格隆汇9月26日丨通程控股(000419.SZ)公布，公司现持有长沙银行股份有限公司（简称"长沙银行"）无 限售条件A股123,321,299.00股，持股比例为3.07%。长沙银行于2025年9月19日公告了《长沙银行2025 年半年度权益分派实施公告》。长沙银行2025年半年度权益分派方案为：以方案实施前的长沙银行总股 本4,021,553,754股为基数，向全体股东每股派发现金红利0.20元（含税）。根据上述分配方案，公司可 分得现金股利24,664,259.80元。公司于2025年9月26日收到长沙银行该笔现金分红款。 ...

Core Viewpoint - The company holds 123 million shares of Changsha Bank, representing a 3.07% stake, and has received a cash dividend of 24.6643 million yuan from the bank's semi-annual profit distribution for 2025 [1] Group 1 - The company currently owns 123 million unrestricted A-shares of Changsha Bank, which accounts for 3.07% of the total shares [1] - Changsha Bank announced a cash dividend of 0.20 yuan per share (tax included) based on a total share capital of 4.022 billion shares [1] - The company received the cash dividend payment on September 26, 2025, amounting to 24.6643 million yuan [1] Group 2 - The cash dividends received will be recorded as investment income for the fiscal year 2025, subject to confirmation by the annual audit from the accounting firm [1]

Market Performance - The city commercial bank sector declined by 0.94% on September 25, with Chongqing Bank leading the decline [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Chongqing Bank closed at 8.94, down 1.65% with a trading volume of 170,700 shares and a transaction value of 153 million [1] - Other notable declines include Xi'an Bank down 1.50% to 3.95, Zhengzhou Bank down 1.48% to 2.00, and Qingdao Bank down 1.44% to 4.78 [1] - Shanghai Bank and Xiamen Bank also saw declines of 1.43% and 1.39%, respectively [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 278 million from institutional investors, while retail investors saw a net inflow of 152 million [1] - The table indicates that Suzhou Bank had a significant net outflow from institutional investors of 48.08 million, while Qilu Bank had a net inflow of 25.86 million [2] - Chongqing Bank specifically had a net outflow of 5.68 million from institutional investors but a net inflow of 10.91 million from retail investors [2]

吴鑫矾 作为湖南首家上市银行、本土最大的金融法人机构，长沙银行持续提升自身综合实力，在最新发布 的"2025年全球银行1000强"榜单中，长沙银行位列第184位，较去年跃升12位。更重要的是，长沙银行 始终扛牢金融国企的使命担当，锚定"三高四新"美好蓝图，在与湖湘发展同频共振中构建起覆盖科技创 新全生命周期的服务体系，成为湖南创新创业浪潮中不可或缺的金融力量。 长期滴灌助力"双创"腾飞 "与国外同类竞品相比，我们的产品具备性能指标更优、生产成本更低、交付周期更短的显著优 势。"在"长沙银行杯"2025年湖南省（国际）创新创业大赛上，艾科威半导体科技有限公司凭借"首台套 国产高性能VCSEL立式湿氧炉的研发与产业化"项目荣获大赛成长企业组三等奖。该公司相关负责人表 示，该创新产品已通过一批行业头部企业的严格验证，并已在部分客户实现批量生产应用，将成为公司 未来重要的业绩增长引擎。 艾科威成立于2015年，专注于半导体热处理与薄膜沉积设备的研发制造，目前已服务300余家行业领先 企业，科研客户覆盖90%以上半导体领域"双一流"高校。 "我们的发展一路有长沙银行的陪伴，长沙银行望城支行为我们量身定制了灵活多样的融资 ...

Market Performance - The city commercial bank sector increased by 1.64% on September 24, with Qilu Bank leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Qilu Bank closed at 5.87, with a rise of 1.73% and a trading volume of 1.0666 million shares, amounting to a transaction value of 624 million yuan [1] - Hangzhou Bank closed at 15.32, up 0.66%, with a trading volume of 451,600 shares and a transaction value of 691 million yuan [1] - Zhengzhou Bank closed at 2.03, up 0.50%, with a trading volume of 920,500 shares and a transaction value of 18.7 million yuan [1] - Nanjing Bank closed at 11.01, up 0.46%, with a trading volume of 1.7333 million shares and a transaction value of 806 million yuan [1] - Other banks such as Changsha Bank, Ningbo Bank, and Qingdao Bank also showed slight increases in their stock prices [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 69.1764 million yuan from institutional investors, while retail investors saw a net inflow of 55.8208 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors continued to invest [2] Detailed Capital Flow for Selected Banks - Ningbo Bank had a net inflow of 74.388 million yuan from institutional investors, but a net outflow of 51.098 million yuan from speculative funds [3] - Shanghai Bank saw a net inflow of 17.1761 million yuan from institutional investors, while retail investors had a net outflow of 30.1701 million yuan [3] - Chengdu Bank experienced a net inflow of 16.3117 million yuan from institutional investors, with a net outflow from retail investors [3]

