2024年金融股（包括银行、券商、保险）的分红总额均创下三年新高，甚至上市券商也涌现了股息率达到4%的个股。 银行股一直被市场视为红利股的代表，国有大行30%的利润用于分红，适合长期配置；而券商股则被称为"牛市旗手"，分红比例虽然不低，但业绩周期波动大，适 合弹性投资。 值得思考的是，当分红力度持续加大，股息率可以比拼银行股的时候，券商股的投资逻辑是否会发生变化？ 据券商中国记者统计，上市券商2024年累计分红536亿，同比增长28%；年度现金分红占归母净利润的比例达到了34.38%，同比提高了3.82个百分点。按4月28日最 新收盘价计算，股息率达到3%以上的券商股包括东吴证券、华泰证券、国信证券、广发证券。 金融股分红创三年新高 近日，年报披露进入尾声，现金分红作为上市公司重视股东回报的表现之一，备受市场关注。券商中国记者统计发现，今年除了银行股以外，保险股、券商股等金 融股也纷纷拿出大手笔分红，不论是年度现金分红总额，还是年度分红占归母净利润（简称"现金分红比例"）的比例都创下近三年新高。 从现金分红总额来看，银行股年度分红总额最大。其中，6家国有大行2024年累计分红4206亿元，同比增长2%，现金分 ...

Core Viewpoint - The total cash dividends from financial stocks, including banks, brokers, and insurance companies, reached a three-year high in 2024, indicating a strong focus on shareholder returns in the market [1][2]. Financial Sector Dividend Summary - The total cash dividends from banks amounted to 4,206 billion yuan in 2024, a 2% increase year-on-year, with a stable cash dividend ratio of around 30% and a dividend yield exceeding 4% [2][5]. - Insurance companies collectively distributed 908 billion yuan in dividends, marking a 20% year-on-year growth and a three-year high, although the average cash dividend ratio has been declining [2]. - Listed brokers reported a total cash dividend of 536 billion yuan, a significant 28% increase from the previous year, with an average cash dividend ratio exceeding 30% [2][6]. Broker Dividend Insights - In 2024, seven listed brokers had cash dividend ratios exceeding 50%, with East Wu Securities achieving a dividend yield of 4%, comparable to bank stocks [3]. - The cash dividend ratio for Red Tower Securities was the highest among brokers at 90.63% in 2024, while Industrial Securities had a ratio of 51.88%, up from 44% in 2023 [4]. Investment Logic of Broker Stocks - The increasing cash dividends from brokers raise questions about the traditional investment logic, as their dividend yields are now competitive with those of bank stocks [6]. - Historically, broker stocks were seen as more volatile due to market cycles, making them suitable for flexible investments, but the current trend of higher dividends may shift this perception [6]. Fund Holdings and Market Position - Despite the strong dividend performance, banks and non-bank financial stocks remain underweighted in fund holdings, with bank stocks representing about 3% of the market value and non-bank financials at 0.9% as of the end of Q1 2025 [7]. - The low allocation in these sectors suggests that while dividends are a key consideration for fund managers, the performance volatility linked to economic cycles remains a concern [7].