中期分红比例提升至30.7% 股份制银行中的"重镇"，中信银行8月27日晚间披露半年报。 半年报显示，报告期内，中信银行营业收入1057.62亿元，同比小幅下降2.99%。这个降幅相比一季报有所收窄。同时，该行实现归属于股东的净 利润364.78亿元，依然同比增长2.78%。 另外，中信银行再度给出"有力度"的分红方案，该行称，未来将着力推动中期分红常态化，拟将2025年度中期分红比例提升至30.7%， 资产质量方面，中信银行相对保持稳定。截至报告期末，中信银行不良贷款余额671.34亿元，比上年末略微增加6.49亿元；不良贷款率1.16%，与 上年末持平；拨备覆盖率207.53%，比上年末下降1.90个百分点，较一季度末上升0.42个百分点。 截至报告期末，中信银行资产总额近9.86万亿元，比上年末增长3.42%。该行称，报告期内，中信银行在绿色信贷、战略性新兴产业、制造业中长 期、普惠金融、涉农贷款等重点领域贷款保持良好增长。其中，贷款及垫款总额（不含应计利息）5.8万亿元，比上年末增长1.43%；客户存款总 额（不含应计利息）6.1万亿元，比上年末增长5.69%。 存贷总额同时增长，体现了中信银行自身基 ...

事件：公司发布2025 年中报，2025 年上半年公司实现营业收入744.36 亿元，同比下降19.95%；实现归 母净利润为77.05 亿元，同比下降21.28%；其中Q2 实现营业收入360.44 亿元，同比下降24.26%；实现 归母净利润为37.27 亿元，同比下降22.65%。 长协机制下煤价降幅较小，自产煤降本效果明显。1）产销方面，2025H1 公司实现商品煤售量12868 万 吨，同比-3.6%，其中自产商品煤销量6711 万吨，同比增长1.4%，公司产销量较为稳定。2）售价方 面，受到市场煤价下滑影响，公司煤炭售价也有所下滑，但高长协的动力煤价格较相对坚挺。公司煤炭 售价471 元/吨，同比-19.2%；自产煤均价470 元/吨，同比-19.5%，其中动力煤售价436 元/吨，同 比-14.7%，炼焦煤售价885 元/吨，同比-35.4%。公司动力煤以长协为主，下滑幅度相对较小，而炼焦煤 价下跌幅度较大。3）成本毛利方面，公司降本增效成果明显，2025H1 公司自产商品煤成本263 元/吨， 同比-10.2%，自产煤吨毛利208 元/吨，同比-28.2%。4）总体而言，公司实现煤炭收入606 ...

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in China, with a significant portion of 2024's net profit being distributed as dividends, indicating a shift towards a more proactive return to investors [1][2]. Summary by Sections Cash Dividends in 2024 - As of now, the total cash dividends distributed by companies have approached 800 billion yuan, reflecting a robust return to investors [1]. - A considerable number of companies have announced their mid-term dividend plans for 2025, with many opting to increase their cash dividends compared to previous years [1]. Regulatory Environment - The new "National Nine Articles" and accompanying policies have established a regulatory foundation for the dividend transformation, emphasizing the importance of cash dividends and incentivizing companies with strong dividend performance [1]. - Regulatory measures have shifted the market focus from "passive compliance" to "active return," promoting higher dividend yields and enhancing the stability and predictability of dividends [1]. Corporate Strategy Shift - The normalization of mid-term dividends is indicative of a broader change in corporate operating logic, with companies demonstrating increased confidence in their cash flow and sustainable profitability [1]. - As more companies commit to stable dividend policies, there is a strategic shift from mere scale expansion to a dual focus on "quality + return" [1]. Investor Sentiment and Market Stability - In the short term, the normalization of mid-term dividends enhances investor satisfaction, serving as a stabilizing force against market volatility in a declining risk-free interest rate environment [2]. - In the medium to long term, the multiple dividend mechanism encourages companies to prioritize cash flow management and mitigate impulsive investments, fostering a more stable capital market [2].