Core Viewpoint - The mid-term dividend plans of A-share listed banks for 2025 are progressing steadily, reflecting confidence in development and returning value to investors [1] Group 1: Mid-term Dividend Distribution - As of September 22, 17 A-share listed banks have disclosed their mid-term profit distribution plans, with major state-owned commercial banks being the main contributors, each proposing dividends exceeding 10 billion [2] - Notably, Changsha Bank has implemented its first mid-term dividend since its listing, with a payout of 0.20 yuan per share totaling 804 million [2] - The six major state-owned banks maintain a dividend payout ratio around 30%, showcasing their commitment to stable operations and shareholder returns [2] Group 2: Industry Trends and Insights - The participation and enthusiasm for mid-term dividends among listed banks have significantly increased in 2025, becoming a new trend in the industry [4] - Experts attribute this trend to improved bank performance, corporate governance, and market confidence, indicating a strong belief in future profitability [4] - The implementation of mid-term dividends is seen as a proactive measure to boost investor confidence and manage valuations [4] Group 3: Sustainability and Future Outlook - The widespread adoption of mid-term dividends is expected to enhance investor returns and attract long-term capital, fostering a positive market cycle [5] - Experts predict that with the continuous improvement of the macro economy, the profitability of the banking sector is likely to improve steadily, supporting the expansion of dividend scales [5] - Factors such as easing interest margin pressures and the growth of non-interest income from wealth management are expected to further enhance the stability of bank earnings [5]

Core Viewpoint - The financial ETF (510230) has seen a rise of over 0.5%, supported by mid-term dividend announcements from banks, which are aiding in the valuation recovery of the sector [1] Group 1: Dividend Announcements - Changsha Bank announced a dividend of 0.20 CNY per share (before tax), totaling 804 million CNY in payouts [1] - Shanghai Rural Commercial Bank declared a dividend of 0.241 CNY per share (before tax), with total distributions amounting to 2.324 billion CNY [1] - By September 19, 2025, four banks, including Minsheng Bank, Jiangsu Rural Bank, Changsha Bank, and Shanghai Rural Commercial Bank, have released specific mid-term dividend plans [1] Group 2: Market Impact - The gradual rollout of mid-term dividends by listed banks is expected to attract more financial investments from funds that prioritize dividends, thereby driving the recovery of the banking sector's valuations [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial sector, including banks, insurance, and securities, to reflect the overall performance of listed companies in the financial industry [1] - The 180 Financial Index is characterized by high industry concentration and style allocation, effectively representing market trends in the financial sector [1]

Core Viewpoint - The mid-term dividend distribution among A-share listed banks is progressing, with several banks announcing their plans for 2025, indicating a positive trend in the banking sector's profitability and governance [1][4]. Group 1: Dividend Announcements - Recently, Hu Nong Commercial Bank and Changsha Bank announced their mid-term cash dividends, totaling 3.128 billion yuan, with Hu Nong distributing 2.324 billion yuan and Changsha distributing 804 million yuan [1][2]. - As of September 22, 17 banks have disclosed their mid-term profit distribution plans for 2025, with several banks, including Changsha Bank and Ningbo Bank, implementing mid-term dividends for the first time since their listings [1][4]. Group 2: Dividend Distribution Details - Hu Nong Commercial Bank's cash dividend is based on a total share capital of 9.644 billion shares, distributing 0.241 yuan per share, while Changsha Bank's distribution is based on 4.022 billion shares at 0.20 yuan per share [2]. - In September, three other banks, including Changshu Bank and Minsheng Bank, completed their mid-term dividend distributions, totaling 6.633 billion yuan [2]. Group 3: Dividend Ratios and Trends - The six major state-owned commercial banks have a cash dividend ratio of around 30%, with some city commercial banks and rural commercial banks exceeding this level [3]. - The expansion of mid-term dividends among listed banks reflects a recovery in bank performance, providing sufficient profit space for such distributions [4]. Group 4: Market Implications - Analysts suggest that mid-term dividends enhance predictability, boost investor confidence, and improve valuations, supported by the current strong performance of listed banks [4]. - The overall improvement in bank performance, driven by easing interest margin pressures and growth in non-interest income, is expected to sustain and potentially increase dividend distributions in the future [4][5].

