12月25日，交通银行每股派发现金红利人民币0.1563元（含税），派息总额达人民币138.11亿元（含税）。12月15日，工商银行和农业银行同日开 启中期分红。其中，工商银行每股派发现金股息0.1414元（含税），派息总额约503.96亿元；农业银行每股派发现金红利0.1195元（含税），派息 总额约418.23亿元（含税）。 作为国有大行中率先实施中期分红的两家，建设银行与中国银行于12月11日完成派息。建设银行向全体股东每股派发0.1858元（含税），派息总 额约486.05亿元；中国银行派发现金红利每股0.1094元（税前），派息总额352.50亿元（税前）。 【环球网财经综合报道】12月，上市银行中期分红工作正稳步推进。截至目前，已有半数上市银行完成2025年半年度分红派息，分红节奏提前、 分红率提升成为显著特点。 兴业证券研报分析指出，从分红节奏来看，今年中期分红时点整体提前。四大行公告的中期分红时点显示，A股派息时间均提前至2025年12月中 旬，H股派息时间则在2026年1月下旬。 股份行和城商行方面也积极投身中期分红。在已实施中期分红的A股股份制银行中，中信银行、民生银行、平安银行三家已于2 ...

上市银行向股东"发红包"，国有大行无疑是绝对主力。 响应"国九条"相关要求，近期，国有大行密集落地中期分红。截至目前，半数上市银行落地2025年半年度 分红派息。 Wind统计数据显示，截至12月26日，已有21家A股上市银行实施中期分红，合计分红总额近2300亿元。且呈现 分红节奏提前、分红率提升的特点。 与此同时，越来越多中小银行陆续加入中期分红行列。在13家地方上市银行实施中期分红计划后，12月26日晚 间，齐鲁银行披露2025年度中期利润分配方案；前一日，紫金银行也同步公布了中期分红计划。 国有大行中期派息近1900亿元 分红节奏前移，股份行、地方银行积极跟进 工商银行、农业银行、中国银行、建设银行、交通银行五家国有大行均于12月完成半年度分红派息，合计向股 东派发现金红利1898.85亿元。 12月25日，交通银行每股派发现金红利人民币0.1563元（含税），共计派发现金红利人民币138.11亿元（含 税）。 12月15日，工商银行和农业银行同日完成中期分红。其中，工商银行每股派发现金股息0.1414元（含税），派 发现金股息共计约503.96亿元，是上市银行中期分红规模榜首。农业银行紧随其后，每股 ...

股 票 研 究 11 月收支表：债券投资增长提速，中小银行面临存款流失 [Table_Industry] 商业银行 银行周报（2025/12/15-2025/12/19） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 11 月收支表：负债端，中小银行居民存款搬家趋势或仍在延续，大型银行金融债券 同比多增，或源于资本补充需要；资产端，房地产销售端平淡，大型银行中长期贷 款明显少增，中小银行短期贷款少增幅度更大，或出于风险考量，主动放缓或压降 居民短期消费贷款，而大型银行及中小银行债券投资增长均有提速。 投资要点： [Table_Summary] 负债端：大型银行金融债券同比多增，中小银行存款同比少增 1）个人存款：同比少增 1065 亿元，其中活期储蓄 ...

截至2025年12月18日 10:15，中证银行指数(399986)上涨0.73%，成分股建设银行(601939)上涨2.24%， 苏州银行(002966)上涨1.73%，厦门银行(601187)上涨1.60%，上海银行(601229)上涨1.43%，宁波银行 (002142)上涨1.25%。银行ETF指数(512730)上涨0.60%，最新价报1.67元。拉长时间看，截至2025年12 月17日，银行ETF指数近1年累计上涨14.05%。 12月以来，上市银行中期分红进入高峰期。从分红规模来看，六家国有银行合计将派发超2000亿元现金 红利。最新消息，12月17日，宁波银行完成2025年中期现金红利派发。根据权益分派实施公告，宁波银 行此次每10股派发现金红利3元（含税），以总股本66.04亿股为基数，派现总额为19.81亿元。 国盛证券认为，中期分红方案集中落地，显示上市银行盈利稳定性与资本充足韧性兼具；在监管持续引 导提高投资者回报的背景下，高分红政策既提振市场信心，也强化了银行板块在低利率环境下的防御价 值与中长期配置吸引力。 银行ETF指数紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证 ...

