Recently, A-Shares have entered the disclosure period of 2021 annual report, and dividend distribution has become the focus of the market. What is the dividend rate of A-Shares as a whole, by industry and company?
Recent A-share dividend yield rise
In 2021, the dividend yield of Wande quana increased compared with last year. From 2000 to 2010, the dividend yield center of Wande quana was close to 1.2%. After 2010, the dividend yield center of Wande quana increased to about 1.6%. The dividend yield in 2021 was 1.65%, an increase of 0.2 percentage points over last year, which is at a historically high level.
High dividend industries and companies
Taking the arithmetic mean of Companies in the industry as the statistical caliber of dividend rate of each industry, from the perspective of industry distribution, as of March 28, the dividend rate of banking, steel and real estate industries was the highest, with dividend rates (in recent 12 months) of 4.3%, 4% and 2.9% respectively. Among other industries, the industries with dividend rate of more than 2% include textile and clothing (2.8%), coal (2.6%), household appliances (2.2%), public utilities (2.2%) and commercial retail (2%).
From the perspective of the branches, the top 20 stocks with dividend yield ranking among the top 20 in terms of dividend yield. The dividend yield of the top 20 stocks is more than 8%, and the dividend rate of the top 20 stocks is more than 8%. The top 10 stocks with dividend yield are 0 Shenzhen Fountain Corporation(000005) 5550 \ , Shenzhen Wenke Landscape Co.Ltd(002775) , Bengang Steel Plates Co.Ltd(000761) .
Correlation between dividend yield and a shares
Since the beginning of the year, the spread between the yield and dividend yield of one-year treasury bonds has been narrowing. From the perspective of resumption, the narrowing of the spread between the interest rate and dividend yield of one-year treasury bonds is often a signal that the market has gradually stepped into the bottom area.
Looking back on history, since 2002, there have been four rounds of narrowing periods of one-year treasury bond interest rate and wandequan A’s dividend yield in the A-share market, namely, August 2005 to May 2006, November 2008 to February 2009, may 2012 to November 2012 and may 2018 to December 2018. In these four periods, A shares gradually entered the bottom area.
The reason behind this phenomenon may be that when the dividend rate is close to or higher than the bond interest rate, the attractiveness of the stock market will increase and the allocation value of stock assets will increase. Since the beginning of the year, the difference between the dividend yield of wandequan A and the interest rate of one-year treasury bonds has fallen from 0.75% to 0.5%, which is close to the low point of the previous round of interest rate spread, and the cost performance advantage of stocks and bonds appears.
Risk tip: the conflict between Russia and Ukraine has further deteriorated; The intensity of dividend distribution is lower than expected.
