险企积极实施中期分红，也离不开政策的支持。2024年4月，国务院发布《关于加强监管防范风险推动 资本市场高质量发展的若干意见》(以下简称新"国九条")，明确提出要"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"。在这一顶层设计指引下，拥有稳定盈利能力和充足 资本实力的保险公司，率先从行动上积极响应。 近期，中国人保、中国人寿、中国平安、新华保险4家A股上市险企陆续实施2025年中期分红，已派发 现金红利合计约293.36亿元。其中，中国平安分红规模最大，为172.02亿元；行业中期分红规模较2024 年增长8.8%，展现出险企强劲的资本实力与稳健的经营信心。 中国人保发布2025年半年度权益分派实施公告，本次利润分配以方案实施前的公司总股本442.24亿股为 基数，每股派发现金红利0.075元(含税)，共计派发现金红利33.17亿元。此前，新华保险、中国平安和 中国人寿相继发布2025年半年度权益分派实施公告，多家险企也在中期业绩发布会上表示，高度重视股 东回报，将与投资者共享经营发展成果。 分红的核心支撑来自投资端的稳健表现。在利率环境趋稳、权益市场阶段性修复背景下，上市险企通过 ...

Group 1 - The core viewpoint of the articles highlights the strong capital strength and operational confidence of the insurance industry, as evidenced by the mid-term dividend distributions totaling approximately 29.336 billion yuan from four major A-share listed insurance companies [1] - China Ping An has the largest dividend distribution amounting to 17.202 billion yuan, while the overall mid-term dividend scale has increased by 8.8% compared to 2024, indicating robust financial performance [1] - The dividends are supported by stable investment performance, with insurance companies optimizing asset allocation to achieve a rebound in total investment returns, providing sufficient cash flow for dividends [1] Group 2 - The insurance industry's overall strength has been enhanced, with total assets reaching 40.40 trillion yuan, a year-on-year increase of 15.42% as of the end of Q3 2025 [2] - Insurance companies have adjusted their investment strategies, leading to a significant increase in investment returns, with the balance of insurance funds invested in the equity market rising substantially [2] - The optimization of liability structures within insurance companies has strengthened their risk resistance and dividend stability, transitioning from traditional life insurance products to dividend-type products [2] Group 3 - Recent policies, including the "New National Guidelines," have provided clear direction and institutional support for insurance companies to enhance dividend stability and frequency, making mid-term dividends a strategic priority [3] - The policies have not only stimulated the amount of single dividends but also encouraged more frequent distributions, thereby improving the timing structure of dividends [3] - Future recommendations include establishing a transparent and predictable long-term dividend framework and exploring a combination of cash dividends and stock buybacks to enhance shareholder value [3]

0 1 事 件 概 述 公司中大排摩托车 2024 年和 2025 年 1-11 月销量为 10.8/13.1 万辆，同比 +43.1%/+33.6% ，其中出口销量为 5.1/8.1 万辆，同比 +24.8%/+84.4% ， 无极品牌贡献主要力量。无极品牌在欧洲市场加速突破， 2025 年 1-11 月西班牙销量 1.5 万辆，同比 +80.7% ，稳居第 4 名，超越光阳，明星车型 DS900X 增长强势，实现销量 0.5 万辆，位居单车型第五名；意大利市场 2025 年 1-11 月销量同比 +96.5% ，位居第 6 名，超越宝马，踏板车型 SR16 销量为 5,309 辆，成为当地最畅销的国产车型。 公 司发布第三期员工持股计划，持股计划规模总额不超过 4 亿元，授予股票数量约为 2,594 万股，拟授予对象包括董事长、非独立董事、总经理及其他核心人员 等合计不超过 500 人。 0 3 投 资 建 议 同时，公司发布 2025 年中期利润分配方案，计划向全体股东每 10 股派发 2 元现金红利，总计分红金额超 4.1 亿元，约占公司前三季度归母净利润的 26% ，强 化激励的同时兼顾股东回报。 ...

image.png 同日，五粮液公告称，公司召开第七届董事会2025年第6次会议，审议通过《2025年中期利润分配方 案》，同意以公司现有总股本38.82亿股为基数，向全体股东每10股派现金25.78元（含税），合计分配 100.07亿元（含税），不送红股，不以公积金转增股本。股权登记日为2025年12月17日，除权除息日为 2025年12月18日。本次分派对象为：截至2025年12月17日下午深圳证券交易所收市后，在中国证券登记 结算有限责任公司深圳分公司登记在册的公司全体股东。 贵州茅台(600519)12月10日晚间公告，公司2025年中期利润分配方案已获股东大会通过，将以总股本 12.52亿股为基数，每股派发23.957元现金红利（含税），共计派发300.01亿元（含税）。股权登记日为 2025年12月18日，除权（息）日和现金红利发放日均为2025年12月19日。本次分派对象为：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登记在册的公司全体股 东。 image.png ...

