Core Viewpoint - The issuance of "perpetual bonds" and "subordinated bonds" by commercial banks in China has significantly accelerated, particularly in the second quarter, with a total issuance of 894.56 billion yuan across 57 bonds by July 15, 2023 [1] Group 1: Issuance Trends - The issuance volume of "perpetual bonds" and "subordinated bonds" has notably increased in the second quarter, with 43 bonds issued totaling 638.7 billion yuan, compared to only 9 bonds and 173.86 billion yuan in the first quarter [2] - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, have been the primary issuers, with significant amounts raised in May 2023 [2] Group 2: Reasons for Acceleration - The acceleration in issuance is driven by stricter regulatory requirements, necessitating banks to enhance their capital levels to meet standards and mitigate potential risks, especially under the pressures of credit expansion and non-performing asset management [2][3] - Increased support for the real economy has also prompted banks to strengthen their capital bases to facilitate higher credit disbursements [3] Group 3: Challenges for Smaller Banks - While state-owned banks lead in issuance, smaller banks, including regional and rural commercial banks, have seen a significant increase in issuance compared to the previous year, highlighting their capital replenishment pressures [4][5] - Smaller banks face challenges in capital replenishment due to limited internal capital generation capabilities and constrained external funding options, making the issuance of "perpetual bonds" and "subordinated bonds" crucial [5] Group 4: Future Outlook - The issuance of "perpetual bonds" is expected to continue, with a divergence in supply between different types of banks; state-owned banks may see a decrease in issuance due to reduced capital pressures, while smaller banks will remain active participants in the market [8] - Smaller banks may encounter higher funding costs and weaker subscription conditions when issuing "perpetual bonds," necessitating improvements in operational quality and brand image to enhance their issuance capabilities [8]

Core Viewpoint - A-share listed banks are experiencing a peak in dividend distribution for the 2024 fiscal year, with over thirty banks having completed their annual dividends and several others announcing dividend implementation plans [1][3][4]. Group 1: 2024 Annual Dividends - The Industrial and Commercial Bank of China (ICBC) leads with a total cash dividend of approximately 109.77 billion yuan for the previous year [3][4]. - The six major state-owned banks have collectively distributed over 420 billion yuan in dividends for 2024, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China being the top contributors [4][6]. - Other banks such as China CITIC Bank and Beijing Bank have also announced significant cash dividends, with CITIC Bank distributing around 19.46 billion yuan [4][5]. Group 2: 2025 Mid-Year Dividend Plans - Several banks, including China Merchants Bank and Hangzhou Bank, have initiated plans for mid-year dividends in 2025, aiming to enhance investor returns [1][8][10]. - The focus on mid-year dividends is seen as a strategy to improve liquidity and provide more consistent cash flow to investors, which may support long-term stock price appreciation [10]. - Banks like Su Nong Bank and Changsha Bank have expressed intentions to implement mid-year dividend plans based on their financial performance and regulatory requirements [8][9]. Group 3: Stock Performance and Market Trends - The banking sector has shown strong performance in the A-share market, with several banks achieving significant stock price increases in the first half of the year [12][13]. - The overall dividend yield of the banking sector remains attractive, particularly in a low-interest-rate environment, making it appealing for long-term investors [10][13]. - Some banks have faced challenges in executing share buyback plans due to stock price fluctuations, indicating a cautious approach to capital management [11][14].

A股银行股盘中再度走强，贵州银行涨超4%，民生银行涨超3%，浙商银行、华夏银行、厦门银行、中 信银行、西安银行、邮储银行等跟涨。 订阅A股市场资讯 +订阅 ...

Group 1 - The banking sector has shown renewed strength, with Guizhou Bank rising over 4% [1] - Other banks such as Minsheng Bank, Zheshang Bank, Huaxia Bank, Xiamen Bank, Citic Bank, Xi'an Bank, and Postal Savings Bank also experienced gains, with Minsheng Bank increasing over 3% [1]

