¿La primera serie de informes anuales de los bancos en A-share aumentará la tasa de dividendos? ¿Se convertirá en una tendencia? La industria: no hemos oído que haya requisitos, la estrategia de dividendos se centra en la estabilidad

财联社3月24日讯（记者 邹俊涛）中信银行、平安银行两家最新年报显示，2025年度分红率均较上年提升。

As of March 24, the Financial Association reports (Reporter Zou Juntao) that the latest annual reports from China CITIC Bank and Ping An Bank show that the dividend payout ratio for the 2025 fiscal year has increased compared to the previous year.

作为首批银行年报，上述信号引发市场对行业分红趋势的关注。有市场观点认为，受《关于2025年中央和地方预算执行情况与2026年中央和地方预算草案的报告》中“提高国有资本收益收取比例”的明确要求，以及“十五五”规划纲要中相关表述影响，预计中央及地方财政直属的银行、央企控股银行等今年均存在提升分红水平的可能。

As one of the first banks to release annual reports, this signal has attracted market attention regarding industry dividend trends. Some market opinions suggest that, influenced by the explicit requirement in the report on “the execution of the 2025 central and local budgets and the draft budget for 2026” to “increase the proportion of state-owned capital revenue collection,” as well as related statements in the “14th Five-Year Plan” outline, it is anticipated that banks directly under central and local finance, as well as state-owned enterprise-controlled banks, may increase dividend levels this year.

但财联社记者在采访中了解到，多家上市银行相关人士表示，未听说有相关要求。当前在分红策略上仍以“保持连续稳定”为主要考量，并持续优化分红机制，兼顾股东回报与资本内生积累需求。

However, Financial Association reporters learned during interviews that relevant individuals from several listed banks stated they had not heard of any such requirements. Currently, the main consideration in dividend strategy remains “maintaining continuity and stability,” while continuously optimizing the dividend mechanism to balance shareholder returns and the need for internal capital accumulation.

有行业研究人士向记者分析称，提升分红既是响应政策导向的具体举措，也是回应市场对股息回报期待的积极信号，“至于是否会形成行业整体趋势，尚需更多银行年报数据加以验证。”

Industry researchers analyzed to reporters that increasing dividends is not only a specific measure to respond to policy direction but also a positive signal to address market expectations for dividend returns. “As for whether this will form an overall industry trend, more annual report data from banks will need to be verified.”

首批披露年报银行分红率均有提升

The first batch of banks to disclose their annual reports all showed an increase in dividend payout ratios.

作为今年首批披露2025年年报的上市银行，中信和平安两家银行在分红安排上的变化引发市场关注。

As part of this year’s first batch of listed banks disclosing their 2025 annual reports, changes in dividend arrangements at CITIC and Ping An banks have drawn market attention.

根据中信银行最新年报披露，该行2025年拟将现金分红提升至212亿元，占归属于普通股股东净利润31.75%。对比该行2024年度分红率30.5%，提升了1.25个百分点。

According to the latest annual report from CITIC Bank, the bank plans to increase its cash dividend to 21.2 billion yuan for 2025, accounting for 31.75% of the net profit attributable to ordinary shareholders. Compared to the dividend rate of 30.5% for 2024, this represents an increase of 1.25 percentage points.

中信银行还在年报中表示，预计该行2025年度的分红金额和比例均创下历史新高。

CITIC Bank also stated in its annual report that it expects both the amount and the ratio of dividends for the 2025 fiscal year to reach a historical high.

另一家股份行，平安银行也显示分红率有所提升。据平安银行最新年报披露，该行预计2025年合计派发现金股利人民币115.66亿元，占合并报表中归属于本行普通股股东净利润的比例为28.83%，占合并报表中归属于本行股东净利润的比例为27.13%。

Another joint-stock bank, Ping An Bank, also showed an increase in its dividend rate. According to Ping An Bank’s latest annual report, it expects to distribute a total cash dividend of 11.566 billion yuan in 2025, representing 28.83% of the net profit attributable to the bank’s ordinary shareholders in the consolidated financial statements, and 27.13% of the net profit attributable to the bank’s shareholders in the consolidated financial statements.

