记者丨叶麦穗 编辑｜包芳鸣 股市热点快速转换，红利行情风云再起。 近期，农业银行、工商银行、中国银行股价先后刷新历史新高。其中，银行的中期分红成为催化剂，截 至11月24日，共有24家A股上市银行披露2025年中期分红方案，现金分红金额为2637.90亿元。其中，兴 业银行、长沙银行、宁波银行等7家银行为上市以来首次实施中期分红。有业内人士分析表示，银行板 块低估值隐含的价值空间依旧显著，年底步入长线资金配置时段，有助催化银行股市场表现。 拟分红金额达2638亿元 近日无锡银行公告称，公司2025年半年度利润分配方案已通过审议。本次以总股本21.95亿股为基数， 每股派发现金红利0.11元（含税），共计派发现金红利2.41亿元。股权登记日为2025年11月24日，除权 （息）日和现金红利发放日为2025年11月25日。无限售条件流通股委托中国结算上海分公司派发，部分 股东由公司自行派发，不同类型股东扣税方式有别。也就是说，本周二无锡银行将派出"大红包"。 华创证券金融业首席分析师徐康表示，银行中期分红相继落地，同时多家银行发布估值提升计划，银行 中长期投资价值持续凸显。 银行板块净增持超90亿元 除了分红之外 ...

进入11月，A股上市银行加速推进今年中期分红落地。 根据各家机构权益分派实施公告的时间安排，本周内有苏州银行（002966）、杭州银行（600926）、南 京银行（601009）及中信银行将完成权益派发，中期分红节奏明显加快。据统计，目前已实施及已明确 中期利润分配方案的银行共26家，分红总额超2600亿元。此外，还有招商银行（600036）等机构尚待发 布分派方案，据此估算，年内参与中期分红的银行或将突破30家。 受访专家认为，当前宏观环境稳定、银行业自身经营能力提升以及市场资金积极流入等因素，为未来几 年银行稳定甚至扩大中期分红提供了较为充分的支持。 中期"红包"加速落地 据银行公开信息统计，截至11月21日15时，已有13家银行发布了《2025年半年度权益分派实施公告》。 其中，中信银行和无锡银行（600908）将分别于11月21日和11月25日完成现金红利派发，余下11家银行 中期分红均已实施完毕，常熟银行（601128）已于9月8日率先实施中期分红。 国盛证券（002670）分析师朱广越在研报中指出，上市银行的中期分红方案，一定程度上体现了其盈利 能力的稳定性和资本充足水平的韧性。在监管层持续引导上 ...

| 分时 多日 ·· | 综合屏 F9 前震吸 超级量加 面线 工具 @ (7 » | 银行ETF O | 0.842 +0.008 +0.96% | 512800SH 银行ETE] 2025/11/19 收0.842 幅0.96%(0.008) 开0.834 圆座 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | MA5 0.8421 MA10 0.8411 MA20 0.8341 MA60 0.8231 MA120 0.8391 MA27 x 1 | SSE CNY 15:00:18 闭市 | 第 股 元 日 日 | 0.870 | 李宝中证银行ETF 今年 | 净值击势 | 13.34% 120日 | 5.32% | | | | | | | -38.98% 委员 -335681 5日 | 或比 | 0.71% 250日 | 19.45% | 0.842 | 英五 | 0.847 | 34169 | 1.57% 52周德 | 0.91 | 20日 | | | ...

11月19日早盘，重回强势，截至发稿，A股顶流银行ETF（512800）场内价格涨1.2%，向上收复5日、 10日、半年线三条均线。个股方面，中国银行领涨逾2%创历史新高，、、重庆银行、等涨逾1% 上市银行2025年中期分红密集落地，已明确2025年度中期分红、三季报分红方案的26家上市银行合计 （拟）分红金额约为2646亿元，减去已派发到账的银行，还有2000多亿元"红包雨"在路上。 其中备受关注的分红"扛把子"——国有四大行，、中期分红的股权登记日安排在12月12日，、股权登记 日为12月10日，较以往提前了1个月左右。 银河证券表示，银行中期分红力度不减，红利价值持续凸显。政策引导银行信贷结构优化、呵护息差， 资本市场回暖打开中收增长空间，同时，十五五规划出台推动长期转型，关注政策成效释放、行业变革 进展及基本面修复机遇。 顺势而起，攻守兼备！银行ETF（512800）及其联接基金（A类：240019；C类：006697）被动跟踪中 证银行指数，成份股囊括A股42家上市银行，是跟踪银行板块整体行情的高效投资工具。 银行ETF（512800）基金规模约200亿元，年内日均成交额超8亿元，为A股10只银行业 ...

