每经记者 张寿林 每经编辑 张益铭 上市银行中分红额度最高者为工商银行，2024年度分红额度达1097.7亿元，历史对比看，工行近年来分红额度持续增加。 股份制银行中，招商银行以504亿元的分红规模居首位，分红总额近年来也持续增长。兴业银行分红总额达到220.2亿元，分 红比例首次突破30%。 整体来看，已披露分红数据的上市银行中，分红比例30%以上的有工商银行、建设银行、农业银行、中国银行、交通银行、 招商银行、江苏银行、南京银行、沪农商行、上海银行和渝农商行。 | | 年度累计分红总额(已宣 | 年度现金分红比例(%,已 | | --- | --- | --- | | | 告) | 宣告) | | 银行名称 | [年度]2024 | [年度]2024 | | | [单位]亿元 | | | 工商银行 | 1,097.7300 | 30.0039 | | 建设银行 | 1,007.5400 | 30.0241 | | 农业银行 | 846.6100 | 30.0128 | | 中国银行 | 713.5960 | 30.0031 | | 招商银行 | 504.4000 | 33.9913 | | 交通银行 | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][7]. Core Views - The company demonstrates stable profitability, low risk, and high dividends, with a current H-share dividend yield of approximately 5%, making it an attractive investment opportunity [7][9]. - The company has effectively managed real estate risks, maintaining strong asset quality and a robust provisioning base, which supports stable performance [6][9]. - The outlook for loan growth is optimistic, with targets set at 7%-8% for 2025, focusing on retail lending as a key growth area [6][8]. Financial Data and Profit Forecast - Revenue (in million) is projected to be 339,123 in 2023, with a slight decline in 2024 to 337,488, followed by a recovery to 344,327.10 in 2025, and further growth expected in subsequent years [2]. - Net profit attributable to shareholders is forecasted to grow from 146,602 in 2023 to 153,326.11 in 2025, reflecting a compound annual growth rate (CAGR) of approximately 3.3% [2][8]. - Earnings per share (EPS) is expected to increase from 5.63 in 2023 to 5.86 in 2025 [2]. Market Data - As of April 24, 2025, the closing price of the company's H-shares was 44.30 HKD, with a market capitalization of approximately 11,172.39 billion HKD [3]. - The company has outperformed the Wind Hong Kong Bank Index by 14 percentage points since early 2024, with a cumulative increase of 77.5% [6]. Key Assumptions - The company anticipates a net profit growth of 3.3%, 5.2%, and 9.6% for the years 2025 to 2027, respectively [8]. - Loan growth is expected to stabilize at 7.0% annually from 2025 to 2027, with a projected non-performing loan ratio of 0.94% during the same period [8]. Observations on Market Perception - The market has not fully recognized the company's unique "defensive and offensive" characteristics, which are expected to provide a safety net in uncertain times [9]. - The company has successfully navigated real estate risks, with a significant reduction in non-performing loans related to real estate, indicating a stable outlook for asset quality [9]. Catalysts for Stock Performance - Key catalysts for stock performance include effective policy implementation, better-than-expected retail recovery, and sustained improvement in real estate sales [10].

（原标题：调仓风向标|中泰资管姜诚："被动"调整应对市场，逆势加仓房地产） 中国基金报 魏仲哲 编者按：四月中旬起，公募基金2025年度一季报陆续披露，明星基金经理们的调仓动作和仓位变化也成为基民们关注的焦点。而在每一份定期报 告背后，也隐藏着这些优秀管理人的"投资秘籍"。基金君将继续为大家更新人物库专题【调仓风向标】，解码明星基金产品持仓变化及其管理人 的投资理念。 四月下旬，公募基金进入了2025年度一季报的集中披露期，基金君长期跟踪的中泰资管基金经理姜诚最新操作动向也浮出水面。 一季度，姜诚仍然奉行"好资产便宜了，就再买一点"的调仓逻辑：A股方面，其对三只材料业个股进行了部分减持；同时，对房地产及相关行业 个股做了增持。港股方面，其对两只房地产个股进行了大幅减持，同时对银行业的持仓进行了整体减持。但总体上，两只包含港股的基金中，港 股持仓比例又整体上行。 纵观姜诚所有调仓动作，都与其一以贯之的观点保持高度一致：持仓结构稳定、坚持长期持有，同时面对股价的波动，从来只做被动的处理，不 追逐热点。具体操作上，基金君依然以规模较大的中泰星元、中泰玉衡，持有港股的中泰兴为、中泰元和为大家进行解析。一季度，姜诚对以 ...

