股息收益率仅为3.32%，浦发银行被剔除中证红利指数

Core Viewpoint - The annual review of the CSI Dividend Index has resulted in the removal of 20 constituent stocks, including Shanghai Pudong Development Bank and Baosteel, while adding 20 new stocks such as China National Offshore Oil Corporation and China Merchants Bank. The adjustments will take effect after the market closes on December 12 [1][2]. Group 1: Index Adjustments - The CSI Dividend Index has replaced exactly 20 constituent stocks, adhering to the rule that sample changes generally do not exceed 20% [2][3]. - In comparison, the CSI Low Volatility Dividend Index replaced 29 stocks, indicating a higher turnover rate than the CSI Dividend Index [3]. Group 2: Market Capitalization and Dividend Yield - The newly added stocks, including China Merchants Bank, Xiamen Bank, and Zheshang Bank, have a total market capitalization of approximately CNY 1.08 trillion, CNY 189.75 billion, and CNY 837.67 billion, respectively. In contrast, the removed Shanghai Pudong Development Bank has a market capitalization of about CNY 372 billion [3]. - The dividend yields for the newly added banks are notably higher, with China Merchants Bank at 4.63%, Xiamen Bank at 4.04%, and Zheshang Bank at 5.40%, compared to Shanghai Pudong Development Bank's yield of only 3.32% [3][4]. Group 3: Dividend Payment Trends - Shanghai Pudong Development Bank's dividend payout ratios for 2022-2024 are 18.4%, 25.7%, and 27.4%, respectively, which remain below the common industry benchmark of 30%, indicating a conservative dividend policy [4]. - The CSI Dividend Index has implemented three quarterly dividends this year and has a total of 14 dividends since its inception, with a cumulative dividend amount of CNY 3.65 per ten shares. The annual dividend ratios over the past five years have been consistently high, averaging around 4.5% [4]. Group 4: Financial Performance of Shanghai Pudong Development Bank - As of the end of September, Shanghai Pudong Development Bank's total assets reached CNY 9.892 trillion, reflecting a year-on-year growth of 4.55% [5]. - The bank reported a net profit attributable to shareholders of CNY 38.82 billion for the first three quarters, marking a 10.2% increase compared to the previous year [5][6]. - However, the bank's revenue growth has been weak, with a total operating income of CNY 132.28 billion, showing only a 1.9% increase year-on-year, which is significantly lower than the industry average [6].