Core Viewpoint - The China Listed Companies Association has released the 2025 cash dividend ranking to promote a culture of sustainable dividends among listed companies, enhancing investor returns and shifting market focus from financing to investment returns [1][2]. Summary by Relevant Sections Cash Dividend Ranking - The 2025 cash dividend ranking is based on objective data and considers multiple factors, resulting in three lists: total cash dividends over the past three years, dividend payout ratios over the past five years, and dividend yields over the past three years, each featuring 100 companies [2][3]. - The ranking emphasizes long-term evaluation, helping companies enhance the stability and predictability of their dividends, while also allowing smaller companies that share growth profits with investors to be recognized [2][3]. Trends in Dividend Distribution - There has been an increase in the number of companies consistently paying dividends, with 2,447 out of 4,445 companies listed for over three years having paid dividends in the last three years, a 12% increase from 2023 [3]. - The average dividend yield for companies in the three-year yield list is 6.73%, with some companies exceeding 10% [3]. - The five-year payout ratio list saw significant changes, with 40 new companies added, and the average payout ratio for this list is 49% [3]. Mid-Year Dividend Trends - Mid-year dividends have become more common, with 370 companies disclosing mid-year dividend plans in 2023, totaling 791.93 billion yuan in proposed cash dividends [5][6]. - Major companies like China Mobile plan to distribute 541.99 billion yuan as mid-year dividends, indicating a trend towards more frequent and larger dividend distributions [5][6]. Implications of New Policies - The new "National Nine Articles" policy aims to strengthen dividend stability, leading to an expansion in mid-year dividends, diversification of dividend-paying companies, and an increase in the frequency of distributions [6]. - The trend towards multiple dividend distributions per year reflects stable cash flows and operational conditions, signaling positive investment value to investors [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue growth of 10.1% and a net profit growth of 13.5% in the first half of 2025, with non-interest income increasing by 57%, driving overall revenue [2][6]. - The net interest margin stood at 2.58%, with a narrowing decline in Q2, indicating a significant lead over peers due to structural optimization and improved deposit pricing [2][6]. - The company announced its first interim dividend with a payout ratio of 25.27%, exceeding expectations, which could lead to a projected dividend yield of 4.1% for the full year 2025 [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue growth of 10.1% and a net profit growth of 13.5%, with non-interest income contributing significantly [2][6]. - The net interest margin was reported at 2.58%, with a slight decrease in Q1 but a recovery in Q2, indicating strong performance compared to industry peers [2][6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 490%, reflecting solid asset quality [2][6]. - The company maintained a net NPL generation rate of 1.40%, indicating effective risk management and asset quality stability [2][6]. Dividend Policy - The company will implement an interim dividend for the first time, with a payout ratio of 25.27%, which is higher than the previous year's 19.77% [2][6]. - If the full-year dividend payout ratio reaches 25.27%, the estimated dividend per share (DPS) will increase by 28% to 0.32 yuan, with a total dividend amount expected to grow by 41% [2][6]. Investment Outlook - The company is expected to maintain a leading growth rate and has a clear long-term development path, with its current price-to-book (PB) ratio at 0.83x and price-to-earnings (PE) ratio at 6.2x, indicating undervaluation [2][6].

Core Viewpoint - The mid-year dividend distribution among A-share companies is gaining momentum, with many companies announcing substantial dividend payouts, reflecting their financial performance and shareholder return strategies [1][2]. Group 1: Dividend Announcements - Nearly 50 A-share companies have disclosed mid-year dividend proposals or shareholder suggestions, with a total proposed dividend amount exceeding 720 billion yuan [2][4]. - Major companies like China Mobile and Ningde Times are leading with significant dividend distributions, with China Mobile proposing a dividend of 594.32 billion Hong Kong dollars (approximately 540 billion yuan) [2][3]. - Companies such as Shuoshi Biology and Dongpeng Beverage are also participating in the trend, with Shuoshi Biology proposing a dividend of 3.4 yuan per share and Dongpeng Beverage exceeding 1 yuan per share [4][5]. Group 2: Financial Performance - Many companies proposing high dividends have reported revenue and profit growth in the first half of the year, indicating strong financial support for their dividend policies [5][6]. - For instance, Dongpeng Beverage achieved a revenue of 10.737 billion yuan and a net profit of 2.375 billion yuan, both showing over 30% year-on-year growth [5]. - However, some companies like China Mobile and Oriental Yuhong experienced slight revenue declines, raising questions about the sustainability of their high dividend payouts [5][6]. Group 3: Upcoming Dividend Distributions - Three A-share companies are set to implement mid-year dividends next week, including Sujiao Technology and Zhongchong Co., with specific dividend amounts announced [6][7]. - Sujiao Technology plans to distribute 0.2 yuan per share, while Zhongchong Co. intends to distribute 2 yuan per share [6][7]. Group 4: Trends in Dividend Distribution - The trend of increased dividend distributions is supported by regulatory encouragement, with a projected total cash dividend of 2.4 trillion yuan for 2024, marking a 9% increase from 2023 [7][8]. - The frequency of dividend distributions is also rising, with many companies adopting policies for multiple distributions within a year, contributing to a growing culture of continuous dividends [7][8].

