近日，长城证券、兴业证券、首创证券等多家券商陆续发布分红实施公告，派息日集中于12月18日至19日之 间。更多券商的利润分配方案仍在推进中，根据记者不完全统计，后续仍有近90亿元分红待落地。 另据记者统计，今年以来超过八成的券商分红次数 在两次或两次以上 ，其中部分中小券商在分红总额上表现 突出。在业内人士看来，随着政策引导与券商业绩规模提升，未来券商有望持续优化分红方案，为股东提供稳 定、可预期的回报。 多家券商密集实施中期分红 近日，多家上市券商陆续发布利润分配实施公告，新一轮分红派息进入落地阶段。 12月12日长城证券公告称，公司将向全体股东每10股派发现金红利0.76元（含税），合计派发现金红利3.07亿 元，派息日为12月19日。 券商分红进行时。 随着监管层持续引导上市公司强化股东回报，证券公司今年积极响应，提升投资者获得感。 就在前一天（12月11日）兴业证券也发布中期权益分派实施公告，公司计划每股派发现金红利0.05元（含 税），共计派发现金红利4.32亿元，派息日为12月18日。 12月10日首创证券则披露前三季度权益分派实施公告，该券商每股派发现金红利0.10元（含税），共计派发现 金红利 ...

2024年发布的新"国九条"明确提出强化上市公司分红监管，增强分红稳定性、持续性和可预期性，推动 一年多次分红、预分红、春节前分红。进入2025年，在中国资本市场改革深化的背景下，上市券商积极 响应政策号召，强化分红力度，切实提升投资者获得感。 近日，多家上市券商陆续发布利润分配实施公告，新一轮分红派息进入落地阶段：12月12日，长城证券 宣布将向全体股东每10股派发现金红利0.76元，合计达3.07亿元，派息日为12月19日；11日，兴业证券 发布中期权益分派公告，计划每股派息0.05元（含税），合计派发现金红利4.32亿元，派息日为12月18 日；此外，国元证券、东北证券、中国银河等多家券商于11月公告实施中期分红。 | | | 2025年已实施分红规模靠前的上市券商 | | | | --- | --- | --- | --- | --- | | 序号 | 公司简称 | 分红总额(亿元) 2025.01.01-2025.12.15 | 前三季度 净利润(亿元) | 前三季度净利润 同比增长率(%) | | 1 | 国泰海通 | 75.81 | 220.74 | 131.80 | | 2 | 华泰证券 | ...

| | 2025年已实施分红规模靠前的证券公司 | | --- | --- | | 证券公司 | 现金分红总额(亿元) | | 国泰海通 | 75.81 | | 华泰证券 | 46.94 | | 招商证券 | 43.13 | | 中信证券 | 41.50 | | 广发证券 | 38.03 | | 中国银河 | 35.10 | | 国信证券 | 33.64 | | 东方证券 | 18.69 | | 东吴证券 | 18.63 | | 兴业证券 | 12.95 | 随着监管部门持续引导上市公司强化股东回报，上市证券公司积极响应，提升投资者获得感。 近日，长城证券、兴业证券、首创证券等多家上市券商陆续发布分红实施公告，派息日集中于12月18日 至19日之间。更多的上市券商利润分配方案仍在推进中，据证券时报记者不完全统计，后续仍有近90亿 元上市券商分红待落地。 据证券时报记者统计，今年以来超过八成的上市券商分红次数达两次或两次以上，其中，部分中小上市 券商在分红总额上表现突出。对此，业内人士表示，随着政策引导与券商业绩提升，未来上市券商有望 持续优化分红方案，为股东提供稳定、可预期的回报。 券商密集实施中期分红 近日 ...

Core Viewpoint - The article highlights the trend of listed securities firms establishing a sustainable and stable shareholder return mechanism, driven by regulatory calls for increased shareholder returns and multiple dividends within a year [1][11]. Group 1: Dividend Distribution - Five securities firms have proposed dividend distributions for the first three quarters, with a total cash dividend of approximately 1.095 billion yuan [1][2]. - Among the firms, the total cash dividends proposed include 273 million yuan from Founder Securities, 66 million yuan from Southwest Securities, 432 million yuan from Industrial Securities, 89 million yuan from Western Securities, and 234 million yuan from Northeast Securities [3][4]. - Notably, two firms are expected to distribute cash dividends three times within the year [5]. Group 2: Financial Performance - The securities industry has seen a significant increase in revenue, with 43 listed firms achieving a total revenue of 421.416 billion yuan, a year-on-year increase of 42.57%, and a net profit of 169.291 billion yuan, up 62.48% [3][4]. - Among the five firms proposing dividends, all except Founder Securities reported a net profit growth of over 40%, with Northeast Securities showing the highest growth at 125.21% [4][6]. - The dividend payout ratios indicate that Founder Securities has the highest payout ratio at 34.01%, followed by Northeast Securities at 21.94% [6]. Group 3: Historical Context and Future Outlook - Last year marked the first instance of quarterly dividends among listed securities firms, with several firms continuing this trend into the current year [9]. - As of November 2, 2024, 16 listed securities firms have completed mid-year dividends totaling 7.908 billion yuan, with an additional 13 firms pending, amounting to 11.196 billion yuan in cash dividends [10][11].