Core Viewpoint - The banking sector in A-shares is experiencing a significant dividend distribution period, with total dividends exceeding 630 billion yuan for 2024, marking an increase of 20 billion yuan compared to the previous year, and setting a new historical high [1][7]. Dividend Distribution Peak - As of July 11, 2024, A-share listed banks are in a peak dividend distribution phase, with both China Merchants Bank and Xi'an Bank distributing cash dividends on the same day [3]. - China Merchants Bank announced a cash dividend of 2.000 yuan per share, totaling approximately 50.44 billion yuan, with a dividend yield of about 5.7% based on a hypothetical stock price of 35 yuan [3]. - Xi'an Bank distributed 1 yuan for every 10 shares, amounting to 444 million yuan, which represents 17.37% of its net profit [4]. - On July 10, Beijing Bank and CITIC Bank also executed dividend distributions, with Beijing Bank distributing 0.2 yuan per share, totaling 4.23 billion yuan, and CITIC Bank distributing 0.1722 yuan per share, totaling 9.582 billion yuan [4][5]. Acceleration of Dividend Distribution - A total of 33 A-share listed banks have completed their 2024 annual dividend distributions, with five more having announced their dividend plans [6]. - Major state-owned banks like Industrial and Commercial Bank of China and Agricultural Bank of China have also announced their dividend distributions, with ICBC distributing 0.1646 yuan per share and ABC distributing 0.1255 yuan per share [6]. - The trend of earlier dividend distributions among major state-owned banks indicates a proactive approach to enhancing shareholder returns [6]. Mid-term Dividend Layout - In addition to the ongoing annual dividends, banks are also planning mid-term dividends for 2025, with several banks expressing intentions to enhance shareholder returns through mid-term distributions [9]. - Changsha Bank and Su Nong Bank have indicated plans to implement mid-term dividends based on their net profits, aiming to improve investor satisfaction [9]. - The trend towards mid-term dividends is expected to provide more stable cash flows for investors, supporting sustained stock price growth [13]. Market Outlook - Analysts predict that the decline in net profit and revenue for listed banks is expected to stabilize, with a projected year-on-year revenue decline of 0.9% and a net profit decline of 0.5% [14]. - The current market environment is viewed as the beginning of a long-term trend, with low interest rates and the revaluation of RMB assets serving as underlying logic for the ongoing market rally [15]. - The banking sector's stable profitability and dividend distribution are expected to attract long-term capital, reinforcing the investment value of banks with high dividend yields and solid asset quality [16].

Core Viewpoint - The A-share listed banks are experiencing a peak in dividend distribution, with total dividends for 2024 exceeding 630 billion yuan, marking an increase of 20 billion yuan from the previous year, and setting a new historical high [1][4]. Dividend Distribution - On July 11, both China Merchants Bank and Xi'an Bank distributed cash dividends, with China Merchants Bank paying 2.000 yuan per share, totaling approximately 50.44 billion yuan, resulting in a dividend yield of about 5.7% based on a hypothetical share price of 35 yuan [2][3]. - Xi'an Bank distributed 1 yuan for every 10 shares, amounting to 444 million yuan, which represents 17.37% of its net profit [2]. - On July 10, Beijing Bank and CITIC Bank also executed dividend distributions, with Beijing Bank distributing 0.2 yuan per share, totaling 4.23 billion yuan, and CITIC Bank distributing 0.1722 yuan per share, totaling 9.582 billion yuan [3]. Overall Dividend Performance - As of July 11, 33 A-share listed banks have completed their 2024 annual dividend distributions, with five more having announced their plans [3]. - The six major state-owned banks maintained a dividend payout ratio of over 30%, with total cash dividends reaching 420.63 billion yuan, led by Industrial and Commercial Bank of China with 109.77 billion yuan [4]. Mid-term Dividend Plans - Several banks are planning mid-term dividends for 2025, with institutions like Changsha Bank and Su Nong Bank expressing intentions to enhance shareholder returns through mid-term distributions [5][6]. - The trend of increasing mid-term dividends is seen as a strategy to improve investor satisfaction and share the benefits of high-quality growth [6]. Market Outlook - Analysts predict a narrowing decline in net profit and revenue for listed banks in the first half of the year, with expectations of a 0.9% year-on-year decrease in revenue and a 0.5% decrease in net profit [7]. - The current market environment is viewed as the beginning of a long-term upward trend for bank stocks, supported by low interest rates and the revaluation of RMB assets [7].

