【导读】中上协发布2025年上市公司现金分红榜单 来源：中国上市公司协会 近年来，在新"国九条"和现金分红新规等政策的引导下，提高投资者回报已经成为上市公司的"必修 课"，我国资本市场进入"重回报"的新阶段，塑造共建共享的资本市场新生态。为引导上市公司树立回 报投资者的理念，增强分红意识，中国上市公司协会结合现金分红规则要求，编制发布2025年上市公司 现金分红榜单1。 2025年上市公司现金分红榜单以现金分红客观数据2为基础，综合考量多维因素，最终形成现金分红总 额、股利支付率、股息率三个榜单3（详见附件），每个榜单100家公司。一是强调诚信合规底线，将违 法违规、资本市场诚信、审计意见等作为前置条件，将异常分红行为纳入负面调整因素，对不合规的公 司"一票否决"。二是注重分红连续性、稳定性。榜单对分红数据进行三到五年的长周期评价，并增加多 年连续分红、分红连续增长等前置条件，鼓励公司连续分红、稳定分红、多次分红，与投资者共享公司 长期发展带来的收益和回报。三是注重多维度评价。榜单综合考量上市公司分红金额和分红比例，将绝 对指标和相对指标相结合，发挥对不同规模、不同发展阶段上市公司的激励作用，鼓励上市公司培育 ...

| | | | | | 中信证券股份有限 | 华泰证券股份有限 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 2025-08-08 | 证券简称 中国石油 | 证券代码 601857 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 8.77 206.1 | 23.5 | 公司 上海分公司 | 公司总部 | 卖出营业部 | 8月8日，中国石油大宗交易成交23.5万股，成交额206.1万元，占当日总成交额的0.24%，成交价8.77元，较市场收盘价8.77元持平。 ...

从沪深A股上市公司的总体分红数据来看，各项政策的牵引带动和市场引导作用明显，2024年度上市公 司分红意识不断增强，用"真金白银"积极回报投资者。 一是上市公司现金分红总额再创历史新高，整体分红水平稳中有升。2024年度沪深A股上市公司现金分 红总额为2.4万亿元，较2023年度增加9%。有9家上市公司2024年度现金分红金额超过500亿元，33家上 市公司分红金额超过100亿元，61家上市公司分红金额超过50亿元。 二是上市公司分红的连续性逐年增强，连续分红的上市公司数量逐年增多。2024年度连续分红公司的数 量和占比，较去年同期均有所上升，在4445家上市满三年的沪深A股上市公司中，2447家近三年连续现 金分红，数量较2023年度增长12%；在3569家上市满五年的沪深A股上市公司中，1681家近五年连续现 金分红，数量较2023年度增长6%，其中210家近五年分红连续增长。 三是上市公司持续为投资者创造可预期的收益，股债利差创近年来新高。沪深A股有466家上市公司近 三年平均股息率超过3%，有133家近三年平均股息率超过5%，股息率榜单公司近三年平均股息率为 6.73%，上市公司股息率已显著高于一些经 ...

中资金融股方面，中国银行跌0.65%，收报4.58港元；建设银行涨0.74%，收报8.21港元；工商银行 涨0.66%，收报6.13港元；中国平安跌0.1%，收报50.05港元；中国人寿跌0.22%，收报18.46港元。 石油石化股方面，中国石油化工股份跌0.24%，收报4.18港元；中国石油股份跌0.29%，收报6.81港 元；中国海洋石油跌0.11%，收报18.22港元。 责任编辑：袁浩 新华社香港7月4日电香港恒生指数4日跌153.88点，跌幅0.64%，收报23916.06点。全日主板成交 2678.08亿港元。 国企指数跌39.17点，收报8609.27点，跌幅0.45%。恒生科技指数跌17.45点，收报5216.26点，跌幅 0.33%。 蓝筹股方面，腾讯控股跌0.84%，收报496.8港元；香港交易所跌0.81%，收报413.8港元；中国移动 跌0.52%，收报85.9港元；汇丰控股跌0.05%，收报94.8港元。 香港本地股方面，长实集团跌1.27%，收报35港元；新鸿基地产跌0.43%，收报92.9港元；恒基地产 跌0.34%，收报28.95港元。 ...

新华社香港7月22日电 香港恒生指数22日涨135.89点，涨幅0.54%，收报25130.03点。全日主板成交 2660.73亿港元。 香港本地股方面，长实集团涨2.68%，收报36.45港元；新鸿基地产涨0.55%，收报91.4港元；恒基 地产涨0.56%，收报26.7港元。 中资金融股方面，中国银行涨0.21%，收报4.67港元；建设银行跌1.19%，收报8.27港元；工商银行 跌0.98%，收报6.08港元；中国平安涨0.19%，收报53.5港元；中国人寿涨4.23%，收报20.95港元。 石油石化股方面，中国石油化工股份涨1.97%，收报4.67港元；中国石油股份跌0.27%，收报7.45港 元；中国海洋石油涨0.53%，收报18.86港元。 责任编辑：袁浩 国企指数涨35.4点，收报9075.6点，涨幅0.39%。恒生科技指数涨21.33点，收报5606.83点，涨幅 0.38%。 蓝筹股方面，腾讯控股涨0.86%，收报526港元；香港交易所涨0.32%，收报432.6港元；中国移动跌 0.06%，收报86.8港元；汇丰控股涨1.27%，收报99.7港元。 ...