Core Viewpoint - Under the regulatory call to "increase shareholder returns and promote multiple dividends within a year," listed securities firms are establishing a sustainable and stable shareholder return mechanism [1] Summary by Sections Dividend Distribution - Five securities firms, including Shouchao Securities, Industrial Securities, Western Securities, Southwestern Securities, and Northeast Securities, plan to distribute a total cash dividend of approximately 1.095 billion yuan for the first three quarters [2][3] - A total of 16 listed securities firms have completed mid-year dividends, distributing a total of 7.908 billion yuan, with another 13 firms pending distribution, indicating an additional 11.196 billion yuan in cash dividends forthcoming [2][8] Financial Performance - The securities industry has seen a significant increase in revenue, with 43 listed firms achieving total revenue of 421.416 billion yuan, a year-on-year increase of 42.57%, and a net profit of 169.291 billion yuan, up 62.48% [3][4] - Among the five firms proposing dividends, all except Shouchao Securities reported a net profit growth of over 40%, with Northeast Securities showing the highest growth at 125.21% [4][5] Dividend Details - Shouchao Securities plans to distribute a cash dividend of 0.1 yuan per share, totaling 273 million yuan; Industrial Securities plans 0.5 yuan per share, totaling 432 million yuan; and Northeast Securities plans 1.00 yuan per share, totaling 234 million yuan [3][4][5] - The dividend payout ratios indicate that Shouchao Securities has the highest payout ratio at 34.01%, followed by Northeast Securities at 21.94% [5][6] Historical Context - Last year marked the first instance of quarterly dividends among listed securities firms, with several firms continuing this trend into the current year [7] - The regulatory framework established by the China Securities Regulatory Commission emphasizes the importance of shareholder returns, encouraging firms to balance profit reinvestment and shareholder payouts [8]

Core Insights - As of October 23, 16 listed brokerages have announced mid-year cash dividends totaling approximately 8 billion yuan, providing investors with a "mid-term red envelope" [1][2] - There is a significant disparity in dividend amounts among brokerages, with Guotai Junan leading with over 2.6 billion yuan in cash dividends and a dividend rate of 16.8%, while some smaller firms reported dividends below 100 million yuan [2][3] - The differences in dividend payouts reflect structural changes in the capital market, with leading brokerages benefiting from strong capital, diversified businesses, and stable governance [3] Dividend Analysis - The total cash dividends announced by brokerages reached 79.74 billion yuan, with Guotai Junan, China Merchants Securities, and Dongfang Securities being the top three in terms of total dividends [2] - Smaller brokerages like Zhongyuan Securities and First Capital have lower total dividends and dividend rates, indicating a disparity in profitability and capital [2][3] - A healthy dividend rate is generally considered to be above 30%, while rates exceeding 50% may strain cash flow [3] Investment Considerations - The brokerage sector shows significant internal differentiation, providing various investment perspectives [4] - The A-share market has seen a rise in brokerage stocks, with the brokerage index increasing by approximately 29% from April 8 to October 23 [4] - Investors should focus on market conditions, trading volumes, and other performance indicators rather than solely on dividend data [5] Financial Performance - All 42 listed brokerages reported positive growth in net profit for the first half of the year, with 37 experiencing revenue growth year-on-year [5] - Key drivers of performance include a 44% increase in brokerage income and a 54% increase in proprietary trading income [5] Balancing Dividends and Growth - Brokerages must maintain sufficient cash flow to meet dividend demands while ensuring funds for development [6] - Strategies may include flexible dividend policies based on business maturity and expansion, as well as adopting international models for dividends and share buybacks [6] - Enhancing financial transparency and strategic clarity is crucial for attracting long-term investors and achieving sustainable growth [6]

Group 1 - The core viewpoint of the articles highlights the positive outlook for the securities sector, driven by factors such as policy support, capital influx, performance improvements, and valuation opportunities, with a strategic recovery space anticipated for the sector [1][3][4] Group 2 - As of October 22, 17 listed securities firms have announced mid-year dividends totaling 7.949 billion yuan, indicating a trend of increasing cash returns to investors [1][2] - The distribution of dividends shows a "Matthew effect," with leading firms like Guotai Junan and Haitong Securities dominating the total payout, with Guotai Junan alone contributing 2.627 billion yuan, accounting for over 32% of the total dividends [2] - The average cash dividend per share (pre-tax) also reflects a strong performance, with Guotai Junan leading at 0.15 yuan per share, followed closely by Dongwu Securities at 0.138 yuan per share [2] - The cash dividend ratio, which indicates the ability of firms to convert net profits into shareholder returns, shows strong performance from some smaller firms, such as Hongta Securities and Shanxi Securities, with ratios exceeding 30% [2] Group 3 - The profitability and policy support have laid a solid foundation for the dividend payouts, with a significant increase in trading activity and business optimization contributing to improved performance among listed securities firms [3] - In the first half of 2025, 42 listed securities firms achieved a total operating income of 251.9 billion yuan, a year-on-year increase of 30.8%, and a net profit attributable to shareholders of 10.41 billion yuan, up 65.1% [3] - The forecast for the third quarter suggests that net profit for listed securities firms could reach 61.13 billion yuan, reflecting a year-on-year growth of 48.74% [3] Group 4 - Regulatory bodies have encouraged listed companies to return cash to investors through dividends, leading to a trend of multiple dividend distributions within a year among listed securities firms [4]

