On May 13, 2026, A-shares ushered in the largest single-day dividend wave on record: Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC) simultaneously implemented annual dividends, distributing a total of approximately RMB 87.04 billion (before tax) in cash dividends to A-share investors, hitting a new all-time high for single-day A-share dividends.Among this total, ICBC distributed RMB 45.538 billion (RMB 0.25 per share), while ABC distributed RMB 41.502 billion (RMB 0.23 per share). The two major state-owned banks continue to reward investors with record-high payouts

This large-scale dividend distribution stems from the steady performance growth of the two banks in 2025: ICBC achieved an annual net profit of RMB 380 billion, up 5.2% year-on-year; ABC posted a net profit of RMB 320 billion, up 4.8% YoY. Asset quality continued to improve, with non-performing loan ratios declining steadily, providing solid support for high dividends. State-owned large banks have long adhered to high-dividend policies, with an average payout ratio exceeding 30% over the past five years and dividend yields generally ranging from 5% to 6%—significantly higher than the market average—making them core allocation targets for low-risk funds and long-term value investors

Market analysts believe that the Big Five state-owned banks (ICBC, ABC, Bank of China, China Construction Bank, Bank of Communications) distribute over RMB 200 billion in annual dividends, serving as the “ballast stone” for A-share cash dividends and playing a key role in stabilizing market expectations and attracting long-term capital. Currently, A-share dividend yields are rebounding overall, with high-dividend sectors (banking, power, coal, transportation) trading at historically low valuations, boasting triple advantages of high dividends, low volatility and stable performance—outstanding defensive attributes amid market volatility. Furthermore, high dividends reflect improved corporate governance maturity and ample cash flow, enhancing support for the real economy.