2025.06. 23 本文字数：2223，阅读时长大约4分钟 作者 | 第一财 经 周楠 A股市场迎来一波"红包雨"，就在本周，超三百家上市公司的年报分红到账。 Wind统计显示，6月23日至6月27日（统计期间，下同），牧原股份（002714.SZ）、贵州茅台 （600519.SH）等约350家A股公司，将实施年报分红派息，分红总额合计超2050亿元。其中，发 出百亿"现金红包"的有中国石油（601857.SH）、中远海控（601919.SH）等。 政策引导之下，前期，今年年报季里，千余家A股公司披露分红预案。年报季收官之后，这些分红承 诺陆续得到兑现。本月以来，年报分红派息步入实施高峰期，数据显示，月内已有超1200家A股公 司完成派息。 除此之外，周内实施派息的公司中，海大集团（002311.SZ）、中国国贸（600007.SH）等每股派 息金额，也均超过1元。 哪些公司将大额分红？统计期间，中国石油将派发的"现金红包"最大，分红总额457.55亿元。紧随其 后，还有3家公司分红总额超过百亿，为贵州茅台（346.71亿元）、中远海控（159.54亿元）和陕 西煤业（110.14亿元）。 部分行业龙头的 ...

Core Viewpoint - Qingdao Bank's major shareholder, Qingdao Guoxin Development Group, plans to increase its stake in the bank, potentially becoming the largest shareholder, surpassing Haier Group and Intesa Sanpaolo Bank, due to recognition of the bank's long-term investment value [2][5][6]. Shareholder Changes - Qingdao Guoxin Group intends to increase its shareholding to no more than 19.99%, which would make it the largest shareholder of Qingdao Bank [2][5]. - The current major shareholders include Hong Kong Central Clearing (21.87%), Haier Group (18.14%), and Intesa Sanpaolo Bank (17.5%) [4][5]. Financial Performance - Qingdao Bank reported a revenue of 134.98 billion yuan in 2024, a year-on-year increase of 8.22%, and a net profit of 42.64 billion yuan, up 20.16% [6]. - For Q1 2025, the bank's revenue was 40.47 billion yuan, with a growth rate of 9.69%, and a net profit of 12.58 billion yuan, increasing by 16.42% [6]. Capital Adequacy - As of Q1 2025, Qingdao Bank's total assets exceeded 700 billion yuan, but its capital adequacy ratio slightly decreased to 13.51% from 13.8% at the end of the previous year [2][7]. - The core tier one capital adequacy ratio was reported at 8.96%, down 0.15 percentage points from the previous year [7]. Dividend Policy - Qingdao Bank plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling approximately 9.31 billion yuan [8]. - The bank has faced investor concerns regarding its declining dividend payout ratio, which has dropped from 44% at the time of listing to around 20% in 2024 [9].

证 券 研 究 报 告 保险行业周报（20250616-20250620） 险企提前筹备利率换挡，分红险"限令"预 推荐（维持） 计利好头部 ❑ 本周行情复盘：保险指数上涨 0.24%，跑赢大盘 0.69pct。保险个股表现分化， 众安+4.81%，新华+3.27%，太平+0.57%，平安+0.48%，人保+0.24%，国寿- 0.74%，财险-1.06%，太保-1.48%，友邦-1.88%，阳光-2.04%。10 年期国债收 益率 1.64%，较上周末持平。 ❑ 本周动态： （1）格隆汇：2025 年 6 月 12 日，秦港股份获长城人寿增持 100 万股，涉资 约 231.71 万港元。增持后，长城人寿最新持股数目为 2.58 亿股，持股比例由 30.97%上升至 31.09%。 （2）中国证券报：近期，多家保险公司业务部门进行新产品开发备案，为了 适应利率换挡后新老产品切换节奏，从销售人员培训到渠道合作等方面，做了 多方面准备。 （3）财联社：记者 6 月 19 日从业内获悉，金融监管总局人身保险监管司向各 人身保险公司下发了《关于分红险分红水平监管意见的函》（以下简称《意见 函》）。 ❑ 分红险《意见 ...