Core Viewpoint - Changshu Bank reported a strong performance in the first half of 2025, with double-digit growth in profits and an increase in the mid-term dividend payout ratio, reflecting confidence in future earnings growth and capital adequacy [1][2][7]. Financial Performance - In 1H25, Changshu Bank achieved revenue of 6.06 billion, pre-provision profit of 3.93 billion, and net profit of 1.97 billion, representing year-on-year growth of 10.1%, 11.3%, and 13.5% respectively [2][3]. - The annualized weighted average ROE was 13.34%, an increase of 0.06 percentage points year-on-year [2]. - Non-interest income grew significantly by 57.3%, with fee income increasing by 41.9% due to strong performance in self-operated wealth management and agency services [3]. Asset Quality and Loan Growth - As of June, the total assets of Changshu Bank increased by 9.2% year-on-year, with loans and financial investments growing by 5.2% and 12.7% respectively [4]. - The non-performing loan (NPL) ratio was 0.76%, stable compared to the previous quarter and down 1 basis point year-on-year [6]. - The bank's focus on small and scattered loans has led to positive growth in personal operating loans, with a significant reduction in loan loss [4]. Cost of Liabilities and Interest Margin - The cost of liabilities improved significantly, with deposits growing by 9.9% year-on-year and a reduction in interest rates on deposits [5]. - The net interest margin decreased by 21 basis points to 2.58%, but remains at an industry-leading level [5]. Dividend Policy - Changshu Bank announced an increase in the mid-term dividend payout ratio to 25.3%, up 5.5 percentage points from 2024, reflecting confidence in future profitability [7]. Investment Outlook - The bank is expected to see net profit growth of 13.1%, 12.8%, and 12.3% for 2025-2027, with corresponding BVPS of 9.85, 11.37, and 13.08 [8]. - The current closing price corresponds to a 2025 PB valuation of 0.8 times, indicating a favorable investment opportunity [8].

Core Insights - A-share companies are increasingly announcing mid-term dividend plans alongside their 2025 semi-annual reports, with 48 out of 178 companies proposing cash dividends [1][3] Group 1: Dividend Announcements - China Mobile announced a mid-term dividend of HKD 2.75 per share, translating to approximately CNY 541.99 billion, reflecting a commitment to enhance shareholder value [1] - CATL reported a revenue of approximately CNY 1788.86 billion for the first half of 2025, with a net profit of about CNY 304.85 billion, marking a 33.33% year-on-year increase [1][2] - Oriental Yuhong plans to distribute CNY 9.25 per 10 shares, totaling around CNY 22.1 billion, despite a 40.16% decline in net profit [3] Group 2: Market Confidence - Many companies believe that mid-term dividends can convey confidence to the market, as seen in Oriental Yuhong's statement about sharing operational results with investors [3] - The cash dividends are intended to shorten the return cycle for investors and demonstrate the companies' commitment to their financial health and growth potential [3] Group 3: Implementation of Dividend Plans - Sujiao Technology announced a cash dividend of CNY 0.2 per 10 shares, with the record date set for August 11, 2025 [4] - Zhongpet Co. disclosed a cash dividend of CNY 2 per 10 shares, with the record date on August 13, 2025, maintaining a consistent distribution policy [4]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank, with a projected price-to-book (PB) ratio of 0.74 times for 2025 [11]. Core Insights - Changshu Bank reported a revenue of 6.06 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.1%, while the net profit attributable to shareholders reached 1.97 billion yuan, up 13.5% year-on-year [4][7]. - The bank's non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of approximately 490% [4][11]. - The bank has adopted a strategy focusing on smaller loans and credit, with 70% of new loans in the first half of 2025 being below 10 million yuan [5][7]. Financial Performance - For the first half of 2025, the bank's net interest income was 4.64 billion yuan, showing a slight increase of 0.8% year-on-year, while non-interest income surged by 57% [7][13]. - The bank's total loans reached 251.47 billion yuan, with a growth rate of 5.2% compared to the previous year [13]. - The bank's cost-to-income ratio improved to 34.56%, down from 36.87% in 2023, indicating better operational efficiency [13]. Dividend Policy - Changshu Bank announced an interim dividend of 0.15 yuan per share, representing a payout ratio of approximately 25.3%, which is an increase from 19.8% in 2024 [7][11]. Loan and Deposit Structure - The bank's loan growth slowed to 5.2% in the second quarter of 2025, with a significant portion of new loans being smaller in size [5][10]. - Deposit growth remained robust at nearly 10%, with an increase in the proportion of demand deposits [5][7]. Asset Quality - The bank's proactive measures in asset management have led to a stable NPL generation rate of 1.05% for the first half of 2025, with significant recoveries from previously written-off loans [11][12]. - The bank's asset quality remains strong, with a focus on managing risks associated with personal business loans [11].