Group 1 - WTI September crude oil futures closed down by $0.81, a decline of over 1.24%, settling at $64.35 per barrel [1] - Brent October crude oil futures fell by $0.75, nearly a 1.11% decrease, closing at $66.89 per barrel [1] - Abu Dhabi Murban crude oil futures are currently down by $0.50, priced at $69.45 per barrel as of 02:35 Beijing time [1] Group 2 - NYMEX September natural gas futures rose by over 2.22%, closing at $3.0770 per million British thermal units [1] - NYMEX September gasoline futures settled at $2.0904 per gallon [1] - NYMEX September heating oil futures closed at $2.2628 per gallon [1] Group 3 - ICE UK natural gas futures dropped by 3.51% [1] - TTF benchmark Dutch natural gas futures fell by 3.20% [1] - ICE EU carbon emission trading allowances (futures prices) decreased by 1.14% [1]

Core Viewpoint - The article emphasizes the increasing interest of investors in dividend funds, particularly in the context of declining deposit rates, highlighting the characteristics and advantages of the Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) fund. Group 1: Fund Characteristics - The Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) focuses on high dividend assets, with a portfolio concentrated in traditional high dividend sectors such as finance, industrials, and energy, aligning with the core logic of selecting mature companies [1][3]. - The fund tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, which requires constituent stocks to meet strict criteria such as continuous dividends and high liquidity [1]. Group 2: Performance and Returns - The fund achieved a dividend yield of 5.8% over the past 12 months, significantly higher than the prevailing bank deposit rates and most bond yields [3]. - In the first half of 2025, the fund's return reached 10.96%, outperforming its benchmark by 2.14%, primarily due to the recovery in stock prices of high dividend constituents [3]. - The fund has conducted three dividend distributions in 2025, supporting a "dividend reinvestment" option to enhance long-term returns through compounding [3]. Group 3: Risk Management and Stability - The fund exhibits low volatility and defensive attributes, with a maximum drawdown lower than the Hang Seng Index over the past four years, demonstrating resilience during market downturns [4]. - The index is rebalanced semi-annually to sell stocks with declining dividend yields and buy those with rising yields, which helps mitigate valuation bubble risks [4]. Group 4: Market Environment and Sensitivity - The fund's investment value is enhanced in a low-interest-rate environment, with an average dividend yield of 7.2% for its constituents in the second quarter of 2025 [5]. - The current market interest rates have decreased by approximately 50 basis points from 2023 to 2025, further emphasizing the attractiveness of high dividend assets [5]. Group 5: Cost Efficiency - The fund has a low management fee of 0.15% per year and a custody fee of 0.05% per year, resulting in a total cost ratio of 0.20%, which is significantly lower than actively managed dividend funds [6]. Group 6: Target Audience and Strategy - The fund is suitable for investors seeking stable dividend income, such as retirees and low-risk investors, as well as those looking to diversify their investments through the Hong Kong Stock Connect [8]. - Tactical allocation strategies suggest using the fund as a bond substitute during declining interest rates to enhance portfolio returns, while a strategic approach involves "regular investment + dividend reinvestment" to smooth out volatility [9].

Core Viewpoint - China National Petroleum Corporation (CNPC) has been rated A-level by the State-owned Assets Supervision and Administration Commission (SASAC) for the second consecutive year in the 2024 assessment of central enterprises' value creation actions, indicating strong performance in enhancing value creation [1] Group 1: Performance and Achievements - CNPC has focused on improving five key values: value-added, functional value, economic value added, revenue and value added from strategic emerging industries, and brand value [1] - The company has made significant discoveries and breakthroughs in domestic oil and gas exploration, leading to a continuous increase in oil and gas equivalent production [1] - Despite a year-on-year decline in oil prices, CNPC has achieved record-high operating performance for three consecutive years [1] Group 2: Future Strategy - CNPC plans to continue leveraging the "five values" as a guiding principle to aim for world-class status in the industry [1]

Group 1 - The core viewpoint is that the oil and gas industry is experiencing structural changes, shifting from fuel-based refining to chemical-based refining due to declining demand for traditional fuel products and the push for renewable energy [2] - The government is implementing policies to limit the growth of domestic refining capacity and accelerate the elimination of outdated small refining units, while promoting the replacement of advanced low-emission new capacities [2] - Leading refining companies are expected to enhance their product structure by increasing the yield of chemical raw materials like propylene and ethylene, which will reduce carbon emissions and improve product value [2] Group 2 - As of July 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index accounted for 65.78% of the index, with major companies including Sinopec, PetroChina, and CNOOC [3] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2][3] - The oil and gas ETF closely tracks the National Petroleum and Natural Gas Index, indicating a positive market trend with a recent increase of 0.68% [1]

Group 1 - On August 7, China Petroleum had a financing buy-in amount of 0.30 billion yuan, ranking 648th in the two markets, with a financing repayment amount of 0.69 billion yuan, resulting in a net sell of 38.25 million yuan [1] - Over the last three trading days from August 5 to August 7, China Petroleum received financing buy-ins of 0.40 billion yuan, 0.33 billion yuan, and 0.30 billion yuan respectively [1] Group 2 - On the same day, the short selling amounted to 17,800 shares, with a net sell of 17,300 shares [2]