Investment Rating - The report maintains a "Buy" rating for Shanghai Bank with a target price of RMB 12.02 [7][5]. Core Views - Shanghai Bank's performance shows steady growth with a year-on-year increase in net profit and operating income of 2.0% and 4.2% respectively for the first half of 2025 [1]. - The bank's non-interest income growth has rebounded, and the dividend payout ratio has increased, indicating a positive outlook for the second half of the year [1][5]. - The report highlights the importance of monitoring credit disbursement progress and non-performing asset management in the upcoming months [1]. Summary by Sections Financial Performance - For the first half of 2025, the annualized ROE and ROA were 11.00% and 0.81%, reflecting a slight decrease of 0.50 percentage points and 0.01 percentage points year-on-year respectively [1]. - Non-interest income grew by 8.1% year-on-year, with other non-interest income increasing by 12.1%, primarily due to improved investment returns and reduced fair value losses [3]. - The bank's net interest margin for the first half of 2025 was 1.15%, showing a stabilization in the decline compared to the previous year [2]. Asset Quality - As of June 2025, the non-performing loan (NPL) ratio was stable at 1.18%, with a provision coverage ratio of 244% [4]. - The annualized NPL generation rate for the first half of 2025 was 1.33%, indicating a slight increase from the previous year [4]. Valuation and Forecast - The report forecasts net profits for 2025-2027 to be RMB 242 billion, RMB 253 billion, and RMB 268 billion respectively, with year-on-year growth rates of 2.8%, 4.6%, and 5.9% [5]. - The target price of RMB 12.02 corresponds to a price-to-book (PB) ratio of 0.68 for 2025, reflecting an upward adjustment from the previous estimate of 0.67 [5].

Core Viewpoint - The new leadership at Huaxia Bank, under Yang Shujian, emphasizes the need for internal reform and adaptation to changing market conditions to enhance competitiveness and growth potential [2][10]. Financial Performance - For the first half of 2025, Huaxia Bank reported operating income of 45.522 billion yuan, a decrease of 5.86% compared to the same period last year [4][3]. - The net profit attributable to shareholders was 11.470 billion yuan, down 7.95% year-on-year [4][3]. - Total assets reached 45,496.25 billion yuan, reflecting a growth of 3.96% from the end of the previous year [4][3]. Profit Distribution - The bank plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 15.91 billion yuan, consistent with the previous year's mid-year dividend level [4][8]. Loan and Deposit Growth - Total loans amounted to 24,170.95 billion yuan, increasing by 2.15% from the end of the previous year [4]. - Total deposits reached 23,231.59 billion yuan, marking a growth of 7.99% [4]. Asset Quality - The non-performing loan (NPL) ratio stood at 1.60%, unchanged from the end of the previous year, while the provision coverage ratio was 156.67%, down 5.22 percentage points [5][6]. - Company loan NPLs decreased to 224.35 billion yuan, with a ratio of 1.36%, while personal loan NPLs increased to 162.35 billion yuan, with a ratio of 2.27% [5]. Capital Adequacy - The capital adequacy ratio was reported at 13.07%, with a tier 1 capital ratio of 11.44% and a core tier 1 capital ratio of 9.56%, all meeting regulatory requirements [6]. Revenue Composition - Interest income constituted 67.16% of total revenue, while non-interest income accounted for 32.84% [7]. - Interest income decreased by 3.60% to 30.574 billion yuan, primarily due to a narrowing net interest margin [7]. Strategic Initiatives - The bank is focusing on broadening its service channels and enhancing its product offerings to improve non-interest income and achieve diversified growth [7][10].

Core Viewpoint - The recent decision by Qingdao Rural Commercial Bank's board to not submit a shareholder proposal for a quarterly cash dividend has highlighted the growing tension between shareholders and management regarding dividend policies, reflecting a broader trend in the banking sector where dividend frequency and decision-making mechanisms are increasingly scrutinized [1][4][7]. Summary by Sections Shareholder Proposal - A temporary proposal was submitted by shareholders of Qingdao Rural Commercial Bank, suggesting a cash dividend of no less than 30% based on net profit for the next three years [4][5]. - The proposal aimed to enhance investor confidence and facilitate the conversion of convertible bonds into shares, backed by the bank's strong financial performance and cash reserves [4][5]. Board's Decision - The board unanimously decided not to submit the proposal for shareholder vote, citing procedural violations and overstepping of authority as reasons [5][6]. - The board emphasized that it could only execute decisions within the limits set by the shareholders and could not independently determine specific dividend amounts [6]. Broader Context - The issue of dividend distribution is not isolated to Qingdao Rural Commercial Bank; other banks like Huishang Bank and Guiyang Bank have also faced shareholder pushback regarding dividend proposals [7][8][9]. - Regulatory bodies have been advocating for increased cash dividends and more frequent distributions, aligning with industry trends [5][12]. Dividend Trends - From 2018 to 2024, the average cash dividend ratio for A-share listed banks has remained stable at around 25%, with state-owned banks typically maintaining ratios above 30% [12]. - In 2024, several banks, including Xian Bank and Shanghai Rural Commercial Bank, have increased their dividend ratios compared to previous years, indicating a shift towards higher shareholder returns [12][13]. Regulatory Environment - Recent regulatory guidelines encourage banks to enhance dividend stability and predictability, with a push for more frequent distributions [13][14]. - The balance between shareholder returns and capital adequacy remains crucial, especially for smaller banks that may face greater operational challenges [17][18].

