银行板块逆市走强，国企红利ETF(159515)交投活跃

Core Viewpoint - The recent adjustments in the LPR and deposit rates by the People's Bank of China are expected to stabilize bank operations and enhance the attractiveness of high-dividend stocks, particularly in the context of ongoing economic recovery efforts [2][5]. Group 1: Market Performance - As of May 22, 2025, the CSI State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with mixed performance among constituent stocks [1]. - Leading gainers included Hu'nong Commercial Bank (601825) up by 2.84%, Xiamen Bank (601187) up by 2.46%, and Chongqing Rural Commercial Bank (601077) up by 2.14% [1]. - Major decliners were Shandong Publishing (601019) down by 3.02%, Zhongnan Media (601098) down by 2.77%, and Shanxi Coal International (600546) down by 2.19% [1]. Group 2: Financial Policy Impact - The People's Bank of China announced a reduction in the LPR: the 1-year LPR decreased from 3.1% to 3.0%, and the 5-year LPR decreased from 3.6% to 3.5%, marking the first cut in six months [1][2]. - Several major state-owned banks and some joint-stock banks have also lowered their deposit rates across various products, including demand deposits and fixed-term deposits [1][2]. Group 3: Investment Recommendations - Financial policies aimed at economic stabilization are expected to enhance credit supply, maintaining a relatively stable credit growth rate [2]. - The reduction in deposit rates is anticipated to alleviate pressure on bank interest margins, thereby improving the stability of bank operations and the relative appeal of high-dividend stocks [2]. - Two main investment themes are suggested: focusing on joint-stock banks and quality regional banks benefiting from economic recovery, and large state-owned banks known for stable high dividends [2]. Group 4: Index Composition - The CSI State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]. - As of April 30, 2025, the top ten weighted stocks in the index accounted for 15.18% of the total index weight, with China COSCO Shipping (601919) and Jizhong Energy (000937) among the top contributors [2].