人民财讯12月14日电，据金融时报，合计超2000亿元，六家国有大行陆续开启2025年中期分红的派发工 作。记者梳理各家银行公告信息发现，此次中期分红，六大行的分红比例均保持在归母净利润的30%或 以上。在政策的鼓励和引导下，以六家国有大行为首，越来越多的上市银行开始开展中期分红。业内专 家认为，中期分红可以增强投资者对银行股的信心，维护良好的投资者关系，培育长期价值投资理念。 ...

合计超2000亿元，六家国有大行陆续开启2025年中期分红的派发工作。 12月12日晚间，交通银行（601328）发布2025年第四次临时股东会决议公告。公告显示，交通银行当天 召开的股东会审议通过了该行董事会提交的《2025年半年度利润分配方案》，交通银行预计于2025年12 月25日和2026年1月28日，分别向A股股东和H股股东派发2025年中期现金股息。 此前，工商银行（601398）和农业银行（601288）均于12月8日晚间发布2025年半年度A股分红派息实 施公告，宣布此次A股股东的现金红利发放日为2025年12月15日。H股方面，两家银行的派息日均为 2026年1月26日。 中国银行（601988）和建设银行（601939）的2025年半年度A股分红派息实施公告发布于12月4日晚 间，两家银行的现金红利发放日为2025年12月11日。H股方面，中国银行的派息日为2026年1月23日， 建设银行的派息日为2026年1月26日。 目前，邮储银行（601658）的2025年度中期利润分配方案也已出炉，在等待19日召开的股东大会审议。 此外，邮储银行已明确方案审议通过后，A股派息日为2026年1月12 ...

Core Points - Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC) announced a cash dividend distribution of approximately 76.2 billion yuan to A-share shareholders, scheduled for December 15, 2025 [1] - A total of 32 listed banks have announced or planned to implement mid-term dividends this year, an increase of 8 banks compared to 2024, with 9 banks planning to implement dividends for the first time [1] - 26 banks have disclosed specific profit distribution plans, with an average dividend payout ratio of 24.9%, totaling 264.566 billion yuan, which represents a 2.55% increase from the previous year [1] Industry Insights - The two major banks are components of the low-volatility dividend ETF index, which had a dividend yield of 4.14% as of December 9 [1] - The low-volatility dividend ETF fund (159547) tracks this index and has the lowest comprehensive fee rate among ETFs, with quarterly assessments for dividends [1]

