2026.02.05 本文字数：1126，阅读时长大约2分钟 作者 |第一财经 黄思瑜 春节前最后几个交易日里，近20家沪市公司将合计发放258亿元春节红包。从2025年12月起至春节前， 沪市合计发放的分红金额合计将突破3476亿元。 在业内看来，银行股在分红节奏和分红频次上的变化，成为"春节前分红"政策落地的一个直观体现，让 投资者更早、更清晰地看到现金回报，无疑是一种对于投资者持股感受的提升与优化。 除了银行业外，还有较多传统行业公司在春节前向投资者发放现金红包，包括长江电力 （600900.SH）、达仁堂（600329.SH）等在内的多家公司将在春节前最后一周内发放现金红包。 其中，长江电力将于2月12日发放2025年中期分红，合计派发超过51亿元。该公司自2016年在国内率先 做出10年期高比例现金分红承诺。根据承诺，2016年至2020年每年每股现金分红不低于0.65元；2021年 至2025年每年现金分红比例不低于当年净利润的70%。近五年，长江电力现金分红金额总计达976.90亿 元。 2月4日晚间，达仁堂也发布了2025年季度权益分派实施公告，将每股派发现金红利2.45元（含税），共 计派发 ...

Core Viewpoint - The article highlights the significant cash dividends being distributed by companies in the Shanghai stock market, particularly focusing on the banking sector, which is leading the trend of pre-Spring Festival cash distributions to investors [3][4]. Group 1: Cash Dividends Distribution - Nearly 20 companies in the Shanghai market are set to distribute a total of 25.8 billion yuan in cash dividends before the Spring Festival [3]. - From December 2025 to the pre-Spring Festival period, the total cash dividends distributed by the Shanghai market will exceed 347.6 billion yuan, with 321.8 billion yuan already distributed by February 5 [3]. - Industrial Bank is set to distribute over 11.9 billion yuan in cash dividends to A-share investors, with a per-share cash dividend of 0.565 yuan (tax included) [3]. Group 2: Banking Sector Performance - The banking sector is the main contributor to cash distributions, with nine banks, including Industrial Bank, Jiangsu Bank, and China Merchants Bank, announcing a total of nearly 70 billion yuan in cash dividends for the first half of 2025 [3][4]. - China Merchants Bank announced a cash dividend of approximately 25.5 billion yuan (tax included) for A+H shares, with a distribution ratio of 35% [3]. Group 3: Other Industries - Other traditional industries are also participating in cash distributions, with companies like Yangtze Power and Da Ren Tang planning to issue cash dividends before the Spring Festival [4]. - Yangtze Power will distribute over 5.1 billion yuan in cash dividends on February 12, having committed to a high cash dividend ratio since 2016 [4]. - Da Ren Tang announced a cash dividend of 2.45 yuan per share (tax included), totaling 1.887 billion yuan, with a cumulative cash dividend of 5.117 billion yuan since its listing [5]. Group 4: Regulatory Environment and Investor Sentiment - Industry insiders note that the continuous strengthening of cash dividend regulations and disclosure requirements by regulatory authorities is enhancing shareholder return awareness among listed companies [6]. - Investors are increasingly inclined to choose companies that can withstand economic cycles and are willing to consistently return value to shareholders, marking a significant trend in value investing [6].

1月16日，招商银行首次向A股投资者洒下中期"红包雨"。本次招行春节前分红A股每股派现1.013元 （含税），A+H股合计派发现金红利约255.48亿元（含税），其中派发A股现金红利约208.97亿元（含 税），分红比例更是达到35%。 中经记者 孙汝祥 夏欣 北京报道 2026年2月6日，兴业银行超119亿元分红将会发放给A股投资者，意味着公司在春节前"红包"即将发放 完毕。 有关数据显示，在春节长假前的未来6个交易日中，包括兴业银行在内的近20家沪市公司合计将有258亿 元的现金分红到账。 而从2025年12月起至2026年2月5日，沪市春节前分红已累计发放3218亿元；到春节前，合计发放分红金 额将突破3476亿元，接近3500亿元，较之上年同期的3000亿元再上台阶。 业内人士表示，随着监管层持续强化现金分红约束和信息披露要求，上市公司股东回报意识不断增强， 沪市正在逐步形成以经营质量支撑股价、以分红机制稳定预期的良性生态。对投资者而言，选择那些既 能穿越周期，又愿意持续回馈股东的公司，正成为价值投资的重要路径。 记者注意到，银行成为春节前派现的绝对主力。2026年1月以来，兴业银行、江苏银行、邮储银 ...

