII-REITs, including Guangfa U.S. Real Estate Index Renminbi (QDII) A/C, Guangfa U.S. Real Estate Index Dollar (QDII) A/C, and Jiashi Global Real Estate (QDII). FOF funds' dividend market is steadily heating up. So far this year, 6 public fund companies have distributed a total of 0.81 billion yuan in dividends from a combined 13 FOF products, according to Choice's third-level classification, including 4 equity-based mixed FOF, 4 retirement target risk FOF, 3 debt-based mixed FOF, and 2 retirement target date FOF products; in the same period in 2025, 3 public fund companies distributed a total of 0.1 billion yuan in dividends from a combined 8 FOF products, including 6 retirement target risk FOF and bond FOF products. In the same period of 2024, two public funds under management distributed a total of 0.14 billion yuan in dividends across four FOFs, all of which were retirement target risk FOFs.From the beginning of the year, FOF dividends have changed from the past focus on only pension-targeted risk FOF dividends, with equity hybrid, bond hybrid, and other types of FOF all participating in dividends. Huatai Bairui once again topped the dividend list with the Huasheng 300 ETF, with dividends exceeding 10 billion. At the company level, according to Choice statistics, as of May 20, Huatai Bairui has total dividends of 11.152 billion yuan with 26 products under its name (each with separate share statistics), ranking first in the total dividends of public funds this year. Including Huatai Bairui, there have been a total of 4 public funds with dividends exceeding 2 billion yuan this year. Following Huatai Bairui, Yifangda, Southern Fund, and China Europe Fund have respectively completed total dividends of 9.637 billion yuan, 3.703 billion yuan, and 2.263 billion yuan. Despite holding the top spot in total public fund dividends, Huatai Bairui still relies heavily on the dividends from its Huasheng 300 ETF, with just this one product already accounting for 9.811 billion yuan in dividends and contributing 87.98% of the company's total dividends. At the same time, the company's XD Hong Kong Stock Connect Dividend ETF, CSI Dividend Low Volatility ETF linked to A/C/Y/I, XD Central Enterprise Dividend ETF, Shanghai Stock Exchange Dividend ETF linked to A/C, and other dividend-themed ETFs have all paid dividends five times this year, with some already paying out dividends four times. Looking at single products, the top four in dividend amounts for the year are all broad-based ETFs. Under Liu Jun, Huatai Bairui's Huasheng 300 ETF ranked first in the public fund individual dividend rankings this year, followed by Yifangda's Huasheng 300 ETF, Southern Fund's CSI 500 ETF, which have respectively paid dividends of 4.479 billion yuan, 1.161 billion yuan, and 1.039 billion yuan. The fifth-ranking public fund product in terms of dividend amount for the year is Yifangda's Enhanced Return Bond A, which has paid out 943 million yuan in dividends this year. This product is managed independently by Wang Xiaochen, General Manager of Yifangda's Fixed Income Strategy Investment Department. Another veteran fixed income manager under Yifangda, Hu Jian, has completed dividends of 789 million yuan for Yifangda's Stable Income Bond B this year, ranking eighth in dividend amounts for the year. According to Choice statistics, as of May 20, there have been a total of 7 public funds with more than 50 products (each with separate share statistics) that have implemented dividends this year. Yifangda, Boshi Fund, GF Fund, Merchants Fund, Southern Fund, Penghua Fund, and Jiashi Fund have respectively completed dividends for 87, 82, 67, 62, 61, 61, and 60 products this year. Unlike Huatai Bairui's heavy reliance on ETF dividends, Yifangda's dividend structure is relatively diverse, driven by both ETFs and bond funds, with ETFs still holding the upper hand. Of Yifangda's total dividend amount of 9.637 billion yuan this year, ETFs and bond funds have paid out 4.714 billion yuan and 3.147 billion yuan respectively, with dividend contribution rates of 48.92% and 32.66% respectively. Leading dividend frequency, high dividend rule products have performed well So far this year, the most frequently-dividend-paying public fund product is the New China Optimal Dividend A, which has completed 6 dividend payments totaling 104 million yuan. According to the fund contract, the investment objective of this product is to effectively control risks, achieve continuous growth of the fund's net asset value that