证券代码：600928 证券简称：西安银行 公告编号：2025-037 西安银行股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 每股分配比例 一、通过分配方案的股东大会届次和日期 本次利润分配方案经西安银行股份有限公司（以下简称"本公司"） 2025 年 5 月 30 日的2024年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 A 股每股现金红利0.1元(含税) 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/10 | － | 2025/7/11 | 2025/7/11 | 差异化分红送转：否 3.分配方案： 本次利润分配以方案实施前的公司总股本 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for bank stocks despite recent short-term corrections [4]. Core Insights - The banking sector is expected to maintain its performance due to the relative advantage of dividend yields, stable earnings, and predictable dividends. The average dividend yield for major state-owned banks is 4.07%, with a significant spread of 2.42% over the 10-year government bond yield, placing it in the 49.10th percentile over the past decade [1][17]. - The report highlights that the insurance sector is likely to increase its allocation to high-dividend bank stocks, especially with anticipated reductions in preset interest rates for insurance products [1]. - The report anticipates a stable profit growth for banks, with a projected profit growth rate of 2.35% for listed banks in 2024, supported by substantial unrealized gains from self-owned bonds and a robust provisioning coverage ratio of 238% as of Q1 2025 [3][7]. Summary by Sections Section 1: Market Performance - The banking index experienced a nearly 3% decline on June 27, 2025, but the overall market sentiment remains positive due to the sector's dividend yield advantages and stable earnings [1]. Section 2: Fund Flows - Since the beginning of 2025, southbound funds have significantly increased their allocation to Hong Kong bank stocks, with a net inflow of approximately 680 billion yuan, of which 146.2 billion yuan is directed towards bank stocks [2]. Section 3: Earnings Stability - Historical data indicates that the banking sector has low earnings volatility, with profits showing stable positive growth. The report emphasizes the importance of unrealized gains from bond investments and strong provisioning as key factors supporting profit stability [3][7][8]. Section 4: Sector Outlook - The report suggests that while short-term export impacts may arise from tariff policies, long-term domestic policies aimed at stabilizing the real estate market and boosting consumption will benefit the banking sector. Specific banks such as Ningbo Bank, Postal Savings Bank, and China Merchants Bank are highlighted as potential investment opportunities [9]. Section 5: Key Data Tracking - The report includes various financial metrics, such as the average daily trading volume of stocks at 14,868.42 billion yuan and a margin balance of 1.83 trillion yuan, indicating active market engagement [10].

证券代码：600928 证券简称：西安银行 公告编号：2025-036 本期债券的募集资金将依据适用法律和监管部门的批准，补充本 公司的其他一级资本。 特此公告。 西安银行股份有限公司董事会 2025 年 6 月 27 日 西安银行股份有限公司关于 2025 年 无固定期限资本债券（第一期）发行完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 经国家金融监督管理总局陕西监管局和中国人民银行批准，西安 银行股份有限公司（以下简称"本公司"）近日在全国银行间债券市 场成功发行"西安银行股份有限公司 2025 年无固定期限资本债券（第 一期）"（以下简称"本期债券"）。 本期债券于 2025 年 6 月 25 日簿记建档，并于 2025 年 6 月 27 日 发行完毕，发行规模为人民币 50 亿元，前 5 年票面利率为 2.40%， 每 5 年调整一次，在第 5 年及之后的每个付息日附发行人有条件赎回 权。 ...

Core Viewpoint - The article highlights the performance and growth of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a bullish outlook on bank stocks driven by low interest rates and a long-term market trend [3][4]. Performance Summary - As of June 27, 2025, the Zhongzheng Dividend Low Volatility 100 Index rose by 0.31%, with constituent stocks such as Lanzhou Bank and Guizhou Bank showing significant gains [3]. - The Zhongzheng Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.38%, marking its sixth consecutive rise, with a latest price of 1.05 yuan and a trading volume of 484.03 million yuan [3]. - Over the past year, the ETF's net value increased by 14.89%, ranking first among comparable funds [4]. Fund Growth and Inflows - The ETF experienced a substantial increase in shares, growing by 7.26 million shares over the past year, placing it second among comparable funds [4]. - Despite a recent net outflow of 209.37 million yuan, the ETF has seen net inflows on 8 out of the last 10 trading days, totaling 3.35 million yuan [4]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery period of 36 days, indicating relatively low risk compared to peers [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. Index Composition - The Zhongzheng Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The top ten weighted stocks in the index account for 19.64% of the total index weight, with notable companies including Jizhong Energy and Daqin Railway [5][6].