Group 1 - The company specializes in the production of aluminum plates and foils, leveraging its abundant aluminum resources and electricity advantages, with applications in daily aluminum products, machinery manufacturing, and architectural decoration [1] - The company has achieved stable operational scale through an order-based production model, generating over 10 million USD in annual export revenue, primarily to Southeast Asian countries like Singapore [1] - The company faces potential risks from fluctuations in the USD exchange rate, holding over 1 million USD in idle foreign exchange while needing to meet overseas procurement demands in six months, creating a dual need for foreign currency payments and domestic operating funds [1] Group 2 - China Merchants Bank's Liaocheng branch provided a foreign exchange swap solution tailored to the company's needs, combining near-term spot exchange and long-term forward purchase to lock in exchange rate costs and mitigate risks [2] - As an example, the company exchanged 1 million USD at a spot rate of 7.0, receiving 7 million RMB for daily operations, while agreeing to purchase 1 million USD at a forward rate of 6.94 in six months, ensuring timely availability of domestic funds and controllable foreign payment risks [2] - The company has recognized the benefits of the foreign exchange swap business, which is particularly suitable for foreign-related enterprises facing short-term RMB funding needs and future foreign currency payment requirements, leading to a win-win situation for both the company and the bank [2]

Core Viewpoint - A significant market shift occurred as global funds fled from technology stocks and precious metals, leading to a notable decline in major indices and a surge in bank stocks as a safe haven for investors [1][2][3]. Group 1: Market Reactions - On February 4, U.S. tech stocks experienced a sharp decline, with the Nasdaq dropping over 2% and major companies like Nvidia, Meta, and Tesla falling more than 3%. AMD saw a staggering drop of 17.3%, marking its largest single-day decline in nearly nine years [1][3]. - The panic spread to A-shares and Hong Kong stocks, with sectors like solar energy and precious metals witnessing significant sell-offs. Silver futures plummeted nearly 20% at one point, exacerbating market fears [2][5]. - Despite the overall market turmoil, the banking sector in A-shares rose by 2.1%, with all 42 bank stocks closing in the green, indicating a flight to safety among investors [2][10]. Group 2: Capital Flows - Southbound funds recorded a net purchase of over 22 billion HKD, with major Chinese banks like ICBC, CMB, and CCB becoming core targets for accumulation [3][13]. - A significant shift in capital is underway, with funds moving from tech and precious metals to banks, which are perceived as having a higher safety margin [3][9]. Group 3: Banking Sector Performance - The banking sector is supported by strong earnings growth and historically low valuations, making it an attractive option for risk-averse investors [15][20]. - As of February 4, several banks reported robust earnings, with Qingdao Bank, Hangzhou Bank, and others showing significant profit increases, further solidifying the sector's appeal [16][18]. - The banking sector's average dividend yield ranges from 4.87% to 5.2%, significantly higher than the 10-year government bond yield of around 2%, enhancing its attractiveness in a low-interest-rate environment [21][22]. Group 4: Future Outlook - The recent market volatility raises questions about whether the declines in tech stocks and precious metals will lead to further panic selling. However, the influx of funds into bank stocks suggests a potential shift in market sentiment [23].

