每经AI快讯，内银股逆势上扬，截至发稿，重庆农村商业银行(03618.HK)涨3.45%，报6.6港元；农业银 行(01288.HK)涨2.23%，报5.49港元；中信银行(00998.HK)涨2.12%，报7.23港元；邮储银行(01658.HK) 涨1.7%，报5.39港元；工商银行(01398.HK)涨1.56%，报5.85港元。 ...

消息面上，东兴证券表示，回顾7月以来银行板块持续调整，主要是受反内卷、AI科技浪潮中，市场风 险偏好显著上升，资金风格切换的影响，银行板块基本面稳健的底色未变。站在当前时点，该行认为， 随着中期分红逐步展开，以及充分调整后银行股息吸引力持续提升，长期资金布局有望带来资金面支 撑。同时，在息差阶段企稳、中收延续改善下，银行基本面具有较强韧性。看好四季度市场风格再平衡 下，银行板块估值修复行情。 智通财经APP获悉，内银股逆势上扬，截至发稿，重庆农村商业银行(03618)涨3.45%，报6.6港元；农业 银行(01288)涨2.23%，报5.49港元；中信银行(00998)涨2.12%，报7.23港元；邮储银行(01658)涨1.7%， 报5.39港元；工商银行(01398)涨1.56%，报5.85港元。 银河证券则认为，关税不确定性加剧全球资产价格波动，催生防御性配置需求，带来银行配置机遇。银 行板块分红稳定，且经过一段时期回调后股息率性价比回升，红利价值有望吸引避险资金流入。开源证 券指，银行板块经历风格影响的调整后，股息率已经重新具备红利价值吸引力。从性价比看，H股仍领 先于A股。 ...

Core Viewpoint - The banking sector has become a focal point in the A-share market, with all 42 listed banks experiencing gains on October 14, driven by defensive capital inflows and improved valuations after a period of correction [1][3]. Group 1: Market Performance - On October 14, all 42 banking stocks rose, with Chongqing Bank and Chongqing Rural Commercial Bank leading the gains at 6.68% and 5.92%, respectively [3]. - Year-to-date, 19 banking stocks have increased over 10%, with Agricultural Bank of China leading at 39.52% [3]. - The banking sector had previously faced a downturn, with 41 banks experiencing declines after reaching their peak prices in July [3][4]. Group 2: Reasons for Recent Performance - The recent rally in banking stocks is attributed to a shift towards defensive investments amid increased market volatility and declining risk appetite among investors [5]. - The sector's previous downturn was influenced by a preference for technology and growth stocks, leading to capital outflows from banks [4][5]. - The "dividend arbitrage" effect, where investors buy before dividends and sell afterward, contributed to the earlier corrections, but this negative impact has largely dissipated [4]. Group 3: Increased Stakeholder Confidence - There has been a notable trend of share buybacks by major shareholders and management in various banks, indicating confidence in the long-term value of banking stocks [6][7]. - For instance, Suzhou Bank reported significant share purchases by its major shareholder and management, reflecting a commitment to the bank's future [6]. - The banking sector's fundamentals remain strong, with a reported total operating income of 2.92 trillion yuan and a net profit of approximately 1.1 trillion yuan for the first half of 2025 [7]. Group 4: Investment Recommendations - Conservative investors are advised to focus on state-owned banks for stable dividends, while those with a moderate risk appetite may consider joint-stock banks for a balance of dividends and growth [8]. - Aggressive investors might look into high-quality city commercial banks to leverage regional economic advantages [8]. - For less experienced investors, ETFs in the banking sector are recommended to capture market trends [8].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index closing at 25,441 points, down 1.73%, while the Hang Seng Tech Index fell 3.62%, dropping below the 6,000-point mark [1][2] - Major technology stocks led the market downturn, with semiconductor stocks also suffering substantial losses [2][4] Sector Performance - The technology sector saw widespread declines, with notable drops including Hua Hong Semiconductor down over 13% and SMIC down over 8% [4][5] - Gold and precious metals stocks also fell sharply, with Zijin Mining and Chifeng Jilong Gold both dropping over 6% [6] - The gambling sector continued its downward trend, with New World Development down over 8% and Galaxy Entertainment down over 5% [11][12] - Conversely, banking stocks showed resilience, with Chongqing Rural Commercial Bank rising over 6% and China Merchants Bank up over 4% [13][14] - The film and entertainment sector performed well, with Huayi Brothers Media surging nearly 20% [15][16] Capital Flows - Southbound funds recorded a net inflow of 8.603 billion HKD, indicating continued interest in Hong Kong stocks despite the market volatility [17] Future Outlook - Analysts suggest that the recent escalation in US-China trade tensions may increase market uncertainty, but they remain optimistic about the medium-term outlook for Hong Kong stocks, particularly in sectors like AI, innovative pharmaceuticals, and new consumption [19]