Core Viewpoint - A number of listed banks in China are set to distribute substantial cash dividends to shareholders, with a total of approximately 2,637 billion yuan in cash dividends announced for the 2025 interim period, reflecting a trend of increasing shareholder returns in the banking sector [1][4]. Group 1: Dividend Announcements - Several banks, including Suzhou Bank, Hangzhou Bank, Nanjing Bank, and CITIC Bank, have announced their interim dividend distributions for 2025, with total cash dividends amounting to about 179.4 billion yuan for the week of November 17-21 [1][2]. - Suzhou Bank plans to distribute 9.39 billion yuan, Hangzhou Bank 27.55 billion yuan (up 24.10% year-on-year), Nanjing Bank 37.86 billion yuan, and CITIC Bank 104.61 billion yuan [2][3]. Group 2: Overall Dividend Trends - A total of 24 A-share listed banks have disclosed their 2025 interim dividend plans, with cumulative cash dividends reaching 2,637.90 billion yuan [4]. - Among the nine joint-stock banks, seven have either implemented or will implement interim cash distributions, with three banks, including CITIC Bank, distributing over 100 billion yuan each [3][4]. Group 3: Future Dividend Prospects - More banks are expected to announce or advance their interim dividend plans, with Jiangyin Bank and Zhejiang Commercial Bank already indicating their intentions [5]. - The trend of stable and continuous dividends is seen as a reflection of banks' operational strength and a signal to attract long-term stable capital [6]. Group 4: Market Implications - The high dividend payouts are expected to boost market confidence and enhance the defensive value of bank stocks in a low-interest-rate environment, making them attractive for medium to long-term investments [1][6]. - The stability of bank dividends and the relatively low valuations in the sector suggest a continued trend of long-term capital allocation towards bank stocks [6].

南京银行将于11月20日进行2025年中期现金红利发放。该次利润分配以方案实施前的该行总股本123.64 亿股为基数，每股派发现金红利0.3062元（含税），共计派发现金红利37.86亿元。 中信银行将于11月21日进行2025年中期现金红利发放。该次利润分配以截至股权登记日的该行普通股总 股本556.45亿股为基数，向全体股东每股派发现金红利0.188元（含税），共计派发现金红利104.61亿 元。其中A股股本为407.63亿股，派发A股现金红利76.63亿元。 自9月以来，多家银行2025年中期分红已陆续落地。截至11月15日，已有上海银行（601229）、平安银 行（000001）、张家港行（002839）、沪农商行（601825）、长沙银行（601577）、苏农银行 （603323）、民生银行（600016）、常熟银行（601128）8家银行已派发2025年中期现金红利。 下周，四家A股上市银行将实施2025年中期分红。苏州银行（002966）、杭州银行（600926）、南京银 行（601009）、中信银行（601998）将分别于11月17日、18日、20日、21日进行2025年中期分红，分红 金额合 ...

Core Insights - A total of 8 A-share listed banks have completed their mid-term dividend distributions for 2025, with notable first-time distributions from banks like Changshu Bank, Changsha Bank, and Su Nong Bank [1][3] - Minsheng Bank leads in dividend payout with a total of 5.954 billion yuan, while other banks like Suzhou Bank, Hangzhou Bank, and CITIC Bank are set to distribute dividends next week [1][3] - The trend of mid-term dividends is shifting from an optional practice to a positive factor for smaller banks, as evidenced by Hangzhou Bank's 24.10% year-on-year increase in its dividend payout [3] Summary by Category Dividend Distribution - As of this week, 23 A-share listed banks have disclosed their mid-term dividend plans, accounting for 56.10% of the total, with a cumulative payout of 257.586 billion yuan [3] - The six major state-owned banks collectively account for nearly 80% of the total mid-term dividend payouts, with Industrial and Commercial Bank of China leading at 50.396 billion yuan [3] First-time Dividend Payouts - Seven banks, including Changshu Bank, Ningbo Bank, and Zhangjiagang Bank, have initiated mid-term dividends for the first time, with Changshu Bank distributing 0.15 yuan per share, totaling 0.497 billion yuan [3][4] - Changsha Bank's payout is 0.20 yuan per share, amounting to 0.804 billion yuan, while Su Nong Bank and Zhangjiagang Bank's first-time payouts are 0.182 billion yuan and 0.244 billion yuan, respectively [3] Future Dividend Plans - Jiangyin Bank has announced a proposed dividend of 0.10 yuan per share, pending shareholder approval [4] - Zheshang Bank's vice president indicated that the bank has distributed over 13.2 billion yuan in dividends over the past three years and is considering future dividend arrangements based on policies and industry practices [4]