Core Viewpoint - The peak period for cash dividend distribution among listed banks has arrived, with a total of 427.38 billion yuan already distributed for the 2024 fiscal year, indicating a nearly 70% completion rate of the total expected dividends [1][2] Group 1: Dividend Distribution Overview - As of June 27, 2024, 26 banks have implemented their profit distribution plans, with a total cash dividend expected to reach 631.96 billion yuan, an increase of nearly 20 billion yuan compared to the previous year, reflecting a growth rate of 3.03% [1][2] - A significant number of banks have advanced their dividend actions, with nearly half of the A-share listed banks completing their 2024 profit distribution plans in June [2] - The major contributors to the dividend payouts are the six state-owned banks, which collectively will distribute over 420 billion yuan in dividends for 2024 [2] Group 2: Individual Bank Performance - China Merchants Bank is the only joint-stock bank with a total dividend exceeding 50.44 billion yuan, with a payout ratio above 33% [3] - Ningbo Bank has increased its cash dividend for the second consecutive year, proposing a distribution of 9 yuan per 10 shares [3] - As of now, 23 A-share listed banks have implemented their mid-term dividends, totaling 257.71 billion yuan [3] Group 3: Dividend Ratio Trends - 14 banks have a cash dividend ratio exceeding 30% for 2024, with a slight decrease in the number of banks compared to 2023 [4] - 25 A-share listed banks have increased their cash dividend ratios compared to the previous year, with Ningbo Bank's ratio rising by 6.3 percentage points to 21.91% [4] - Industrial Bank and Citic Bank have also reported consistent increases in their cash dividend ratios over the years, with Citic Bank planning a cash dividend of 19.46 billion yuan for 2024 [5]

随着成都银行7月28日派发2024年度现金红利，A股42家上市银行2024年年度分红全部落 地。 从分红规模来看，据统计，42家A股上市银行2024年年度现金红利合计派发6325.94亿元，较 2023年增加近200亿元，同比增长3.14%，创历史新高。 从分红比例来看，多家银行分红比例超30%。在国有大行中，交通银行分红比例最高，为 30.07%；在股份行中，招商银行分红比例最高，为33.99%；在城商行和农商行等地方性银 行中，沪农商行分红比例最高，为33.91%。 从分红时间来看，交通银行4月18日派发现金红利，为A股上市银行中首家行动的银行。此 外，2024年分红落地时间整体早于往年，交通银行、中国银行、邮储银行、江阴银行在4月 便完成分红派息。 在2024年年度分红落地之余，多家银行已透露将开展2025年中期分红计划，进一步增强投资 者获得感。 国有六大行2024分红占比超六成 招商银行、沪农商行分红比例突破33% 国有大行仍是分红大户。国有六大行2024年年度现金红利合计派发4206.35亿元，在A股上市 银行总和中占比66.49%，分红比例均达到30%。其中，工商银行和建设银行2024年累计分红 ...

经济导报记者 刘勇 与此同时，多家银行已经披露2025年中期分红计划。 受访的业内人士认为，银行推出中期分红可以让投资者更早享受银行成长红利。"从已披露2025年半年度业绩快报看，部分银行上半年营业收入和归母净 利润均有所增长，因此中期分红的总额也会有一定程度的增长。"银行业分析师张鹏博表示。 7月22日，成都银行发布2024年年度权益分派实施公告。根据公告，本次利润分配以总股本42.38亿股为基数，每股派发现金红利0.891元（含税），合计派 发现金红利约37.76亿元。股权登记日为7月25日，除权（息）日及现金红利发放日均为7月28日。 | 证券代码 | 证券名称 | 2024年度分红总额(亿元) | 2024年度现金分红比例(%) | | --- | --- | --- | --- | | 000001.SZ | 平安银行 | 117.9880 | 26.5094 | | 001227.SZ | 兰州银行 | 5.7527 | 30.4727 | | 002142.SZ | 宁波银行 | 59.4323 | 21.9089 | | 002807.SZ | 江阴银行 | 4.9228 | 24.1691 ...

7月28日，随着成都银行（601838.SH）2024年分红到账，A股上市银行的"分红季"正式收官。从2024年度累计分红总额来看，42家A股上市银行派发现金 共计6325.94亿元，相较2023年度增加近200亿元，同比增长3.14%。 与此同时，多家银行已经披露2025年中期分红计划。 受访的业内人士认为，银行推出中期分红可以让投资者更早享受银行成长红利。"而且从已披露2025年半年度业绩快报看，部分银行上半年营业收入和归 母净利润均有所增长，因此中期分红的总额也会有一定程度的增长。"银行业分析师张鹏博表示。 分红总额创新高 7月22日，成都银行发布2024年年度权益分派实施公告。根据公告，本次利润分配以总股本42.38亿股为基数，每股派发现金红利0.891元（含税），合计派 发现金红利约37.76亿元。股权登记日为7月25日，除权（息）日及现金红利发放日均为7月28日。 从2024年度累计分红总额来看，42家A股上市银行派发现金共计6325.94亿元，相较2023年度增加近200亿元，同比增长3.14%。 按2024年全年总派息额计算，工商银行（601398.SH）分红金额最高，为1097.73亿元；建 ...