为持续贯彻落实中央金融工作会议精神和资本市场"1＋N"政策体系要求，切实发挥托管机构职能，助 力安徽私募基金行业合规健康发展，在安徽证监局指导下，4月24日，安徽省私募基金业协会成功举办 托管专业委员会成立大会暨培训座谈会，安徽证监局、中国证券投资基金业协会（以下简称"中基协"） 相关领导应邀出席致辞并为托管专业委员会成立揭牌。 首届托管专业委员会由中国建设银行担任主任委员单位，由徽商银行、招商证券、招商银行3家机构担 任副主任委员单位，成员单位为辖区具有基金托管资格的14家银行及证券公司。托管专业委员会现场发 布并签署了《自律公约》，达成公平竞争、合规经营、防范风险、保障投资人合法权益、共同促进托管 行业持续健康发展的行业共识。 下一步，安徽省私募基金业协会将在安徽证监局的指导下，在强化专委会功能作用发挥等方面持续担当 作为，依托托管专业委员会凝聚托管行业力量，发挥行业专业优势，建立畅通与监管机构及地方政府的 沟通渠道，共同促进辖区私募行业高质量发展。（齐和宁） 培训座谈环节，中基协相关部门负责人围绕托管专业委员会建设作了专题培训，分享了中基协托管专业 委员会在基金估值、税收研究、行业自律等方面的工作机制与 ...

活动现场 自2015年升格为一级分行以来，招商银行南通分行始终以"金融科技+本地化服务"双轮驱动，深度融入 南通"长三角一体化"战略布局，累计为近5000家当地企业提供数字化金融解决方案，助力区域产业升级 与经济动能转换。升格十周年之际，招商银行南通分行聚焦企业数字化转型痛点，焕新推出薪福通 6.0，整合智能薪酬管理、数电票全流程服务及社税一体化解决方案，以"云端+场景"重构企业人财事协 同生态。 4月24日下午，招商银行南通分行在南通国际会议中心举办"薪福通6.0发布会暨十周年升格庆典"，以科 技赋能实体、以创新深耕江海，献礼南通高质量发展新篇章。 站在升格一级分行10周年的新起点，招商银行南通分行将围绕新质生产力发展需求，持续深化金融科技 与产业场景融合，为打造长三角数智经济新高地贡献招行力量。（曹洁华） （注：此文属于央广网登载的商业信息，文章内容不代表本网观点，仅供参考） 活动现场，宇树科技机器人牵头迎宾并与客户打卡合影，机器狗以动感十足的舞蹈点燃序幕，寓意金融 与前沿科技的共生共融。在"数字服务体验区"，企业代表通过互动终端实时体验薪福通6.0的智能算 薪、电子签约等功能，并与宇树机器人展开趣味互动 ...

Investment Rating - The report maintains an "Outperform" rating for the banking sector [4] Core Insights - The report identifies three key characteristics for the 1Q25 public fund report: (1) overall underweight in financial stocks, (2) increased allocation to bank stocks by passive funds, and (3) passive fund sizes remaining high since 3Q24. The report questions whether this underweight can support bank stocks as a long-term logic [12][13] - The report suggests that passive funds have significant future potential, as they are increasingly favored by investors considering both returns and volatility, indicated by rising Sharpe ratios for passive funds post-pandemic [12][13] - The report highlights that as of 1Q25, the total market value of bank stocks held by passive funds (A+H) reached 1139.28 billion, a notable increase of 11.83% from 3Q23 [13][14] Summary by Sections 1. Public Fund Holdings - The report notes that the A-share bank underweight ratio is 8.06%, while the H-share bank underweight ratio is 9.93%, both showing slight increases [24] - The report indicates that the A-share bank holding value for active equity funds decreased by 9.8% to 522.55 billion, while H-share bank holdings increased by 12.3% to 78.43 billion [26][27] 2. Passive Fund Holdings - The report states that passive funds increased their A-share bank holdings by 10.4% to 1044.3 billion, while H-share bank holdings rose by 30.5% to 95.0 billion [33][36] - The A-share bank underweight ratio for passive funds decreased to 2.77%, while the H-share ratio increased to 4.06% [33] 3. Individual Bank Stocks - The report highlights that active equity funds increased their holdings in specific A-share banks such as China Merchants Bank and Ningbo Bank, while H-share holdings increased in China Construction Bank and Bank of China [52][56] - The report provides detailed changes in holdings for various banks, indicating significant movements in market values for several key banks [55][56]