Group 1 - Public funds have distributed over 110 billion yuan in dividends this year, with more than 2,100 funds collectively distributing 113.546 billion yuan as of June 21, marking a 38.46% increase compared to 820.05 billion yuan last year [1][2] - Stock funds have seen a significant increase in dividends, totaling 21.922 billion yuan, which is nearly four times the amount from the same period last year, while mixed funds' dividends reached 4.476 billion yuan, approximately 2.2 times last year's figures [2][3] - ETFs have dominated the dividend distribution, with the top three funds being the CSI 300 ETFs, which collectively distributed 134.12 billion yuan, and six out of nine funds with over 1 billion yuan in dividends being ETFs [1][2] Group 2 - The number of dividend distributions has also increased, with the top fund, Ganhu Zhiyuan Jiayue Rate Bond A, distributing dividends eight times this year, while six funds have exceeded 100 distributions [2][3] - The increase in ETF dividends is attributed to their growth in scale and the better market performance this year compared to last year, along with a high proportion of institutional funds that demand dividends [3][4] - Public REITs have been active in dividend distribution, with 55 out of 69 REITs distributing a total of 4.459 billion yuan this year, highlighting the appeal of alternative assets in the current market [4]

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 科创板重启未盈利企业第五套上市标准；监 管发文规范分红险 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 6.15-2025. 6.21）A 股日均交易额 12,1 50 亿元，环比减少 11.4%，同比增加 60.1%。2025 年二季度至今 日均成交额 12,3 70 亿元,较 2024 年二季度日均交易额增加 49.4%。202 5 年至今日均成交额 13,91 7 亿元,较 2024 年日均 交易额增加 59.9 %。投行：本周发行新股 2 家，募集资金 8 .7 亿元；本周上市新股 2 家，募集资金 12.6 亿元。2025 年至 今，A 股 IPO 上市 50 家，募集金额 371.3 亿元。2024 年，A 股 IPO 上市 100 家，募集金额 6 73.5 亿元。两融：截至 2 025 年 6 月 1 9 日，两市两融余额 18,20 8.61 亿元，环比减少 0.03%，较 20 24 年日均水平增加 16 .19%。 ...

金融工程 | 动态跟踪 IH 浅升水，IC 及 IM 深贴水 分红对期指的影响 20250620 研究结论 | 上证50股指期货 含分红价差 | 收盘价 | 分红点数 | 实际价差 | | | --- | --- | --- | --- | --- | | IH2507 | 2636.80 | 40.84 | -36.92 | 3.92 | | IH2508 | 尚未开始交易 | 43.73 | 尚未开始交易 | 尚未开始交易 | | IH2509 | 2635.40 | 44.65 | -38.32 | 6.33 | | IH2512 | 2633.40 | 44.65 | -40.32 | 4.33 | | 沪深300股指期货 | 收盘价 | 分红点数 | 实际价差 | 含分红价差 | | IF2507 | 3804.40 | 38.26 | -42.24 | -3.99 | | IF2508 | 尚未开始交易 | 44.90 | 尚未开始交易 | 尚未开始交易 | | IF2509 | 3773.60 | 48.35 | -73.04 | -24.70 | | IF2512 | 3745.20 | 48 ...