1. Market Performance Overnight Stock Indices - US major stock indices closed mixed, with the Dow Jones down 0.38% at 47560.29 points, the S&P 500 down 0.09% at 6840.51 points, and the Nasdaq up 0.13% at 23576.49 points [5] - European major stock indices also closed mixed, with the German DAX up 0.45% at 24153.3 points, the French CAC40 down 0.69% at 8052.51 points, and the UK FTSE 100 down 0.03% at 9642.01 points [6] Bond Yields - US Treasury yields rose across the board, with the 2 - year yield up 4.80 basis points to 3.615%, the 3 - year up 4.84 basis points to 3.652%, the 5 - year up 4.73 basis points to 3.788%, the 10 - year up 2.35 basis points to 4.188%, and the 30 - year up 0.81 basis points to 4.809% [6] Commodities - International precious metal futures generally closed higher, with COMEX gold futures up 0.45% at $4236.6 per ounce and COMEX silver futures up 4.72% at $61.16 per ounce. Brent crude oil futures fell 0.61% to $62.11 per barrel [6] - London base metals all declined, with LME aluminum down 1.47% at $2845.50 per ton, LME copper down 1.42% at $11470.00 per ton, etc. [8] 2. Important Macroeconomic News China - Premier Li Qiang emphasized China's commitment to open - cooperation, stating confidence in achieving annual economic goals, with the economy set to maintain a stable and positive trend [10] Australia - RBA Governor Bullock highlighted upside inflation risks, stating that inflation and employment data will be crucial for the February meeting. The possibility of tightening policy was discussed, and a data - driven approach will be taken for future rate decisions [10] US - ADP's weekly employment report showed that private - sector employers added an average of 4750 jobs per week in the four weeks ending November 22 [10] 3. Futures Market News Energy and Chemical Futures - As of December 5, 2025, polyethylene social sample warehouse inventory was 45.65 million tons, down 2.99 million tons from the previous period, a 6.14% decrease. Chinese polyethylene import warehouse inventory decreased by 6.59% month - on - month and 9.83% year - on - year [13] - Iraq set the official selling price of Basra Medium crude oil for North and South America in January at a $1.15 discount to the Argus sour crude price, and for Asia at a $1.05 discount to the Oman/Dubai average price [13] - EIA's short - term energy outlook report predicted US crude oil production to be 13.85 million barrels per day in December, 13.86 million in November, and 13.71 million in January [14] Metal Futures - Chongqing launched a yellow alert for heavy pollution on December 9, affecting some recycled aluminum enterprises, which have started to reduce production or shut down [17] - A polysilicon capacity integration and acquisition platform, Beijing Guanghe Qiancheng Technology Co., Ltd., was established on December 9, 2025, with a registered capital of 3 billion yuan [17] Black - Series Futures - The General Administration of Market Supervision issued production license implementation rules for 24 industrial products, effective April 1, 2026 [20] - HeSteel Group's first - round inquiry price for silicon - manganese in December was 5700 yuan per ton, lower than the November price. The purchase volume was 14700 tons, also lower than in November [20] - Coking enterprises agreed to implement production cuts of at least 30% to ease supply pressure and stabilize prices, and to reduce or stop purchasing high - priced coal [20] - The Henan Bureau of National Mine Safety Supervision ordered Anyang Dazhong Coal Industry Co., Ltd. to suspend production for 1 day due to major accident hazards [21] - The China Iron and Steel Association warned that the recent rise in iron ore prices is due to capital speculation, and the high inventory and weak demand will suppress price increases [21] Agricultural Futures - The Ministry of Agriculture and Rural Affairs' December report on China's agricultural product supply - demand situation showed that the outlook for soybeans remained unchanged from November. High - protein soybeans in Northeast China are in short supply, while low - protein soybeans have a surplus [23] - As of December 7, Brazil's soybean sowing rate was 90.3%, and the first - crop corn sowing rate was 71.3% [24] - China's imported soybean arrivals in December are expected to decline slightly. As of December 6, the average oil - mill operating rate was 57.42%, down 4.79% from the previous week [24] - Argentina reduced export taxes on soybeans, soybean by - products, wheat, barley, corn, and sorghum [25] - Brazil's expected exports of soybeans, soybean meal, and corn in December are 3.33 million tons, 1.83 million tons, and 6.3 million tons respectively, higher than previous forecasts [25] - The USDA maintained its forecast for US 2025/2026 soybean production at 4.253 billion bushels, ending stocks at 290 million bushels, and yield at 53 bushels per acre. It also kept the forecasts for Argentina and Brazil's soybean production unchanged [26] 4. Financial Market News Stock Markets - A - shares: The Shanghai Composite Index fell 0.37% to 3909.52 points, the Shenzhen Component Index fell 0.39%, and the ChiNext Index rose 0.61%. Resource and Hainan - related stocks declined, while CPO concepts and some other sectors strengthened [28] - Hong Kong stocks: The Hang Seng Index fell 1.29% to 25434.23 points, with losses in sectors such as non - ferrous metals and semiconductors [28] - As of now, 1465 A - share listed companies have conducted share repurchases this year, with a total repurchase amount of 140.538 billion yuan. About 80% of these stocks have risen this year, and about 81.91% were profitable in the first three quarters [28] - Many state - owned banks have announced and implemented mid - year dividend plans, with the total cash dividend of the six major state - owned banks expected to exceed 200 billion yuan [29] - 23 listed securities firms have implemented mid - year dividends this year, with a total of 10.683 billion yuan distributed. Another 14 have announced plans to distribute 11.133 billion yuan [29] - In 2025, institutional research on the Beijing Stock Exchange increased significantly, with over 95% of companies being surveyed. YiFangDa Fund is authorized to launch an ETF tracking the HKEX Technology 100 Index [30] Overseas News - The UNCTAD reported that global trade will grow by about 7% (an increase of $2.2 trillion) in 2025, reaching a record $35 trillion [35] - The Fed is expected to cut rates for the third time, with market expectations of a 25 - basis - point cut. Trump said he would support a large - scale rate cut and might adjust tariffs [35] - ADP data showed that US private employers added an average of 4750 jobs per week in the four weeks ending November 22, ending four weeks of job losses. US job openings in October were 7.67 million, exceeding expectations [36] - Ukrainian President Zelensky is ready for elections and requests assistance from the US and Europe. The elections can be prepared within 60 - 90 days [37] - The Swiss government withdrew an incorrect announcement about the US tariff cut on Swiss goods. The Bank of Japan will gradually adjust monetary policy, and the RBA maintained the interest rate at 3.60% [37] International Stock Markets - US major stock indices closed mixed, with some large - cap stocks leading the decline. Japan's IPO financing reached the highest level since 2018, and Medline plans to raise up to $5.37 billion through an IPO [40] - SpaceX plans an IPO in mid - to - late 2026, depending on market conditions [42] Commodities - Precious metals rose, while oil prices fell due to concerns about increased US production and expected supply surplus in 2026. Base metals declined, and iron ore prices are under pressure from high inventory and weak demand [43] - EIA's report adjusted the price forecasts for Brent and WTI crude oil in 2025 and 2026 [44] - Russia's November crude oil production was over 100,000 barrels per day below the target, the largest gap in over two years [46] Bonds - The domestic bond market recovered, with bond yields falling and futures prices rising. US Treasury yields rose due to factors such as Fed policy expectations and inflation [47] Forex - The on - shore RMB against the US dollar rose 20 basis points to 7.0693 at 16:30, and the US dollar index rose 0.14%. Non - US currencies mostly declined, except for the Australian dollar and the offshore RMB [48] 5. Upcoming Economic Indicators and Events Economic Indicators - Key indicators to be released include Japan's December Reuters Tankan index, China's November CPI/PPI, etc. [51] Events - Key events include the expiration of 793 billion yuan of reverse repurchases in China, speeches by central bank governors, and rate decisions by the Bank of Canada, etc. [53]

