本报讯 在过去三年里，A股市场年年派现的公司有624家。以三年分红对应三年来市值表现看，其中能够实现市值增长的公司有458家，占比到达73.4%，三来年持续分红而市值缩水的公司为166家。这意味着，长期投资持续分红的公司赢面较大。

Report from our correspondent in the past three years，A-share market from year to year to send the company has 624。For three years and the corresponding market share out bonus for three years to see performance，Among them will be able to realize the market value growth companies have 458，To account for more than 73.4%，SanLai years of sustained dividends and wiping out company for 166 home。This means that，Long-term investment share out bonus for the company think bigger。

　　上述624家公司的统计方法如下：《大众证券报》进一步剔除了2009年以来上市的公司，并以市值变动代替区间股价下跌；在市值变动幅度上，以2009年2月27日为起点，时值沪指报收于2082.85点，而截至昨日收盘，沪指报收于2073.15点，变动幅度不大。统计显示出，2009年前，可比的上市公司数共计1587家，而2009年至2011年连续分红的公司为624家，占比接近四成。

The above 624 companies in the statistical method is as follows：《Public stock certificate report》Further to eliminate the listed company since 2009，And marking to market changes instead of interval stock prices；In market value changes in scale，On February 27, 2009, as a starting point，Chronaxie boomed in at 2082.85 points，And by the closed yesterday，At boomed in 2073.15 points，Range is not big。Statistics show，2009 years ago，Comparable number of listed companies a total of 1587，And 2009 to 2011 continuous share out bonus company for 624，Accounts for more than close to forty percent。

　　观察发现，这624家公司中，上市时间超过8年的公司有465家、超过10年的有386家、超过13年的有260家，其占比分别达到75%、62%和42%，酒越陈越香的意味十分明显。而从行业属性看，金融服务、食品饮料、医药生物成为稳健分红的集中地。

Observation found that，This 624 companies，Time to market more than eight years the company has more than 465、More than 10 years of 386、More than 13 years of 260，Which accounts for more than 75% respectively、62% and 42%，Wine jumps over Chen yue sweet that obviously。And from the industry attribute to see，Financial services、Food and beverage、Medical biological become steady share out bonus intensively。

　　其中，过去三年里累计分红总额超百亿的公司有7家，分别是工商银行639.72亿元、中国石油564.50亿元、建设银行531.28亿元、中国银行398.54亿元、中国石化199.49亿元、中国神华144.53亿元、中国人寿125.31 亿元；累计分红金额最低的是洪城股份(600566,股吧)100万元。以三年分红对应三年来市值表现看，能够实现市值增长的公司有458家，占比到达73.4%；这也意味着，自2009年2月27日以来，尽管大盘几近收平，但持续分红的公司中仍有超七成的公司实现股价上扬。

the，The past three years accumulated bonus amount over yuan company have seven home，Commercial bank respectively is 63.972 billion yuan、China's oil 56.45 billion yuan、Construction bank is 53.128 billion yuan、The bank of China is 39.854 billion yuan、Sinopec is 19.949 billion yuan、China shenhua is 14.453 billion yuan、China life is 12.531 billion yuan；Total amount of share out bonus is the lowest HongCheng shares(600566,guba)1 million yuan。For three years and the corresponding market share out bonus for three years to see performance，Will be able to realize the market value growth companies have 458，To account for more than 73.4%；It also means，Since the 2009 years since February 27，Although grail near the flat，But continuous share out bonus companies still have over seventy percent of the company to realize rising share prices。

　　数据显示，市值增长前三甲分别是贵州茅台(600519,股吧)，增长1223.67亿元；工商银行，增长989.96亿元；民生银行(600016,股吧)，增长807.79亿元。进入500亿元市值增幅集团的还有上汽集团(600104,股吧)、包钢稀土(600111,股吧)、中国平安、五粮液(000858,股吧)、交通银行、中国太保(601601,股吧)、建设银行、中国神华、三一重工(600031,股吧)。增幅方面，三年来，金螳螂、大华股份(002236,股吧)、包钢稀土、古井贡酒(000596,股吧)、山煤国际(600546,股吧)、上海医药(601607,股吧)、同方国芯(002049,股吧)的市值增幅超过了500%；共计有139家公司实现市值翻番，占比高达22.28%。