Core Viewpoint - The legal opinion letter from Shanghai Dongfang Huayin Law Firm confirms that the differentiated dividend distribution plan proposed by Guodian Nari Technology Co., Ltd. complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [1][6]. Group 1: Reasons for Differentiated Dividend - On October 19, 2023, the company approved a plan to repurchase A-shares using self-owned funds between RMB 5 billion and RMB 10 billion, with a maximum repurchase price of RMB 34.05 per share, to be completed within 12 months [3][4]. - As of May 31, 2025, the company had repurchased 7,882,583 shares, accounting for 0.098% of the total share capital [3][4]. - The shares held in the repurchase account do not participate in profit distribution, leading to a difference in the total share capital for the dividend distribution [4]. Group 2: Differentiated Dividend Plan - The company plans to distribute a cash dividend of RMB 0.435 per share (tax included) to all shareholders, excluding the shares held in the repurchase account [4][5]. - The actual participating share capital for the dividend distribution is calculated to be 8,001,351,712 shares after excluding the repurchased shares [5][6]. Group 3: Calculation Basis for Differentiated Dividend - The closing price of the company's stock on June 5, 2025, was RMB 22.11 per share, with the total share capital before the dividend distribution being 8,032,088,259 shares [5][6]. - The impact of the repurchased shares on the ex-dividend reference price is minimal, calculated to be less than 1% [6]. Group 4: Conclusion - The legal opinion concludes that the differentiated dividend distribution plan is in accordance with the Company Law, Securities Law, and other relevant regulations, ensuring the protection of the interests of the company and its shareholders [6].

Core Viewpoint - The company Xinjiang Tianrun Dairy Co., Ltd. is implementing a differentiated dividend distribution plan for the year 2024, which involves cash dividends and excludes stock dividends or capital reserve transfers [1][2]. Group 1: Reasons for Differentiated Dividend - The company approved a share repurchase plan on February 23, 2022, to buy back shares for employee stock ownership plans or equity incentives, repurchasing a total of 4,799,955 shares, which is 1.50% of the total share capital at that time [1]. - The total amount spent on the share repurchase was approximately RMB 61.33 million, with a repurchase price range between RMB 11.78 and RMB 13.50 per share [1]. Group 2: Differentiated Dividend Plan - The company plans to distribute a cash dividend of RMB 0.21 per 10 shares (including tax) to all shareholders, resulting in a total cash dividend distribution of approximately RMB 6.62 million after excluding the shares held in the repurchase account [2]. - The total share capital as of April 17, 2025, is 320,190,246 shares, and the shares in the repurchase account do not have rights to profit distribution [2]. Group 3: Calculation Basis for Differentiated Dividend - The actual participating share capital for the dividend distribution is 315,403,648 shares after deducting the repurchased shares [3]. - The reference price for ex-dividend trading is calculated based on the previous closing price minus the cash dividend, with no change in circulating shares due to the nature of the dividend [3][5]. Group 4: Sponsor's Verification Opinion - The sponsor, CITIC Securities, confirms that the differentiated dividend distribution complies with relevant laws and regulations, and does not harm the interests of the listed company or all shareholders [4].

公司于2025年4月28日召开公司第二届董事会第十五次会议、第二届监事会 第十一次会议，会议审议通过了《关于公司2024年度利润分配方案的议案》， 并同意将该利润分配方案提交公司2024年年度股东大会审议。 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为上 海宣泰医药科技股份有限公司（以下简称"宣泰医药"或"公司"）首次公开发行 股票并上市保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》《上海证券交易所上市公司自律监管指引第7 号——回购股份》等有关规定， 对宣泰医药2024 年度利润分配所涉及的差异化分红（以下简称"本次差异化分红" ）相关事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 公司于2024年2月19日召开第二届董事会第八次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上海 证券交易所股票交易系统以集中竞价交易方式回购公司已发行的部分人民币普 通股（A股） ...

证券代码：603628 证券简称：清源股份 公告编号：2025-041 清源科技股份有限公司 债券代码：113694 债券简称：清源转债 清源科技股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.066元（含税） ? 相关日期 ? 差异化分红送转：是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经清源科技股份有限公司（以下简称"公司"）2025 年 5 月 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（公 司回购专用账户除外）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，公司回购专用账户中的股份不参与本次利润分配。 （1）本次差异化分红方案 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/26 － 2025/6/27 2025/6/27 ...