齐鲁晚报·齐鲁壹点记者 黄寿赓 随着成都银行分红到账，A股42家上市银行共计6325.94亿元的2024年度利润分配完成。从分红总额来看，工商银行、建设银行超千亿元，招商银行、江苏银 行分别以504.40亿元、95.54亿元"领衔"全国性股份制银行、中小银行分红。从现金分红占比来看，有14家银行超30%，招商银行最高，接近34%。郑州银 行、苏农银行、西安银行、常熟银行分红占比不足20%，尤其是郑州银行仅9.69%。 较高的每股红利带动股息率"水涨船高"。在银行股上半年市值已经涨了2万亿的背景下，截至7月28日，仍有28家银行股息率超4%。值得关注的是，在监管 强调增强投资者回报背景下，越来越多银行对2025中期分红作出安排，沪农商行、杭州银行、常熟银行等已对相关事项进行披露。 工行、建行总额超千亿 郑州银行时隔4年再分红 成都银行是A股42家上市银行2024年年度权益分派中，最后一家到账的。根据公告，本次成都银行利润分配以总股本42.38亿股为基数，每股派发现金红利 0.891元（含税），合计派发现金红利约37.76亿元。股权登记日为7月25日，除权（息）日及现金红利发放日均为7月28日。 随着成都银行红利 ...

随着成都银行发放现金红利，A股上市银行的"分红季"迎来收官。 7月22日，成都银行（601838.SH）发布2024年年度权益分派实施公告。根据公告，本次利润分配以总股本42.38亿股为基数，每股派发现金红利0.891元 （含税），合计派发现金红利约37.76亿元。股权登记日为7月25日，除权（息）日及现金红利发放日均为7月28日。 在成都银行股吧中，不少股民表示分红已经到账。 时代周报记者注意到，截至7月28日，在A股42家上市银行中，所有银行2024年年度现金"红包"已全部派发到账。 从2024年度累计分红总额来看，42家A股上市银行派发"红包"共计6325.94亿元，相较去年度增加近200亿元，同比增长3.14%。 具体来看，42家A股上市银行中，仅3家银行2024年度累计分红金额较2023年下滑，分别是浙商银行、民生银行和平安银行；5家银行去年度分红金额与 2023年持平，分别是北京银行、贵阳银行、青岛银行、厦门银行和紫金银行；分红总额上涨的银行共34家，占比超八成。 在今年的业绩会上，招商银行董事长缪建民表示，该行自2013年起就把保持30%以上的分红率写入了公司章程。去年现金分红比例达到了35.3 ...

Group 1 - The core viewpoint of the articles highlights the significant increase in cash dividends distributed by A-share listed banks in 2024, totaling over 630 billion yuan, with major banks maintaining a dividend payout ratio of 30% or higher [2][3] - The six major banks collectively distributed over 420 billion yuan in cash dividends, with Industrial and Commercial Bank of China leading at approximately 109.77 billion yuan, followed by China Construction Bank at about 100.75 billion yuan [2] - Among joint-stock banks, China Merchants Bank had the highest cash dividend of approximately 50.44 billion yuan, with a payout ratio of 35.32%, while several other banks also exceeded a 30% payout ratio [2][3] Group 2 - In the city commercial banks and rural commercial banks sector, Shanghai Rural Commercial Bank had a high dividend payout ratio of 33.91%, with several other banks also exceeding 30% [3] - However, 13 out of 42 A-share listed banks had a cumulative dividend amount of less than 1 billion yuan, with Zhengzhou Bank being the lowest and the only bank with a payout ratio below 10% [3] - Despite the increase in dividend frequency and ratios, banks are facing challenges such as narrowing interest margins and slowing revenue growth [4] Group 3 - Four A-share listed banks, including Changshu Bank and Hangzhou Bank, reported stable performance in the first half of 2025, with all showing revenue and profit growth [5] - Specific figures include Changshu Bank's revenue of approximately 6.06 billion yuan and net profit of about 1.97 billion yuan, while Hangzhou Bank reported revenue of around 20.09 billion yuan and net profit of approximately 11.66 billion yuan [6] - Asset quality remained stable, with non-performing loan ratios for these banks showing slight improvements or stability, and high provision coverage ratios maintained [7] Group 4 - Overall, the performance of the four banks in the first half of 2025 is seen as robust, but it is uncertain if this reflects the broader industry trend [8] - The banking sector is showing signs of stabilization, with expectations that the decline in net interest margins will continue but at a reduced pace [8] - The capital market has responded positively, with bank stocks experiencing significant growth, including 18 stocks reaching historical highs this year [8][9]