根据平安银行2024年年报，该年度上述分红比例数据分别为28.32%和26.51%。相较之下，2025年分别提升了0.51和0.62个百分点。不过，由于净利润规模因素，平安银行2024合计派发现金股利为人民币117.99亿元。

According to Ping An Bank’s 2024 annual report, the aforementioned dividend ratio data for that year were 28.32% and 26.51%, respectively. In contrast, these numbers are expected to increase by 0.51 and 0.62 percentage points in 2025. However, due to the scale of net profit, Ping An Bank’s total cash dividends distributed in 2024 amounted to 11.799 billion yuan.

会否成为行业趋势？

Will this become an industry trend?

有市场观点认为，在“提高国有资本收益收取比例”的政策导向下，预计国资控股的上市银行或将普遍迎来分红水平的进一步抬升。

Some market opinions suggest that under the policy guidance of “increasing the proportion of state-owned capital revenue collection,” it is expected that listed banks controlled by state assets will generally welcome a further increase in dividend levels.

中信、平安两家银行同步提高分红比例，是否反映行业内已有相关政策要求？针对上述话题，某上市城商行相关人士向财联社记者表示，还“没有听说有进一步要求”，当前保持仍“连续稳定”的分红政策，综合考虑公司发展整体需求与股东诉求。另一家上市银行相关相关人士表示，公司近年来积极响应监管导向，提升分红频次和水平，持续优化分红机制，以回应市场与股东的关切。

The simultaneous increase in dividend ratios by CITIC and Ping An banks—does this reflect existing policy requirements within the industry? Regarding this topic, a relevant person from a listed city commercial bank told Financial Association reporters that they have “not heard of any further requirements” and that they are currently maintaining a “continuously stable” dividend policy while considering the overall development needs of the company and shareholder demands. Another individual from a listed bank stated that the company has actively responded to regulatory guidance in recent years, increasing the frequency and level of dividends and continuously optimizing the dividend mechanism to address market and shareholder concerns.

3月23日，中信银行、平安银行管理层亦就分红话题作出回应。中信银行董秘张青表示，将通过持续提升分红水平、开展中期分红等方式，进一步优化分红机制，稳定投资者回报预期。平安银行管理层表示，未来将在分红方面“尽力而为、量力而行”，努力为股东创造长期、可持续的价值回报。

On March 23, the management of CITIC Bank and Ping An Bank also responded to the topic of dividends. CITIC Bank’s Secretary of the Board, Zhang Qing, stated that the bank will further optimize the dividend mechanism by continuously increasing the level of dividends and conducting mid-term dividends to stabilize investor return expectations. The management of Ping An Bank indicated that in the future, they will “do their best and act within their capabilities” regarding dividends, striving to create long-term and sustainable value returns for shareholders.

盘古智库高级研究员余丰慧在接受财联社记者采访时表示，“这一现象并非孤立，而是在部分银行实现良好经营业绩的背景下，积极回应市场对股息回报期待的体现。”

Yu Fenghui, a senior researcher at the Pangu Think Tank, stated in an interview with Financial Association reporters that “this phenomenon is not isolated, but rather a reflection of actively responding to market expectations for dividend returns against the backdrop of some banks achieving good operating performance.”

余丰慧分析认为，国资控股银行提升分红是落实上述政策导向的重要行动，有助于彰显国有资本的社会责任与经济效益，也与深化国有企业改革的战略部署相契合。不过，相关要求是否能推动国资控股银行进一步上调分红，他表示，仍需结合银行自身的资本充足状况、盈利能力和业务发展需求综合考量。

Yu Fenghui analyzed that increasing dividends by state-owned banks is an important action to implement the aforementioned policy direction, which helps to demonstrate the social responsibility and economic benefits of state-owned capital and aligns with the strategic deployment of deepening state-owned enterprise reform. However, he indicated that whether related requirements can push state-owned banks to further raise dividends still needs to be considered in conjunction with the banks’ own capital adequacy, profitability, and business development needs.

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责任编辑：秦艺

Editor: Qin Yi