Core Viewpoint - The company plans to distribute a cash dividend of 1.24 RMB per share (including tax) for the mid-term dividend of 2025, reflecting a commitment to enhance shareholder confidence and return on investment [2][4]. Summary by Sections Dividend Distribution Plan - The company intends to distribute a cash dividend of 1.24 RMB per share, with a total payout of approximately 751.1 million RMB, which represents 40.99% of the net profit attributable to shareholders for the first three quarters of 2025 [2][3]. - As of November 28, 2025, the total share capital is 609,152,867 shares, with 605,727,207 shares eligible for the dividend after accounting for shares held in the repurchase account [2]. Decision-Making Process and Compliance - The decision for the mid-term dividend was authorized during the annual shareholders' meeting on May 28, 2025, allowing the board to formulate and implement the dividend plan [4]. - The board meeting on December 1, 2025, was conducted in compliance with legal requirements, with all directors present and unanimous approval for the dividend proposal [4]. Conditions for Dividend Distribution - The mid-term dividend distribution is contingent upon the company having positive current profits and retained earnings, ensuring that cash distribution does not hinder normal operations or long-term development [4][5].

Core Viewpoint - The mid-term dividends of listed banks have exceeded 260 billion yuan, reflecting a trend towards enhancing shareholder returns and stabilizing market confidence [1][2][5]. Group 1: Dividend Distribution - As of November 26, 2025, 42 A-share listed banks have distributed a total of 263.79 billion yuan in mid-term dividends, with 13 banks having completed their distributions [1][2]. - The six major state-owned banks contributed over 70% of the total mid-term dividends, amounting to 204.66 billion yuan, with Industrial and Commercial Bank of China leading at 50.40 billion yuan [2][3]. - Several banks, including Shanghai Bank and Nanjing Bank, have also participated in mid-term dividends, with total distributions from city commercial banks reaching 3.10 billion yuan [2][4]. Group 2: Market Impact and Investor Confidence - The implementation of mid-term dividends is seen as a signal of stable operations, enhancing market confidence and attracting long-term capital [1][5][9]. - First-time dividend issuers have experienced positive short-term stock performance, indicating that dividends can boost shareholder confidence and improve capital efficiency [5][9]. - The trend of mid-term dividends is aligned with regulatory encouragement for banks to optimize dividend policies and improve shareholder returns [1][6]. Group 3: Future Outlook and Strategic Considerations - The decision to implement mid-term dividends reflects banks' strong financial performance and stable profit models, which provide a solid foundation for such distributions [6][9]. - Analysts suggest that banks should balance short-term dividend payouts with long-term growth strategies, ensuring that capital is adequately retained for future development [9]. - The ongoing trend of mid-term dividends is viewed as a sign of the maturation of China's capital markets and a shift towards greater emphasis on investor returns [9].