新高又新高，银行ETF续升再刷上市新高！低波红利策略有效性料延续

Group 1 - The banking sector continues to show strength, with the China Securities Banking Index rising by 0.45%, led by Xiamen Bank up 1.84%, Ningbo Bank up 1.37%, and Industrial Bank up 1.06% [1] - The Bank ETF (512800) saw an increase of 0.5%, reaching a new high since its listing, with real-time transaction volume nearing 200 million yuan [1] Group 2 - Following the People's Bank of China's implementation of a reserve requirement ratio and interest rate cut on May 7, several small and medium-sized banks quickly followed suit by lowering deposit rates, with some long-term fixed deposit rates dropping below 2%, indicating a shift to the "1 era" for most small and medium banks [3] - Oriental Securities noted that the unexpected implementation of loose monetary policy is likely to continue the effectiveness of low-volatility dividend strategies, as the risk-free interest rate is expected to decline further [4] - The report suggests that the correlation between A-share ROE and 10-year government bond yields indicates that in a declining interest rate environment, the importance of certain dividend income increases, making dividend strategies more effective [4] Group 3 - A significant reform in public funds emphasizes the importance of performance benchmarks, which is expected to help banks achieve excess returns [5] - The reform includes establishing a floating management fee mechanism and strengthening the constraints of performance benchmarks, with 46% of actively managed equity funds using the CSI 300 Index as their primary benchmark [5] - Current underweighting of banks in active public funds suggests potential inflows into the banking sector, enhancing the marginal pricing power of banks and driving excess returns [5]