Sou Hu Cai Jing·2025-07-11 05:29Group 1 - The Shanghai Composite Index rose over 1%, reaching a new high, with major financial stocks experiencing significant gains, particularly Industrial and Commercial Bank of China (ICBC), which increased by 3.22% and approached a market capitalization of 3 trillion yuan [1] - The Bank AH Preferred ETF (517900) hit a new high since its listing, with nearly 43 million yuan in trading volume, indicating potential capital inflow, and has seen a net inflow of 110 million yuan over the past seven trading days, totaling 640 million yuan for the year, with a nearly 500% increase in shares, making it the top-performing bank ETF [1] Group 2 - Recently, China Merchants Bank and ICBC announced their 2024 annual equity distribution, with a total cash dividend exceeding 100 billion yuan; China Merchants Bank declared a dividend of 20.0 yuan per 10 shares, totaling 50.44 billion yuan, while ICBC proposed a dividend of 1.65 yuan per 10 shares, amounting to 58.664 billion yuan [3] - Longjiang Securities noted that from a high dividend yield perspective, institutional investors are increasingly allocating to undervalued, high-dividend H-shares of large banks through the southbound stock connect, benefiting from a significant tax exemption on dividends for holdings over one year [3] - The average dividend yield of the five major state-owned banks in A-shares has decreased to 4.0%, with a 240 basis point spread over the 10-year government bond yield, while H-shares offer an average yield of 5.3%, presenting a more attractive investment opportunity [3]