10月14日，渝农商行涨5.03%，截至发稿，报7.10元/股，成交7.28亿元，换手率1.20%，总市值806.35亿 元。 截至发稿，胡崇海累计任职时间3年305天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 76.05%， 任职期间最差基金回报2.01%。 资料显示，重庆农村商业银行股份有限公司位于重庆市江北区金沙门路36号,香港铜锣湾希慎道33号利 园1期19楼1920室，成立日期2008年6月27日，上市日期2019年10月29日，公司主营业务涉及重庆农村商 业银行主要从事提供银行服务及相关金融服务业务。该公司通过三个业务部门运营。公司银行业务部从 事向公司类客户、政府机构及金融机构提供金融产品和服务业务。个人银行业务部从事向个人客户提供 金融产品和服务业务。金融市场业务部从事货币市场交易、回购交易以及为其本身或代表客户进行债务 工具投资业务。主营业务收入构成为：零售银行业务40.09%，公司银行业务31.46%，金融市场业务 28.06%，未分配项目0.39%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓渝农商行。国泰君安红利量化选股混合A（021919）二季度 持有 ...

数据显示，中银基金旗下1只基金重仓渝农商行。中银量化精选混合A（003717）二季度减持1.01万股， 持有股数19.22万股，占基金净值比例为4.83%，位居第四大重仓股。根据测算，今日浮盈赚取约6.53万 元。 资料显示，重庆农村商业银行股份有限公司位于重庆市江北区金沙门路36号,香港铜锣湾希慎道33号利 园1期19楼1920室，成立日期2008年6月27日，上市日期2019年10月29日，公司主营业务涉及重庆农村商 业银行主要从事提供银行服务及相关金融服务业务。该公司通过三个业务部门运营。公司银行业务部从 事向公司类客户、政府机构及金融机构提供金融产品和服务业务。个人银行业务部从事向个人客户提供 金融产品和服务业务。金融市场业务部从事货币市场交易、回购交易以及为其本身或代表客户进行债务 工具投资业务。主营业务收入构成为：零售银行业务40.09%，公司银行业务31.46%，金融市场业务 28.06%，未分配项目0.39%。 中银量化精选混合A（003717）基金经理为赵志华。 从基金十大重仓股角度 10月14日，渝农商行涨5.03%，截至发稿，报7.10元/股，成交7.28亿元，换手率1.20%，总市值8 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decrease in both share count and total assets in 2024, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Overview - The Hong Kong Dividend Low Volatility ETF (520890) was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of October 10, 2024, the fund had a total of 70.08 million shares and a total size of 98.15 million yuan, down from 123 million shares and 146 million yuan at the end of 2024, representing a 43.09% decrease in shares and a 32.92% decrease in size year-to-date [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a total trading amount of 688 million yuan, with an average daily trading amount of 34.41 million yuan [1]. - Year-to-date, the ETF has seen a total trading amount of 2.643 billion yuan over 186 trading days, averaging 14.21 million yuan per day [1]. Group 3: Fund Performance and Holdings - The current fund manager, Li Qian, has managed the ETF since its inception, achieving a return of 40.20% during her tenure [2]. - The ETF's top holdings include Shougang Resources (3.83%), Far East Horizon (3.69%), Chongqing Rural Commercial Bank (3.27%), and others, with the total holdings reflecting a diversified portfolio [2].