Core Viewpoint - Major Chinese banks are actively distributing mid-term cash dividends, reflecting strong profitability and capital adequacy, which is expected to enhance shareholder value and market confidence [6][8]. Group 1: Dividend Distribution by Major Banks - On December 15, Industrial and Agricultural Banks announced a total cash dividend of approximately 92.2 billion yuan for the first half of 2025, with A-share dividends amounting to about 76.2 billion yuan [1]. - Industrial Bank distributed a cash dividend of 0.1414 yuan per share, totaling approximately 503.96 billion yuan, with A-share dividends around 381.23 billion yuan [3]. - Agricultural Bank issued a cash dividend of 0.1195 yuan per share, totaling about 418.23 billion yuan, with A-share dividends approximately 381.5 billion yuan [3]. - Other major banks, including China Bank and Construction Bank, have also announced significant cash dividends, contributing to a total of over 200 billion yuan in cash dividends from the six major banks [4]. Group 2: Participation of Other Banks - Several joint-stock banks, such as CITIC Bank and Ping An Bank, have also joined the mid-term dividend distribution, with CITIC Bank distributing 104.61 billion yuan and Ping An Bank distributing 45.80 billion yuan [7]. - New entrants to the mid-term dividend distribution include Industrial Bank, which plans to distribute 119.57 billion yuan, and Ningbo Bank, which will distribute 19.81 billion yuan [7]. - Chongqing Bank plans to distribute 5.85 billion yuan, representing 11.99% of its net profit attributable to ordinary shareholders [7]. Group 3: Market Implications and Analyst Insights - Analysts indicate that the increase in mid-term dividends is a response to regulatory guidance and market demand for high-yield assets, particularly in a low-interest-rate environment [8]. - The trend of early and substantial mid-term dividends reflects the stable profitability of quality banks and their enhanced capacity for dividend distribution [8]. - Mid-term dividends are seen as a strategy to optimize capital structure and improve return on equity (ROE), while also attracting long-term investors [8].

银行又要撒"红包"了。 12月8日晚间，工商银行与农业银行同步发布2025年中期分红派息实施公告显示，两家国有大行将在12 月15日完成现金红利发放，合计向A股股东派发约762亿元现金股息。 21世纪经济报道记者梳理，截至目前，今年共有32家上市银行宣布（拟）实施中期分红（或三季度分 红），数量较2024年多8家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方 案，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。 四大行中期分红即将落地 工商银行出手最为大方。公告显示，该行2025年中期利润分配方案已获股东会审议通过，A股每股派发 现金股息0.1414元，股权登记日定于12月12日。此次派发现金股息总计约503.96亿元，其中A股派发约 381.23亿元。 农业银行方面，2025年半年度利润分配方案同样获得股东会通过。本次利润分配每股派发现金红利 0.1195元，共计派发现金红利约418.23亿元。其中，A股现金红利约381.50亿元。两家银行的除权（息） 日均为12月15日。 国有大行今年中期分红落地节奏明显加快。12月5日，中国银行、建设银行已率先发布中期 ...

Core Viewpoint - The mid-term dividend announcements from major Chinese banks reflect a robust financial performance and a commitment to shareholder returns, with a total proposed payout exceeding 2,600 billion yuan across 26 listed banks, indicating a trend towards higher dividends in the banking sector [1][2][4] Group 1: Major Banks' Dividend Announcements - Industrial and Commercial Bank of China and Agricultural Bank of China announced mid-term dividends of 503.96 billion yuan and 418.23 billion yuan respectively, with both distributing over 300 billion yuan in cash dividends [1] - The six major state-owned banks are the primary contributors to the dividend payouts, collectively proposing cash dividends of 2,046.57 billion yuan, accounting for over 70% of the total disclosed dividends [1] - The dividend payout ratio for these major banks remains stable at around 30%, continuing their tradition of high and stable returns [1] Group 2: Participation of Other Banks - Industrial Bank introduced its first mid-term dividend plan, proposing a payout of 119.57 billion yuan, which is 30.02% of its net profit for the first half of 2025 [2] - Other regional banks, such as Ningbo Bank and Changsha Bank, have also joined the mid-term dividend initiative, indicating a growing trend among smaller banks [2] - Chongqing Bank plans to distribute cash dividends of 5.85 million yuan, representing 11.99% of its net profit attributable to ordinary shareholders [2] Group 3: Regulatory and Market Influences - The expansion of mid-term dividends among listed banks is driven by regulatory policies, solid operational fundamentals, and market demand [2] - Recent policies encourage banks to optimize their dividend strategies, with the new "National Nine Articles" emphasizing cash dividend regulations and incentivizing high-dividend companies [2] - The Shanghai Stock Exchange is actively promoting higher dividend payouts and increased frequency to enhance company valuations [3] Group 4: Market Reactions and Future Outlook - The banking sector has shown stable performance since November, with high-dividend stocks attracting investor interest, suggesting that current valuations do not fully reflect their intrinsic value [3][4] - The implementation of mid-term dividends is seen as a signal of financial strength and a strategy to attract long-term capital, creating a positive cycle of management, returns, and valuation recovery [4] - Analysts believe that the increased dividend payouts and stock buybacks will stabilize market expectations and highlight the long-term investment value of bank stocks [4]