国有大行持续引领 更多中小银行及农商行加入分红大军 11月11日晚间，杭州银行发布2025年半年度权益分派实施公告，向全体普通股股东每股派送现金股利 0.38元（含税），以该行当前普通股总股本72.49亿股测算，此次中期分红将派发普通股现金股利达 27.55亿元（含税），分红总额同比增长24.10%。 以杭州银行为代表，2025年上半年，上市银行中期分红已从"可选项"升级为"加分项"，在国有大行持续 分红的引领下，更多中小银行及农商行加入中期分红阵营。 作为中期分红的主力军，23家A股上市银行的2575.86亿元中期分红"红包"正在路上。 东方财富Choice数据显示，截至11月13日，已有8家A股上市银行中期分红实施完成，其中常熟银行、 长沙银行、苏农银行、张家港行是首次进行中期分红，民生银行以59.54亿元的分红金额暂居首位。 下周，苏州银行、杭州银行、中信银行将分别于11月17日、18日、21日实施中期分红，金额分别为9.39 亿元、27.55亿元和104.61亿元。后续，工农中建四大行的百亿元分红也在路上。 根据半年报披露，招商银行2025年度中期利润分配现金分红金额占上半年度归属于普通股股东净利润的 ...

Core Viewpoint - The performance of listed banks in Q1-Q3 2025 slightly exceeded expectations, with revenue growth remaining stable and profit growth showing a slight increase [1][2] Performance Overview - Listed banks' revenue growth year-on-year is stable at 0.9%, while profit growth has increased to 1.6%. The weighted revenue and net profit attributable to shareholders increased by 0.9% and 1.6% respectively, with a slight slowdown in growth compared to H1 2025 [2][3] - Large banks showed a comprehensive performance turnaround, while the performance of small and medium-sized banks was mixed. Agricultural Bank, Bank of Communications, China Bank, and Industrial Bank performed better than expected, while China Construction Bank experienced a significant decline in quarterly interest margin [2][3] Driving Factors - Asset scale growth for listed banks in Q1-Q3 2025 was 9.3%, a slowdown of 0.3 percentage points compared to H1 2025. Loan growth decreased while financial investment growth increased [3] - The interest margin stabilized in Q3 2025, with a slight increase of 0.3 basis points to 1.37%. The asset yield decreased by 7 basis points to 2.81%, while the cost of liabilities decreased by 8 basis points to 1.56% [4] Non-Interest Income - Non-interest income for listed banks grew by 5.0% year-on-year, but the growth rate decreased by 2.0 percentage points compared to the previous quarter. Fee and commission income increased by 4.6% year-on-year, indicating some recovery in related business [5][6] - Bond trading income decreased by 0.6% year-on-year, with small and medium-sized banks experiencing a larger decline compared to state-owned banks [5][6] Asset Quality - The average non-performing loan (NPL) ratio remained stable at 1.23%, while the average attention rate increased by 2 basis points to 1.69%. The retail sector continues to face pressure, particularly in small and micro loans [7][8] - The number of banks announcing mid-term dividends has increased, with some banks raising their mid-term dividend rates compared to the previous year [9] Recommended Stocks - Recommended stocks include Shanghai Pudong Development Bank, Nanjing Bank, Shanghai Bank, Jiangsu Bank, Agricultural Bank, and Bank of Communications, with a focus on Qilu Bank and H-share large banks [9]

Core Viewpoint - The report from Guotai Junan indicates that as the mid-term dividend timing approaches for banks, there is an opportunity for the sector to catch up if market styles become more balanced. The bank expects cumulative revenue and net profit attributable to shareholders of listed banks to grow by 0.4% and 1.1% year-on-year respectively in the first three quarters of 2025, showing an improvement from the mid-year report [1]. Revenue Analysis - The net interest income and commission income are expected to continue improving, with year-on-year growth rates recovering further compared to the mid-year report. However, other non-interest income is likely to face a significant decline due to bond market volatility and high base effects, potentially leading to a double-digit negative growth in a single quarter, which may slightly drag down the cumulative revenue growth for the first three quarters [1]. - The growth rate of interest-earning assets is expected to decline by 0.6 percentage points to 9.2% after peaking in Q2 2025. The new RMB loans added by financial institutions in Q3 2025 are projected to be 1.83 trillion yuan, a decrease of 920 billion yuan year-on-year, leading to a slowdown in growth for listed banks [2]. Profitability Insights - The asset quality remains stable, and credit costs are expected to decline, smoothing out profit fluctuations. The banks are likely to maintain a prudent operating style, with excess provisions made in the first half of the year to prepare for uncertainties. As the economy stabilizes in the second half, the space for reducing provisions will gradually be released, leading to a sequential increase in net profit growth throughout the year [3]. - The report anticipates that the non-performing loan (NPL) ratio will remain stable compared to the mid-year report, with a slight decrease in the provision coverage ratio. The credit cost is expected to decline year-on-year by approximately 4 basis points to 0.40% [3].