证券研究报告 | 行业深度报告 2025 年 11 月 14 日 银行研思录 25 银行股息率排名与中期分红进度梳理 总量研究/银行 本文介绍并列出了 AH 上市银行最新的股息率、中期分红流程及进度。 第一、如何准确计算动态股息率？ 为了避免股息率跨期失真问题，我们在之前的报告《哪家银行股息率最高？中 期分红何时到？》提到了一种相对简化而又准确的动态股息率计算方式，即"滚 动 12 月每股 EPS*现金分红率/每股股价"，换算等于"现金分红率/PE（TTM）"， 通过这种方式计算的股息率既避免了年度分红和中期分红重叠或断档问题，同 时也考虑了目前真实利润增速差异。 这种计算方式中，现金分红率的取值比较关键，由于各家公布的分红率计算口 径不同，我们统一使用每股分红*总股本/归属于母公司普通股股东净利润来计算 现金分红率，并按照 24A 分红率、25H1 分红率和"24A 和 25H1 分红率取大者" 三种方式计算了截止 2025 年 11 月 13 日的 A、H 银行股息率。详见表 1、2。 第二、AH 银行中期分红要走哪些流程？ 在 2023 年证监会修订发布《上市公司监管指引第 3 号——上市公司现金分红 ...

Core Viewpoint - Changcheng Securities announced a significant increase in its mid-term profit distribution plan for 2025, reflecting strong financial performance in the first half of the year [1] Financial Performance - For the first half of 2025, Changcheng Securities reported total operating revenue of RMB 2.859 billion, representing a year-on-year growth of 44.24% [1] - The net profit attributable to shareholders reached RMB 1.385 billion, showing a remarkable year-on-year increase of 91.92% [1] Dividend Distribution - The company will distribute RMB 0.76 per 10 shares, which is a substantial increase from RMB 0.38 per 10 shares in the same period of 2024 [1] - The total cash dividend payout amounts to RMB 307 million, up from RMB 153 million in the previous year, indicating a more than 100% increase in the total dividend amount [1]

Core Viewpoint - The announcement of a 761 million yuan interim dividend by GF Securities highlights the increasing shareholder return awareness within the brokerage industry, reflecting a broader trend among listed brokerages in China to enhance shareholder returns [2][3][7]. Group 1: Dividend Announcement - GF Securities has announced a cash dividend of 761 million yuan, with a record date of October 21 and payment date of October 22, distributing 1 yuan per 10 shares to shareholders [3]. - The total dividend represents 11.76% of the net profit attributable to the parent company for the first half of 2025 [3]. - The company has a total share capital of 7.606 billion shares, with 5.904 billion A-shares and 1.702 billion H-shares, necessitating different dividend distributions for A and H shareholders [3]. Group 2: Shareholder Structure - The three largest shareholders of GF Securities, Jilin Aodong, Liaoning Chengda, and Zhongshan Public Utilities, hold a combined 48% of the company's shares, benefiting significantly from the dividend [4][6]. - Jilin Aodong, the largest shareholder, has stated that GF Securities is a core asset, rejecting suggestions to reduce its stake [4][6]. Group 3: Industry Trends - A total of 28 out of 43 listed brokerages in A-shares have announced interim dividend plans for 2025, with a combined payout of approximately 18.8 billion yuan, marking a year-on-year increase of over 40% [2][7]. - Major brokerages such as CITIC Securities and Guotai Junan are leading in dividend payouts, with CITIC Securities proposing a dividend of 4.298 billion yuan [7]. - The introduction of new participants in the interim dividend scheme, including Shanxi Securities and Huaxi Securities, indicates a growing trend of dividend distribution among brokerages [7][8]. Group 4: Dividend Quality - The dividend payout ratio, a key indicator of dividend quality, has garnered attention, with six brokerages reporting ratios exceeding 30% [8]. - Dongwu Securities plans to increase its minimum annual cash distribution from 30% to 50% of distributable profits over the next three years, enhancing its commitment to shareholder returns [8].

Core Viewpoint - The announcement of cash dividends by several banks, including Hu Nong Commercial Bank and Changsha Bank, indicates a growing trend of mid-term dividends among listed banks in China, reflecting their stable profitability and commitment to shareholder returns [1][2][3]. Group 1: Dividend Announcements - Hu Nong Commercial Bank plans to distribute a cash dividend of 0.241 yuan per share, totaling 2.324 billion yuan, with the payment date set for September 26 [1][2]. - Changsha Bank will also distribute a cash dividend of 0.20 yuan per share, amounting to 804 million yuan, marking its first mid-term dividend since its listing [2][3]. - Other banks, such as CCB and Minsheng Bank, have also announced mid-term dividends, contributing to a broader trend in the banking sector [2][3]. Group 2: Mid-term Dividend Trends - A total of 17 out of 42 A-share listed banks have disclosed dividend plans, with seven banks, including Changsha Bank and Ningbo Bank, implementing mid-term dividends for the first time [3]. - The six major state-owned banks are leading the mid-term dividend initiative, with a combined proposed amount exceeding 200 billion yuan [3]. - Industrial and Commercial Bank of China (ICBC) plans to distribute approximately 50.396 billion yuan, maintaining its position as the highest cash dividend payer among listed companies [3]. Group 3: Analyst Insights - Analysts suggest that the stable profitability of banks supports the continuation of high dividend payouts, with the proportion of freely distributable dividends expected to reach 46% of net profits in 2025 [4]. - The implementation of new capital management regulations is anticipated to slow down capital consumption in commercial banks, further enhancing their capacity for dividend distribution [4].