Our reporter Zhang Ying

　　With the conclusion of the 2021 annual report performance disclosure, the dividend distribution plans of A-share listed companies have also been released, among which high-quality varieties with high dividend yields have attracted the attention of all parties in the market.

　　Industry insiders generally believe, "At present, the investment value of the A-share market is constantly emerging. A high dividend yield not only means the attractiveness of the stock market and the increase in the value of stock asset allocation. At the same time, it is also an important factor for listed companies to attract value investors and long-term investors. index."

Dividend yield TOP50 companies all exceed 7%

　　According to statistics from Flush, as of April 30, a total of 3,306 listed companies in Shanghai and Shenzhen have issued cash dividend plans for 2021, accounting for 70% of the total number of companies that have disclosed annual reports. The total amount of cash dividends is expected to reach 1.55 trillion yuan.

This will also be the fifth consecutive year since 2017 that the total annual dividend of A-share listed companies has exceeded 1 trillion yuan.

Among them, 28 companies including Industrial and Commercial Bank of China planned to distribute cash dividends exceeding 10 billion yuan.

　　"The improvement of the quality of listed companies should ultimately be reflected in the ability to create and distribute value." Yi Huiman, chairman of the China Securities Regulatory Commission, said a few days ago that listed companies should focus on improving their ability to return, that is, continue to enhance their ability to pay dividends through cash dividends and share repurchases. Returns for shareholders and enhances the sense of gain for investors.

　　In addition, analysts said that the increase in the dividend scale of listed companies can convey to the market a signal of stable operation and strong profitability of the company, thereby enhancing the market's confidence in its development.

　　"Securities Daily" reporters further combed and found that among the 3,306 companies mentioned above, 1,135 companies have a dividend rate of more than one year based on the announced pre-tax cash distribution per share and the latest closing price as the benchmark stock price. The fixed deposit rate (1.75%), 521 companies with a dividend yield of more than 3%, and the top 50 companies with a dividend yield of more than 7%.

Among them, 2 stocks, including Bengang Steel Sheets and Zhendong Pharmaceutical, have a dividend yield of over 20%, 26.1% and 25.25%, respectively, ranking high; followed by *ST Guangzhu, Guofang Group, Chongqing Department Store, Jizhou 14 companies including China Energy, Fangda Special Steel, Great Eastern, Sangang Minguang, Semir Apparel, Shanxi Coal International, Baoxiniao, Shenma, Luxi Chemical, Sinopec, and Huayang Transmission all have over 14 dividend yields. 10%.

　　From the perspective of the industry, among the top 50 companies with dividend yields, there are a large number of individual stocks involved in the four major industries of textile and clothing, steel, basic chemicals and automobiles, with 8, 7, 6, and 6 stocks respectively.

　　"Compared with previous years, there are two notable changes in this year's dividend companies: First, the number of companies with high proportions and large dividends is increasing, mainly because the industry structure is more stable, and the high proportion of dividends in these industries will continue in the future. Second, stocks with high dividend yields are more and more attractive to investors, which often means that the investment value of A shares is further revealed, and it is expected to attract more incremental funds.” Qin Hong, an analyst at Jinbailin Consulting, told the Securities Daily. "The reporter said.

　　Zheshang Securities analysis believes that since the beginning of the year, the difference between the dividend rate of A shares and the one-year government bond rate has dropped from 0.75% to 0.5%, which is close to the low point of the previous round of interest rate spreads.

And the spread between the one-year Treasury bond yield and the dividend rate keeps narrowing, which is often a signal that the market is gradually entering the bottom area.

The reason behind this phenomenon is that when the dividend rate is close to or higher than the bond rate, the attractiveness of the stock market and the allocation value of equity assets will increase.

178 companies with dividend yields exceeding 3% for 3 consecutive years

　　As we all know, high dividend yield is an important indicator for listed companies to attract long-term investors.

At the same time, we should not only focus on the company's one-year dividend yield performance, but also on its sustainability.

　　Combined with past statistics, it is found that a total of 178 companies in the A-share market have a dividend yield of over 3% for three consecutive years (2019 to 2021).

From the perspective of the first-level industries of Shenwan, the above-mentioned companies are mainly clustered in four major industries, including banking (24), transportation (15), textile and clothing (13), and real estate (12).

　　It is not difficult to find that high dividend yields may have become a distinctive feature of bank stocks.

Industry insiders generally believe that the banking industry has a large scale of assets, a high level of overall industry profitability, stable operating performance, and abundant cash flow.

　　A reasonable and slightly higher dividend yield is more attractive to institutional investors, which is conducive to promoting long-term stock price appreciation.

Statistics show that among the above 178 stocks with high dividend yields, 126 of them outperformed the Shanghai Composite Index over the same period, accounting for more than 70%.

Among them, 6 stocks, including C&D Inc., Tiandiyuan, Bank of Nanjing, Huafa Co., Ltd., China Shenhua, and Huaibei Mining, all increased by more than 20% during the year.

　　Regarding the varieties with high dividend yields for three consecutive years, Hu Bo, manager of Rongzhi Investment Fund, a subsidiary of private Pai Pai.com, said, "The income from stock investment comes from the rise in stock prices and dividends, and high dividend yields often mean that the listed company not only pays high dividends Moreover, the price-earnings ratio is low, so the dividend rate is often one of the important criteria for investors to judge whether a company has investment value. The higher the dividend rate, the stronger the company's profitability. The dividend rate has exceeded 3% for three consecutive years, indicating a high dividend rate. At the same time, it also shows good sustainability, and such a company has long-term investment value.”

　　Dividend yield not only reflects investor yield, but is also one of the most important indicators for institutional investors.

Among the above 178 companies, as of the end of 2021, 47 companies have social security funds among the top ten shareholders of tradable shares.

　　"However, high dividend yield cannot be used as the only basis for stock selection, it can only be used as one of the reference factors." Qin Hong reminded that because listed companies with high dividend yield often correspond to the mature business cycle of the company, the growth at this stage is relatively high. Lack, so willing to return a large proportion of cash to shareholders.

However, the securities market emphasizes future growth. Whether it is a short-term investor or a long-term investor, the biggest investment return comes from the stock price rise brought about by growth expectations, rather than the cash return mainly from the dividend rate.

What's more, stocks with high dividend yields still have the risk of changes in dividend yields. If the stock price increases significantly in the short term, the dividend yield will decrease rapidly; for another example, fluctuations in performance will also affect the dividend yield.

Therefore, the dividend rate can be used as a basis in operation, but if you want to invest in the long-term, you also need to look at the company's future growth prospects.

(Securities Daily)