4月以来，9只银行股股价盘中创历史新高，行业热度持续攀升。 多家机构认为，从已披露经营情况的银行来看，一季度财务指标和资产质量总体稳健。展望后市，银行 业相对于大部分行业而言，基本面具备相对稳健特征。 此外，广发证券（000776）认为，近期银行股作为指数重要组成部分，对指数稳定起了重要作用。 去年四季度业绩改善 2024年四季度，银行股业绩明显改善，今年一季度亦有多股报喜。行业现金分红总额有望再创新高，12 只银行股年度分红金额均超百亿元。 本月9只银行股股价创新高 4月24日，银行指数收盘涨1.16%。中国银行（601988）、农业银行（601288）和工商银行（601398） 股价均创历史新高，收盘分别上涨2.1%、2.01%和1.83%。 本月以来，建设银行（601939）、交通银行（601328）和江苏银行（600919）等9只银行股盘中股价均 创历史新高。 创新高的银行股今年以来股价稳步上涨，上海银行（601229）股价年内涨幅达到15.52%，工、农、 中、建四大行股价年内涨幅均在6%以上。 4月以来，市场行情持续震荡，银行板块作为高股息、低估值的避险资产颇受资金青睐。 数据显示，农业银行、宁波 ...

重仓股前十调整 公募基金持仓变动犹如"市场风向标"，其背后是基金经理对经济、政策及产业趋势的"集体投票"。 公募排排网数据显示，截至4月24日，按持股总量统计，公募基金一季度前十大重仓股依次为紫金矿业、东方财富、工商 银行、招商银行、长江电力、兴业银行、中国平安、TCL科技、分众传媒、农业银行。 对比去年末公募基金前十大重仓股榜单，可以看出，一是资源股后来居上，紫金矿业以30.79亿股的公募基金持股总量跃居 首位，较去年末增长10.51亿股，增幅达51.79%。 本报记者 彭衍菘 今年一季度，公募基金持仓结构出现显著调整，从前十大重仓股排名变化情况看，金融股权重下降，资源股权重上升；整 体重仓股分布亦倾向电子等高成长性行业。 从金融股权重收缩，到资源股强势崛起，再到科技赛道获大幅加仓，一系列动向折射出公募基金正从"估值洼地"的防御逻 辑转向"业绩弹性"的均衡进取策略。 晨星（中国）基金研究中心总监孙珩表示，从个股进出及位次变化来看，金融股权重下降，体现了风险偏好上升的可能， 这些资金对去年受青睐的偏稳健型红利类股票进行减仓，转而进入更均衡进取的其他板块，如消费板块、资源板块。这背后体 现出基金经理更积极的市场 ...

Group 1 - In Q1 2025, the total scale of northbound capital reached 2.30 trillion yuan, an increase of 119.15 billion yuan compared to the previous quarter [1][8] - The proportion of holdings in the main board continued to decline, while the proportion of holdings in cyclical and growth sectors increased [1][8] - The proportion of northbound capital in cyclical and growth sectors rose by 1.23 percentage points and 0.55 percentage points respectively [1][8] Group 2 - In Q1 2025, the largest sectors by northbound capital holdings were power equipment and new energy, banking, and electronics [2][13] - The automotive sector saw a significant increase in holdings by 5.96% (+1.17 percentage points), while electronics increased by 9.89% (+0.94 percentage points) [2][13] - The estimated net inflow for electronics was 16.83 billion yuan, and for automotive, it was 15.67 billion yuan [2][13] Group 3 - Core assets and technology growth stocks, such as BYD and North Huachuang, saw significant changes in holding sizes and net inflows [3][22] - The top five stocks with the largest increase in holding value were BYD (+19.90 billion yuan), China Merchants Bank (+10.60 billion yuan), and North Huachuang (+7.38 billion yuan) [3][22] - The concentration of holdings among the top five stocks increased to 20.7%, indicating a trend of foreign capital clustering towards leading stocks [3][22] Group 4 - Future northbound capital is likely to continue flowing into core assets and technology leading stocks [4][28] - The inflow trend may remain unchanged due to favorable economic indicators and reasonable A-share valuations [4][28] - Key sectors for future investment include core assets and technology, with a focus on stocks like BYD and North Huachuang [4][28]

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