Core Insights - In the first seven months of this year, 341 companies have disclosed their interim dividend arrangements, including quarterly, semi-annual, and special dividends [1] - A total of 24 companies have officially announced interim cash dividend plans, with a combined cash dividend amounting to 14.551 billion yuan [1] - Among these, six companies have declared dividends exceeding 1 billion yuan [1]

Core Viewpoint - The article highlights the increasing trend of mid-term dividends among companies listed on the Shenzhen Stock Exchange, with a total dividend amount exceeding 10.25 billion yuan for the first half of 2025, indicating a shift towards more frequent shareholder returns [1][4][2]. Group 1: Mid-term Dividend Trends - As of July 30, 2025, 14 companies in the Shenzhen market have announced mid-term profit distribution plans, with a total dividend amount of 10.251 billion yuan [4]. - The trend of multiple dividends per year is emerging, driven by companies' confidence in their annual performance and industry outlook, as well as regulatory encouragement for companies to establish long-term dividend plans [4][6]. - Eight companies are implementing mid-term dividends for the first time, including Haida Group, which plans to distribute 0.2 yuan per share, totaling 333 million yuan [4]. Group 2: Regulatory and Investor Influence - The Shenzhen Stock Exchange has been actively promoting the establishment of annual dividend plans among listed companies, encouraging them to adopt a more frequent dividend distribution approach [4][6]. - There is a growing emphasis on stable returns for investors, with 216 companies in 2024 and an additional 165 in 2025 announcing long-term shareholder dividend return plans [6][7]. Group 3: Leading Companies and Their Impact - Major companies with strong financial health, such as Ningde Times and Mindray Medical, are leading the way in mid-term dividends, with Ningde Times announcing a dividend of 4.573 billion yuan [11]. - The "leading goose effect" is evident as large-cap companies set an example for others, enhancing overall investor confidence in the market [9][11].

人民财讯7月31日电，截至2025年7月30日，深市已有14家公司陆续发布中期利润分配方案，分红金额总 计102.51亿元。 据记者初步统计，深市已有130家公司在披露2024年年度报告前后制定了2025年中期分红方案，相关公 司表示将结合实际情况，保持稳定的分红频次，增强投资者回报水平。 其中8家公司为首次实施中期分红，如海大集团（002311）预计向全体股东每10股派发现金红利2元，预 计派发现金分红金额3.33亿元。头部大市值公司继续带头，争先发放大额红包。宁德时代（300750）半 年度宣告分红45.73亿元，领跑深市中期分红。 ...

A-share Market - Beijing State-owned Assets Management Co. has become the controlling shareholder of Credit Suisse Securities with an 85.01% stake after acquiring shares from UBS Securities and Founder Securities, renaming it to Beijing Securities [2] - As of July 22, the financing balance in the A-share market reached 1.9196 trillion yuan, marking a new high since April, with an increase of 15.048 billion yuan from the previous trading day, continuing a trend of over 15 billion yuan increase for two consecutive days [2] - By July 22, 329 listed companies in the A-share market had announced plans for mid-term profit distribution for 2025 [2] - Insurance companies have made 21 stake acquisitions this year, surpassing the total number of acquisitions in 2021-2023 and setting a five-year high, with monthly acquisitions occurring consistently [2] Fund and Investment - The issuance of new funds has accelerated, with 15 funds announcing the effectiveness of their contracts on July 24, and several funds shortening their fundraising periods to 3 to 5 days [4] - The People's Bank of China announced a 400 billion yuan MLF operation on July 25 to maintain liquidity in the banking system, with a one-year term [4] - The basic pension insurance fund is expected to inject stable long-term capital into the market as it expands its entrusted investment scale [4] - The number of bond ETFs has reached 39, with a total scale surpassing 507.695 billion yuan, reflecting a growth of 191.82% from the beginning of the year [4] Foreign Investment - In the first half of the year, foreign investment in domestic stocks and funds increased by 10.1 billion USD, reversing the net selling trend of the past two years [5] Personal Pension Funds - The personal pension fund sector is gaining attention, with nearly 90% of funds established since inception showing positive returns, and total scale exceeding 12 billion yuan with 297 products available [5] Financial Services - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued guidelines to enhance financial services for rural reforms and promote comprehensive rural revitalization [6] - The State Administration for Market Regulation is conducting a nationwide quality safety inspection of charging treasures to ensure public safety [6] - The National Health Insurance Fund has seen a cumulative expenditure of 12.13 trillion yuan, with a stable insurance coverage rate of around 95% [6] Loan Statistics - As of the end of Q2 2025, the balance of various RMB loans from financial institutions reached 268.56 trillion yuan, with a year-on-year growth of 7.1% [7] Retail and Wholesale Industry - The consumption upgrade policy has led to over 66 million consumers participating in the trade-in program for 12 categories of home appliances, with over 1.09 million units exchanged [7]