Data display，Market value growth top before were guizhou maotai(600519,guba)，An increase of 122.367 billion yuan；Industrial and commercial bank of，An increase of 98.996 billion yuan；Minsheng bank(600016,guba)，An increase of 80.779 billion yuan。Enter the $50 billion market value growth group and Shanghai automotive group(600104,guba)、Baotou rare earth(600111,guba)、China peace、Wu liang ye(000858,guba)、Bank of communications、China boyz(601601,guba)、Construction bank、China shenhua、sany(600031,guba)。Growth aspects，Three years，Gold mantis、Dahua shares(002236,guba)、Baotou rare earth、Gujing gongjiu(000596,guba)、Mountain coal international(600546,guba)、Shanghai pharmaceutical(601607,guba)、Tongfang countries core(002049,guba)The value of the growth rate exceeded 500%；A total of 139 companies achieve doubled，Accounted for more than 22.28%。

　　而三年来持续分红而市值缩水的公司有166家。具体来看，过去三年紫江企业(600210,股吧)累计分红3.35亿元，区间市值蒸发1.15亿元，全体股东若持股不变的话，反倒能获得2.2亿元的收益。此外，厦门国贸(600755,股吧)分红0.97亿元、区间蒸发0.38亿元，平抑后获利0.59亿元；广宇集团(002133,股吧)分红0.60亿元、区间蒸发0.08亿元，平抑后获利0.52亿元；强生控股(600662,股吧)分红0.78亿元、区间蒸发0.45亿元，平抑后获利0.33亿元；益民集团(600824,股吧)分红0.44亿元、区间蒸发0.11亿元，平抑后获利0.33亿元；中牧股份(600195,股吧)分红1.10亿元、区间蒸发1.01亿元，平抑后获利0.09亿元。

But three years continuous dividends and wiping out company has 166。Specific to see，For the past three years zijiang enterprise(600210,guba)Accumulated bonus 335 million yuan，Interval from the value 115 million yuan，If all the shareholders holding plateaued，But can obtain 220 million yuan of income。In addition，Xiamen international(600755,guba)Share out bonus is 097 million yuan、Interval evaporation is 038 million yuan，Stabilize after profit is 059 million yuan；Cosmos group(002133,guba)Share out bonus is 060 million yuan、Interval evaporation is 008 million yuan，Stabilize after profit is 052 million yuan；Johnson &johnson holding(600662,guba)Share out bonus is 078 million yuan、Interval evaporation is 045 million yuan，Stabilize after profit is 033 million yuan；YiMin group(600824,guba)Share out bonus is 044 million yuan、Interval evaporation is 011 million yuan，Stabilize after profit is 033 million yuan；Moderate shares(600195,guba)Share out bonus is 110 million yuan、Interval evaporation is 101 million yuan，Stabilize after profit is 009 million yuan。

　　通过比较发现，2009年至2011年，长期投资持续分红的公司不仅赢面较大，而且股价成长空间喜人。此外，除基于分红获得超额收益外，甚至能够通过分红收益来平抑股价下跌所造成的市值损失，从而产生一定的安全边际。

By comparison，From 2009 to 2011，Long-term investment share out bonus for the company not only think bigger，And share price growth space gratifying。In addition，In addition to obtain excess earnings outside based on share out bonus，It can even through the bonus income to stabilize stock prices caused by market value loss，So as to produce a certain margin of safety。

　　统计还显示，截至目前，区间缩水幅度前三甲分别是中国石油，市值蒸发3367.59亿元；中国石化蒸发1579.23亿元；以及中国人寿蒸发937.45亿元；但其对应的三年分红总额依次为564.50亿元、119.49亿元和125.31亿元。尽管上述公司未能通过分红收益平抑区间股价蒸发，但持续的分红优势，以及较低的估值水平无疑成为下一阶段新安全边际的起始点。

Statistics also show，So far，Interval shrink amplitude top before were China's oil，From the value 336.759 billion yuan；China petrochemical evaporation is 157.923 billion yuan；And China life evaporation is 93.745 billion yuan；But its corresponding three years total share out bonus in order for 56.45 billion yuan、11.949 billion yuan and 12.531 billion yuan。Although the company failed to share out bonus income stabilize interval share price evaporation，But continuous bonus advantage，, as well as lower valuation levels undoubtedly become the next phase, the starting point of the new margin of safety。

　　结合分红稳健，区间风险释放充分，今年中报净利同比增长且三季度业绩预增的公司看，可以成为新起点的公司包括上实发展(600748,股吧)、宝钢股份(600019,股吧)、岳阳兴长(000819,股吧)、思源电气(002028,股吧)、科华生物(002022,股吧)、怡亚通等。记者 李喆

Combined with steady share out bonus，Interval risk release fully，This year center daily news net profit year-on-year growth in the third quarter and pre-performance company look，Can become a new starting point of companies, including the fact on development(600748,guba)、Baosteel shares(600019,guba)、YueYangXing long(000819,guba)、Siyuan electric(002028,guba)、Biological science(002022,guba)、Yi and flux, etc。Reporter 李喆