（原标题：四大行即将派发中期"红包" 上市银行超2600亿元分红在途） 21世纪经济报道记者 叶麦穗 银行又要撒"红包"了。 12月8日晚间，工商银行与农业银行同步发布2025年中期分红派息实施公告显示，两家国有大行将在12 月15日完成现金红利发放，合计向A股股东派发约762亿元现金股息。 21世纪经济报道记者梳理，截至目前，今年共有32家上市银行宣布（拟）实施中期分红（或三季度分 红），数量较2024年多8家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方 案，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。 农业银行方面，2025年半年度利润分配方案同样获得股东会通过。本次利润分配每股派发现金红利 0.1195元，共计派发现金红利约418.23亿元。其中，A股现金红利约381.50亿元。两家银行的除权（息） 日均为12月15日。 国有大行今年中期分红落地节奏明显加快。12月5日，中国银行、建设银行已率先发布中期分红实施方 案。中国银行每股派发现金红利0.1094元，A股派发现金红利261.02亿元。建设银行每股派发现金红利 0.1858元，A股派发现金股 ...

Core Viewpoint - The article highlights the upcoming cash dividend distributions by major Chinese banks, indicating a trend of increased mid-term dividends and a positive outlook for the banking sector's investment value [1][3][6]. Group 1: Dividend Announcements - Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC) will distribute approximately 762 billion yuan in cash dividends to A-share shareholders on December 15 [1][3]. - A total of 32 listed banks have announced plans for mid-term dividends this year, an increase of 8 banks compared to 2024, with 9 banks planning to distribute dividends for the first time [6][8]. - The average dividend payout ratio among the 26 banks that have announced specific profit distribution plans is 24.9%, with a total dividend amount of 264.57 billion yuan, reflecting a 2.55% increase from last year [6][7]. Group 2: Specific Bank Dividends - ICBC's mid-term profit distribution plan includes a cash dividend of 0.1414 yuan per share, totaling approximately 50.396 billion yuan, with 38.123 billion yuan allocated for A-shares [3][6]. - ABC will distribute a cash dividend of 0.1195 yuan per share, amounting to about 41.823 billion yuan, with 38.15 billion yuan for A-shares [3][6]. - Other major banks like China Bank and China Construction Bank have also announced their mid-term dividends, with China Bank distributing 0.1094 yuan per share and China Construction Bank distributing 0.1858 yuan per share [3][6]. Group 3: Market Trends and Investor Sentiment - The trend of increased mid-term dividends and earlier distribution dates reflects a robust dividend value in the banking sector, attracting long-term capital [6][10]. - The average dividend yield for listed banks is currently 4.48%, with 12 banks yielding over 5% [7][10]. - There has been a notable increase in share buyback plans by bank executives and major shareholders, indicating confidence in the banks' strategic planning and long-term investment value [10][12].

Core Viewpoint - The banking sector in China is experiencing a decline, with major banks' stock prices falling due to upcoming maturity of a large number of fixed-term deposits and a potential shift of residents' savings towards insurance assets [1][1]. Group 1: Stock Performance - All major Chinese banks' stocks are down, with China Construction Bank (00939) falling by 3.38% to HKD 7.71, Industrial and Commercial Bank of China (01398) down 2.69% to HKD 6.16, Bank of China (03988) down 2.2% to HKD 4.45, and China Merchants Bank (03968) down 1.96% to HKD 52.65 [1][1][1]. Group 2: Economic Outlook - A report from Zhongyou Securities indicates that from December to the end of March, a significant amount of fixed-term deposits will mature, leading to a further decline in the risk-free interest rate for residents' savings [1][1]. - The report suggests that fixed asset investment growth in key provinces and cities is expected to improve significantly, supported by new policy financial tools [1][1]. Group 3: Investment Trends - Galaxy Securities notes that the risk factors for insurance capital's stock investments have been lowered, which is expected to attract more medium- to long-term funds into the market, benefiting the banking sector [1][1]. - The upcoming mid-term dividend payouts from the four major banks are anticipated to be substantial, with a concentrated dividend window expected in December, highlighting the value of dividends [1][1].