一夜之间，全球资金上演"夺命大逃亡"，市场风向似乎全变了。 2月4日晚，美股科技股引发崩盘潮，纳指大跌超2%，英伟达、Meta、特斯拉等科技权重集体下挫超3%，AMD更是单日狂泻 17.3%，创近9年来最大跌幅，直接抹平2026年全年涨幅。 恐慌情绪蔓延至A股、港股市场，今天光伏、电网设备、油气开采设备等近期大涨的热门赛道应声跳水。 更不巧的是，前两天才暴力反弹的贵金属板块今天再次"闪崩"，白银期货甚至一度跌近20%，进一步刺激市场恐慌情绪。 就在市场一片哀嚎之际，银行板块逆势崛起！截至A股收盘，银行板块整体上涨2.1%，42只银行股全线飘红，厦门银行罕见 涨停，多只城商行涨幅超3%，六大行也纷纷筑底企稳。 南向资金同步扫货，单日净买入超220亿港元，工商银行、招商银行、建设银行等内银股成加仓核心标的。 一场由避险资金主导的"乾坤大挪移"，正在资本市场激烈上演！ 01 科技+贵金属双杀，避险资金慌不择路 这轮市场巨震，导火索是美股科技股密集利空带来的估值泡沫破裂。 昨晚AI算力龙头AMD的业绩增长表现足够亮眼，但由于略低于部分分析师最乐观的预期，直接造成了单日狂泻17.3%，创下 2017年5月以来最大单日跌 ...

Core Viewpoint - A significant market shift is occurring, characterized by a mass exodus of funds from technology and precious metals sectors, with a notable influx into bank stocks as a safe haven amid rising panic and volatility [2][5][21]. Group 1: Market Dynamics - The U.S. tech stocks experienced a sharp decline, with the Nasdaq dropping over 2%, and major companies like Nvidia, Meta, and Tesla falling more than 3%. AMD saw a staggering drop of 17.3%, marking its largest single-day decline in nearly nine years [2][5]. - Panic spread to A-shares and Hong Kong stocks, with sectors like solar energy and oil equipment witnessing significant sell-offs. Precious metals, which had recently rebounded, also faced a sharp decline, with silver futures plummeting nearly 20% in a single day [3][5]. - The market turmoil was triggered by negative news affecting U.S. tech stocks, leading to a valuation bubble burst. Despite AMD's strong performance, its results fell short of the most optimistic analyst expectations, resulting in a drastic stock price drop [5][6]. Group 2: Bank Sector Resilience - In contrast to the broader market, the banking sector saw a rise, with A-share bank stocks collectively increasing by 2.1%. All 42 bank stocks closed in the green, with Xiamen Bank hitting a rare limit-up and several city commercial banks rising over 3% [3][15]. - Southbound funds significantly targeted bank stocks, with a net purchase exceeding 22 billion HKD, focusing on major banks like ICBC, CMB, and CCB as core investment targets [4][20]. - The banking sector is viewed as a "safe haven" due to its strong earnings growth and historically low valuations, making it an attractive option for risk-averse investors [21][22]. Group 3: Earnings and Valuation - Recent earnings reports from several banks indicate robust growth, with Qingdao Bank, Hangzhou Bank, and Shanghai Pudong Development Bank showing significant increases in net profits. For instance, Qingdao Bank reported a net profit of 51.88 billion CNY, a 21.66% year-on-year increase [23][25]. - The banking sector has undergone a six-month correction, leading to a new valuation bottom. The sector's price-to-earnings ratio stands at a low 6.7 times, and the average dividend yield is between 4.87% and 5.2%, making it appealing in a low-interest-rate environment [27][28]. - Institutional interest in bank stocks is rising, with over 370 institutions conducting research on 11 listed banks, indicating a strategic shift towards these stocks amid market volatility [28][29].

