5月银行涨幅居前，股息策略仍具吸引力！后市会如何

Group 1 - The bank ETF fund (515020) tracking the CSI Bank Index has increased by 6.05% in May 2025, outperforming the CSI 300 Index by 4.2 percentage points, ranking 4th among 31 primary industries [1] - The performance is attributed to the fluctuation and subsequent decline of interest rates, along with a high proportion of dividend assets in trading [1] - The 10-year government bond yield rose from 1.63% at the beginning of May to 1.73% by May 27, before falling back to 1.67%, indicating a low interest rate environment overall [1] Group 2 - In May, the bank sector's monthly trading volume accounted for 2.11% of the market, slightly down from 2.18% in April, but the long-term enthusiasm remains intact [1] - The current bank sector's overall PE is at the 47.65th percentile of the past 10 years, with a PB of 0.56 times at the 30.2nd percentile, indicating a historically low valuation [1] - The dividend yield stands at 6.44%, at the 98.43rd percentile historically, suggesting that the bank sector is currently undervalued with a high dividend yield [1] Group 3 - The recent asymmetric interest rate cuts on deposits have seen a decrease of 15 basis points for 1-2 year fixed deposits and 25 basis points for 3-5 year fixed deposits, which is more than the 10 basis point reduction in LPR, positively impacting the interest margin [2] - The average dividend payout ratio for all A-share listed banks in 2024 has increased by 0.8 percentage points to 26.1%, with expectations that the average dividend yield will remain above 4.2% in 2025 [2] - The bank stocks are attractive to medium to long-term funds seeking stable low-risk returns due to their large market capitalization, stable earnings and dividends, and higher dividend yields compared to government bond yields [2]