Our reporter Xing Meng

　　The 2021 annual report disclosure of A-share listed companies is coming to an end.

Judging from the disclosed annual reports, over 70% of listed companies plan to distribute cash dividends, of which tens of billions of dollars are not uncommon.

　　Flush iFinD data shows that as of April 27, 3,528 A-share listed companies have disclosed their 2021 annual reports. As many as 2,618 companies plan to distribute cash dividends, accounting for 74%, with a total cash dividend of 1.48 trillion yuan.

Among them, the Industrial and Commercial Bank of China and other 22 proposed cash dividends all exceeded 10 billion yuan.

　　Experts interviewed believe that in recent years, with the support and encouragement of regulators, the enthusiasm of listed companies for cash dividends has increased significantly.

Listed companies are not only willing to release the signal of stable operation of the company through dividends and give back to investors with real money, but also attract more medium and long-term funds, thereby maintaining the stability of stock prices and facilitating corporate financing.

　　"A-share dividends depend on banks". Banks with stable performance and abundant cash flow have been the vane of cash dividends over the years.

　　In terms of the scale of proposed cash dividends, 5 out of the top 10 are banks, and the four major banks of ICBC are in the top four.

Flush iFinD data shows that ICBC ranks first with a cash dividend of 104.5 billion yuan, followed by China Construction Bank with 91 billion yuan, followed by Agricultural Bank of China and Bank of China with 72.4 billion yuan and 65.1 billion yuan respectively. China Shenhua, the coal leader It ranked fifth with 50.5 billion yuan.

　　From the perspective of the scale of cash dividends in the industry, the banking industry has become the main force in cash dividends. 25 banks plan to pay 509.9 billion yuan in dividends, accounting for 34% of the total proposed cash dividends of 2,618 listed companies, far ahead of other industries.

In addition, the non-bank financial industry plans to distribute 127.2 billion yuan in cash dividends, and the coal industry plans to distribute 76.7 billion yuan in cash dividends.

　　"The banking industry has a large scale of assets, a high level of overall industry profitability, relatively stable operating performance, and relatively abundant cash flow, which has a good basis for dividends, so the scale of bank cash dividends is relatively large." People told the "Securities Daily" reporter.

　　In addition, high dividend yield has also become a distinctive feature of bank stocks, even surpassing most bank wealth management.

Data show that based on the closing price on April 27, the dividend yield of 12 banks including Bank of Communications is higher than 5%.

　　"The dividend rates of high-quality banks are relatively high, and the dividend rates of major banks such as Bank of Communications, Agricultural Bank of China, and Industrial and Commercial Bank of China are at the forefront of the industry." Dong Zhongyun, chief economist of AVIC Securities, told the "Securities Daily" reporter that the reason why banks have high dividends First, due to the impact of real estate, the performance of some bank stocks was sluggish and the valuation was low; second, the quality of bank assets will improve in 2021, and performance will increase significantly; third, banks will continue to maintain a high level of dividends and dividends.

　　Dong Zhongyun further said that the dividend rate is an important indicator for long-term investors and value investors. The company's continuous and stable high dividend payout will help investors to form long-term and stable return expectations and cultivate the market's long-term investment concept.

　　From the perspective of cash dividends, there are many companies that pay dividends in large amounts, and there are also many companies that pay dividends in a large proportion.

　　According to the data, among the above-mentioned 2,618 companies that plan to distribute cash dividends, 506 companies have a cash dividend ratio (the ratio of cash dividends to net profit for the same period) that exceeds 50%.

From the perspective of industry distribution, the number of companies in the machinery and equipment, pharmaceutical biology, and basic chemical industries ranks first.

　　Wang Weijia, general manager of Beijing Sunshine Tianhong Asset Management Company, told the "Securities Daily" reporter that the three major manufacturing industries, such as machinery and equipment, have a large number of companies and a large base.

Last year, the operating performance of the manufacturing industry represented by machinery and equipment, medicine and biology, and basic chemicals achieved rapid growth, with a steady increase in profitability and considerable distributable profits.

(Securities Daily)