Market Overview - On September 22, the city commercial bank sector declined by 1.17%, with Hangzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Bank Performance - Hangzhou Bank's closing price was 15.06, down 2.27% with a trading volume of 765,900 shares and a transaction value of 1.159 billion yuan [1] - Chengdu Bank closed at 17.15, down 2.17%, with a trading volume of 367,300 shares [1] - Suzhou Bank closed at 8.01, down 1.72%, with a trading volume of 389,400 shares [1] - Ningbo Bank closed at 26.35, down 1.50%, with a trading volume of 138,580 shares [1] - Jiangsu Bank closed at 10.12, down 1.36%, with a trading volume of 1,148,300 shares [1] - Xiamen Bank closed at 6.30, down 1.10%, with a trading volume of 79,000 shares [1] - Qingdao Bank closed at 4.80, down 1.03%, with a trading volume of 261,300 shares [1] - Changsha Bank closed at 9.01, down 0.99%, with a trading volume of 118,400 shares [1] - Zhengzhou Bank closed at 2.02, down 0.98%, with a trading volume of 1,188,200 shares [1] - Beijing Bank closed at 5.58, down 0.89%, with a trading volume of 1,304,400 shares [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 132 million yuan [1] - The table shows the net capital flow for individual banks, indicating varying levels of institutional and retail investor activity [2] Individual Bank Capital Flow - Hangzhou Bank had a net inflow of 127 million yuan from institutional investors, but a net outflow of 15.3 million yuan from retail investors [2] - Shanghai Bank saw a net inflow of 7.31 million yuan from institutional investors, with a net outflow of 13.26 million yuan from retail investors [2] - Guiyang Bank had a net inflow of 4.12 million yuan from institutional investors, with a net outflow of 4.91 million yuan from retail investors [2] - Qilu Bank experienced a net inflow of 3.48 million yuan from institutional investors, but a significant net outflow of 30.56 million yuan from retail investors [2] - Changsha Bank had a net inflow of 1.00 million yuan from institutional investors, while retail investors saw a net outflow of 6.67 million yuan [2] - Other banks like Xiamen Bank, Qingdao Bank, and Zhengzhou Bank also showed varying trends in capital flow, with some experiencing net outflows from both institutional and retail investors [2]

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting potential investment opportunities due to favorable policy catalysts and improving fundamentals in certain banks [12]. Core Insights - The report highlights the adequacy of loan loss provisions among listed banks, with a provision coverage ratio of 70.8% for Stage 3 loans, indicating limited future impact on profits [2][12]. - It emphasizes the improvement in asset quality, particularly in Stage 3 loans, with notable reductions in the proportion of such loans for several banks compared to the end of Q4 2024 [1][2]. - The report suggests a focus on banks with positive fundamental changes and continuous improvement in financial statements, recommending specific banks for investment [12]. Summary by Sections 1. Loan Quality and Provisioning - The proportion of Stage 3 loans is relatively low for banks like Chengdu Bank (0.66%) and Ningbo Bank (0.76) [1]. - Significant improvements in Stage 3 loan ratios were observed for Chongqing Bank (-61bp) and Guiyang Bank (-48bp) compared to Q4 2024 [1]. - The provision coverage for Stage 3 loans is high, with leading banks like Qingnong Bank (4.35%) and Yunan Bank (4.16%) showing strong provisioning ratios [2]. 2. Financial Assets - The proportion of Stage 3 financial assets is low, with most banks not exceeding 0.05%, indicating manageable asset quality pressure [4]. - The report notes that the provision coverage for financial investments is also robust, with Zhejiang Bank (3.16%) and Qingdao Bank (2.85%) leading in provisioning ratios [8]. 3. Sector Outlook - The report anticipates that expansionary policies aimed at stabilizing the economy will benefit the banking sector, with a focus on banks like Ningbo Bank and Jiangsu Bank for potential investment [12]. - It highlights the ongoing economic recovery and the potential for interest rate cuts, suggesting a sustained dividend strategy for certain banks [12].