Core Viewpoint - A significant number of listed banks in China are distributing cash dividends, with 37 out of 42 A-share listed banks having completed their annual dividend distributions by July 16, 2024, totaling 632.6 billion yuan, marking a 3.1% increase year-on-year [2][5][11]. Dividend Distribution - The total cash dividends distributed by 42 A-share listed banks for 2024 amount to 632.6 billion yuan, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) leading with 109.77 billion yuan and 100.75 billion yuan respectively [2][5][7]. - Notably, Zhengzhou Bank has the lowest total dividend of 18.2 million yuan, with a dividend rate of only 9.69%, the lowest among the listed banks [2][6][11]. Timing of Dividend Payments - Several banks, including SPDB and Ningbo Bank, have advanced their dividend payment dates, with SPDB distributing dividends on July 16 and Ningbo Bank distributing 5.943 billion yuan [3][4]. - Traditionally, annual dividends are distributed between June and July, but this year, four state-owned banks completed their distributions earlier, in April and May [4][5]. Year-on-Year Comparison - Among the 42 listed banks, only three banks saw a decline in their total dividend amounts compared to 2023: Zhejiang Commercial Bank, Minsheng Bank, and Ping An Bank, with declines of 4.88%, 11.11%, and 15.44% respectively [9][10]. - Conversely, 34 banks experienced an increase in their dividend amounts, with the highest growth seen in Zhengzhou Bank, which had no dividends in 2023 but distributed 18.2 million yuan in 2024 [9][10]. Future Dividend Plans - Many banks have outlined their cash dividend targets for 2025, with plans to distribute at least 30% of their net profits as cash dividends annually [12].

Group 1: Banking Sector - The banking sector is expected to see a performance turning point due to the accumulation of positive fundamental factors [3] - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity, which helps banks manage the pressure from maturing interbank certificates of deposit and lower deposit rates [3] - Enhanced transparency in monetary policy and the expansion of ETFs are expected to bring continuous incremental funds to the banking sector, aiding in valuation reconstruction [3][4] Group 2: Seed Industry - The seed industry is receiving favorable policies, with a focus on strengthening technological innovation and commercial development in aquaculture seed industry during the 14th Five-Year Plan [7] - The Ministry of Agriculture has implemented measures to combat counterfeit and substandard seeds, which will help purify the seed market and ensure agricultural production safety [9] - The emphasis on food security highlights the importance of biological breeding as a means to increase yield and efficiency, accelerating the industrialization process [9]