Market Performance - The rural commercial bank sector increased by 2.42% on October 13, with Yunnan Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Individual Stock Performance - Yunnan Rural Commercial Bank (601077) closed at 6.76, up 4.16% with a trading volume of 1.3361 million shares and a transaction value of 887 million [1] - Shanghai Rural Commercial Bank (601825) closed at 8.28, up 2.10% with a trading volume of 413,300 shares and a transaction value of 339 million [1] - Jiangyin Bank (002807) and Zijin Bank (601860) showed minimal gains of 0.00% and 0.35% respectively, with transaction values of 163 million and 121 million [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 56.4417 million from main funds, while retail funds experienced a net outflow of 42.047 million [1] - Yunnan Rural Commercial Bank had a main fund net inflow of 47.1867 million, but retail funds saw a net outflow of 24.1221 million [2] - Zijin Bank experienced a main fund net inflow of 10.8185 million, with retail funds showing a net outflow of 1.1618 million [2]

Core Viewpoint - The banking sector experienced a significant rise on October 13, with notable increases in stock prices for several banks, amidst concerns over new tariffs imposed by the U.S. on Chinese products starting November 1 [1] Group 1: Market Reaction - Shanghai Pudong Development Bank saw a stock increase of over 6%, while Nanjing Bank and Chongqing Rural Commercial Bank rose by more than 4%, and other banks like Shanghai Bank and Qilu Bank increased by approximately 3% [1] Group 2: Tariff Impact Analysis - The new tariffs, announced by U.S. President Trump, could have a controllable overall impact on banks, but regional banks in export-oriented areas may face heightened risks [1] - Major state-owned banks with global operations have an average of 10.5% of their revenue coming from overseas as of June 2025, indicating potential vulnerability to tariff-related uncertainties [1] - Regions with high export-to-GDP ratios, such as the Yangtze River Delta and Pearl River Delta, may experience significant impacts, affecting financing needs of export-related industries and potentially leading to pressure on local banks' corporate and retail lending as well as asset quality [1] Group 3: Investment Opportunities - The uncertainty surrounding tariffs may increase global asset price volatility, creating a demand for defensive asset allocations, which could present opportunities for banks [1] - The banking sector's stable dividends, combined with a recent price correction, have improved the attractiveness of dividend yields, likely drawing in risk-averse capital [1]

Core Viewpoint - The banking sector is experiencing a rebound, with significant gains in bank stocks and increased inflows into bank ETFs, indicating a potential investment opportunity in this sector [1][3]. Group 1: Market Performance - Bank stocks showed strong performance, with Shanghai Pudong Development Bank and Nanjing Bank rising over 5%, while Qilu Bank and Chongqing Rural Commercial Bank increased by over 3% [1]. - The bank ETF (512800) saw a brief decline but then surged, with a peak increase of 1.4% and a current rise of 1.03%, achieving a real-time transaction volume of 1.551 billion yuan, surpassing the previous day's total [1]. Group 2: Investment Opportunities - According to Galaxy Securities, the impact of potential new tariffs on banks is manageable, and the uncertainty may increase demand for defensive asset allocations, presenting opportunities for bank investments [3]. - The banking sector's price-to-book (PB) ratio has fallen to 0.67x, placing it in the 73rd percentile over the past five years, with state-owned banks offering an average dividend yield of 4.11%, which is attractive compared to the ten-year government bond yield [3]. - Some city commercial banks, such as Jiangsu Bank, Shanghai Bank, and Chengdu Bank, have dividend yields exceeding 5.5%, indicating high investment value [3]. - The bank ETF (512800) has attracted significant capital inflows, with a net inflow of 763 million yuan over three days [3]. Group 3: ETF Details - The bank ETF (512800) and its linked funds are designed to passively track the CSI Bank Index, which includes 42 listed banks in A-shares, making it an efficient investment tool for the banking sector [3]. - The fund size of the bank ETF remains robust, with an average daily transaction volume exceeding 600 million yuan this year, making it the largest and most liquid among the ten bank ETFs in A-shares [3].