exceeds the performance benchmark, and provide stable dividends; when the fund's realized rate of return exceeds 2 times the annual regular deposit interest rate of the People's Bank of China within 10 trading days, dividends must be implemented. The contract also stipulates that a fund carrying the name "dividend" may distribute dividends no more than 6 times a year, with each dividend payment not less than 80% of distributable income. After 6 dividend payments in a year, if the dividend conditions are met again, the distributable income can be transferred to the next year. According to the dividend announcement, in January alone this year, the New China Optimal Dividend A has completed 5 dividend payments, and completed its sixth dividend payment in February. It is worth mentioning that the first quarter report of this year showed that since its establishment, the New China Optimal Dividend A has had a return rate of 1410.53%, outperforming the benchmark's 1108.03%. Looking at single product dividend frequency, dividend-themed funds are the absolute mainstay, with frequent dividends but small individual amounts, and many products have achieved "monthly dividends". In addition, among the 65 public funds that have paid dividends five times this year, dividend-themed funds account for 49, representing more than seven-tenths of the total. Among them, Southern's S&P Dividend Low Volatility 50 ETF linked to A, XD Hong Kong Stock Connect Dividend ETF Huatai Bairui, Huatai Bairui CSI Dividend Low Volatility ETF linked to C, have paid dividends of 250 million yuan, 108 million yuan, and 100 million yuan respectively this year, with other products having total dividends of less than 100 million yuan. In addition to dividend-themed funds, other industry-themed funds such as free cash flow, banks, and transportation are also emerging with a number of high-frequency dividend products. Multiple equity veterans paid dividends this year, with stronger fixed income and dividends Since the beginning of the year, various renowned fund managers have completed dividend payments for their respective products, including active equity fund managers. Under Zhu Shaoxing, Fuguo Tianhui Growth Hybrid (LOF) D, Fu Juan's Shenwan Lingxin New Economy Hybrid C, and Mo Haibo's 2 products all received dividends. Under Sheng Fengyan, a total of 89 million yuan in dividends was paid out for 5 products. Among them, the Western Gains Specialized New Quantitative Stock Selection A/C, the Western Gains Central Enterprise Optimal A/C, have paid dividends 3 times and 4 times respectively this year. Under Zhou Weiwen, a total of 634 million yuan in dividends have been paid out for his products this year, with each product paying dividends only once this year. As an equity hybrid product, China-Europe Trend LOF and X, E, C shares have paid out 3.79 billion yuan, 1.63 billion yuan, 500 million yuan, 430 million yuan in dividends respectively this year. Under Du Meng, the Morgan China Advantage Hybrid A/C has paid out a total of 314 million yuan in dividends this year, with each share having paid dividends once. Comparatively, the dividend strength of many renowned fixed income + fund managers is greater. Under Wang Xiaochen and Bao Yunxiao, the mixed-grade primary debt fund Yifangda Anze 180-day Holding Bond A/C paid a total of 11 million yuan in dividends this year; Wang Xiaochen alone has managed to pay out dividends of 12.65 billion yuan for his 5 bond fund products this year, with each product paying dividends twice this year. The first-class bond fund Yifangda Enhanced Return Debt A, C shares totalled 12.52 billion yuan in dividends, with Wang Xiaochen personally contributing a high dividend contribution rate of 98.97% among all products he manages. In_OUR_VIEW, the current situation reflects a dynamic market condition with varying strategies employed by different funds to maximize dividend payouts and deliver returns to investors.Since its establishment, Hu Jian's mixed second-level debt fund under the banner of E Fund Stable Income Bond A/B/C has distributed dividends of 1.134 billion yuan.Rao Gang and Hou Zhenxin jointly manage the moderate debt mixed fund Ruiyuan Wenjin, with a total dividend of 74 million yuan in the first two years of operation. Hou Zhenxin independently manages the moderate second-tier debt fund Ruiyuan Wenyi Enhancing, with a total dividend of 207 million yuan in 30 days of holding bonds. This article is reproduced from "Cailianshe", GMTEight Editor: Liu Jiayin.