Investment Rating - The report maintains a positive outlook on the banking industry, indicating that high-quality city commercial banks may exceed expectations [1]. Core Insights - The report forecasts that listed banks will exhibit "stable revenue and gradually improving profit growth" characteristics in 2025, with a projected revenue growth of 0.9% year-on-year and a recovery in net profit growth to 1.9% [3]. - Performance differentiation among various types of banks is expected, with city commercial banks showing superior results, while state-owned banks and leading joint-stock banks maintain stable positive growth [3]. - Key drivers for stable profit growth include narrowing interest margin declines, improved market sentiment, and stable asset quality ensuring credit costs do not significantly erode profits [3]. Summary by Sections Revenue and Profit Forecast - Listed banks are expected to see a revenue growth of 0.9% in 2025, with net profit growth recovering to 1.9% [3]. - State-owned banks are projected to have a revenue growth of 1.5%, while joint-stock banks are expected to see a revenue decline of 1.8% [3]. - City commercial banks in regions like Jiangsu and Zhejiang are anticipated to maintain high single-digit profit growth, with some banks achieving double-digit growth [3]. Non-Interest Income and Market Conditions - Non-interest income is influenced by market conditions and the timing of revenue recognition by banks, with a projected recovery in 2025 due to a low base from 2024 [3]. - The report notes that banks are likely to see a 3% year-on-year growth in non-interest income in the first half of 2025 and 4.6% by the end of the third quarter [3]. Interest Income and Credit Growth - Interest income is expected to stabilize as banks manage their asset pricing and liability costs effectively, with a projected decline in interest margin narrowing to about 10 basis points [4]. - Credit growth is anticipated to remain stable, with a focus on corporate lending, while retail lending shows weaker performance [3]. Asset Quality and Provisioning - The report indicates that the non-performing loan (NPL) ratio for listed banks is expected to remain stable at around 1.22% [4]. - The provisioning coverage ratio is projected to decrease slightly to 236%, with banks advised to focus on those with low NPL generation and high provisioning ratios [4]. Investment Recommendations - The report suggests focusing on high-quality banks that are likely to recover towards a price-to-book (PB) ratio of 1, particularly city commercial banks with strong credit growth [4]. - It highlights the potential for dividend yields to attract investors, with a current dynamic dividend yield of approximately 4.8% [4].

Core Insights - The main focus of the news is on the significant inflow of capital into various stocks, highlighting the top 20 stocks by capital inflow as of February 5, with notable performances in terms of percentage increase and monetary value [1][2][3] Group 1: Top Stocks by Capital Inflow - Pingtan Development leads with a capital inflow of 1.278 billion, showing a price increase of 10.05% [2] - Wangsu Science & Technology follows with an inflow of 0.682 billion and a price increase of 7.48% [2] - N North Core U has an inflow of 0.666 billion, with a remarkable price increase of 183.33% [2] - Haixia Innovation shows a strong performance with a capital inflow of 0.642 billion and a price increase of 20% [2] - Other notable stocks include 263 with 0.566 billion inflow and a 10.04% increase, and China Merchants Bank with 0.554 billion and a 1.79% increase [2] Group 2: Sector Performance - The stocks listed are from various sectors, including agriculture, internet services, consumer electronics, and cultural media, indicating diverse investment interests [2][3] - The electronic components sector is represented by Fenghua High-Tech with a capital inflow of 0.401 billion and a price increase of 9.99% [3] - Aerospace is represented by Beimo High-Tech, which has a capital inflow of 0.312 billion and a price increase of 10% [3]

Group 1 - The top 20 stocks with significant capital inflow as of February 5 include Pingtan Development (1.214 billion), Wangsu Technology (648 million), and Guizhou Moutai (555 million) [1][2] - Pingtan Development saw a price increase of 10.05%, while Wangsu Technology increased by 6.94% [2] - Other notable stocks with capital inflow include China Merchants Bank (520 million, +2.03%), and Industrial Fulian (455 million, +0.99%) [2][3] Group 2 - The sectors represented among the top inflow stocks include agriculture, internet services, and food and beverage [2][3] - Companies like Haidilao (2.92 billion) and Wuxi AppTec (2.44 billion) are also highlighted for their capital inflow and respective sector performance [3] - The overall trend indicates a strong interest in technology and consumer goods sectors, as reflected in the stock performance and capital movement [1][2]