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股息率直追银行股 券商股投资逻辑有望重构
Zheng Quan Shi Bao·2025-04-29 20:58

Core Viewpoint - The total cash dividends from financial stocks, including banks, brokers, and insurance companies, reached a three-year high in 2024, indicating a strong focus on shareholder returns in the market [1][2]. Financial Sector Dividend Summary - The total cash dividends from banks amounted to 4,206 billion yuan in 2024, a 2% increase year-on-year, with a stable cash dividend ratio of around 30% and a dividend yield exceeding 4% [2][5]. - Insurance companies collectively distributed 908 billion yuan in dividends, marking a 20% year-on-year growth and a three-year high, although the average cash dividend ratio has been declining [2]. - Listed brokers reported a total cash dividend of 536 billion yuan, a significant 28% increase from the previous year, with an average cash dividend ratio exceeding 30% [2][6]. Broker Dividend Insights - In 2024, seven listed brokers had cash dividend ratios exceeding 50%, with East Wu Securities achieving a dividend yield of 4%, comparable to bank stocks [3]. - The cash dividend ratio for Red Tower Securities was the highest among brokers at 90.63% in 2024, while Industrial Securities had a ratio of 51.88%, up from 44% in 2023 [4]. Investment Logic of Broker Stocks - The increasing cash dividends from brokers raise questions about the traditional investment logic, as their dividend yields are now competitive with those of bank stocks [6]. - Historically, broker stocks were seen as more volatile due to market cycles, making them suitable for flexible investments, but the current trend of higher dividends may shift this perception [6]. Fund Holdings and Market Position - Despite the strong dividend performance, banks and non-bank financial stocks remain underweighted in fund holdings, with bank stocks representing about 3% of the market value and non-bank financials at 0.9% as of the end of Q1 2025 [7]. - The low allocation in these sectors suggests that while dividends are a key consideration for fund managers, the performance volatility linked to economic cycles remains a concern [7].