Core Viewpoint - The article highlights the active engagement of listed securities firms in implementing semi-annual cash dividends in response to policy calls, enhancing investor returns and confidence in the market [1][3]. Summary by Sections Dividend Announcements - As of October 13, 2023, 28 out of 42 A-share listed securities firms have announced their semi-annual dividend plans for 2025, with five firms already distributing dividends to investors [2]. - Among these, CITIC Securities plans the highest cash dividend of 0.29 yuan per share, totaling 4.298 billion yuan, while other major firms like Zhongxin JianTou and Guotai Junan also announced significant dividends [2]. Dividend Distribution Progress - Five listed securities firms, including Shanxi Securities and First Venture, have completed their semi-annual dividend distributions, amounting to a total of 1.507 billion yuan, with the highest distribution from招商证券 at 1.035 billion yuan [2]. - Several firms are awaiting the implementation of their announced dividend plans, while others are in the proposal stage or have received shareholder approval [2]. Financial Performance and Future Plans - The positive performance of securities firms in the capital market has provided a solid foundation for their active dividend policies, with a focus on enhancing investor returns and confidence [3]. - Seven firms have published their dividend return plans for the next three years (2025-2027), with some committing to a minimum cash dividend ratio of 50% of distributable profits, indicating a strong commitment to shareholder returns [3]. Share Buybacks and Market Value Management - In addition to dividends, nine listed securities firms have engaged in share buybacks this year, totaling 216 million shares and 2.305 billion yuan, significantly higher than the previous year [4]. - Guotai Junan leads in buyback amounts at 1.215 billion yuan, followed by other firms like Zhongtai Securities and Caitong Securities [4]. - Experts suggest that securities firms should enhance their long-term value management through increased dividend frequency, improved operational performance, and transparent communication with investors [4].

Group 1 - The core viewpoint of the articles highlights the dividend distributions by major securities firms, with招商证券 distributing a cash dividend of 0.119 yuan per share totaling 1.035 billion yuan, and南京证券 distributing 0.05 yuan per share totaling 184 million yuan [1][3] - In the first half of 2025,招商证券 reported operating revenue of 10.52 billion yuan and a net profit attributable to shareholders of 5.186 billion yuan, both showing an increase of over 9% year-on-year [3] - 南京证券, despite a nearly 6% year-on-year decline in operating revenue, achieved a net profit of 621 million yuan, reflecting a year-on-year growth of 13.65% [3] Group 2 - As of September 18, 25 listed securities firms in the A-share market have disclosed their mid-year dividend distribution plans, with a total planned payout of 17.535 billion yuan [3] - 中信证券 leads the dividend distribution with a scale of 4.298 billion yuan, while other major firms like国泰君安, 海通证券, and others have also announced distributions exceeding 1 billion yuan [3] - The positive performance of listed securities firms is attributed to regulatory policy guidance and improved market conditions in the A-share market during the first half of the year, which has enhanced their earnings [3]

Core Viewpoint - The significant increase in mid-term dividends announced by listed securities firms reflects a recovery in performance, adherence to new policies, and efforts to enhance brand appeal and attract investors [1][4]. Group 1: Dividend Announcements - A total of 28 listed securities firms have announced mid-term dividend plans, with a cumulative dividend amount of 18.797 billion yuan, representing a nearly 40% year-on-year increase [1][3]. - Among the firms, 21 have announced dividends exceeding 100 million yuan, with 7 firms exceeding 1 billion yuan, the highest being 4.298 billion yuan from CITIC Securities [3][4]. - The per-share dividend (pre-tax) ranges from 0.008 yuan to 0.29 yuan, with cash dividend ratios primarily between 10% and 35% [3]. Group 2: Performance and Policy Impact - The securities industry has shown a significant performance recovery in the first half of 2025, with 150 securities firms reporting a total revenue of 251.036 billion yuan and a net profit of 112.28 billion yuan, marking increases of 23.47% and 40.37% respectively compared to the same period in 2024 [4]. - The new "National Nine Articles" policy encourages multiple dividends within a year, aiming to enhance shareholder returns and improve the overall dividend culture among listed companies [4][5]. - The policy also imposes stricter regulations on companies with low or no dividends, incentivizing firms to maintain higher dividend payouts [4]. Group 3: Market Perception and Investor Confidence - The substantial dividends are seen as a strategy to establish a strong market image of profitability, thereby enhancing brand competitiveness and attracting more investors [4]. - High and frequent dividends can boost investor confidence in the long-term development of the capital market and related securities firms [5].