邮储、建行、农行H股盘中创历史新高，银行AH优选ETF（517900）年内“吸金”2.3亿元

Core Viewpoint - The continuous rise of bank stocks, particularly the Bank AH Preferred ETF (517900), reflects strong investor interest and significant capital inflows, leading to record highs in both stock prices and fund size [1][4]. Group 1: Fund Performance and Inflows - The Bank AH Preferred ETF (517900) has seen a net inflow of approximately 230 million since the beginning of the year, with a 238.69% increase in fund size [4]. - The ETF has achieved a new high for the 14th time this year, indicating robust market performance [1]. - Insurance funds, known for their long-term investment strategies, have been significant contributors to this inflow, with China Ping An increasing its stake in Agricultural Bank of China H-shares to 15.15%, valued at approximately 25.85 billion HKD [5]. Group 2: Institutional Investment Trends - Public funds are underweight in bank stocks, holding only 3.8% of their assets in banks compared to the 13.8% weight in the CSI 300 index, suggesting potential for over 270 billion in additional capital if allocations align with index weights [6]. - Southbound capital has shown a strong preference for bank stocks, with over 200 billion net purchases in the past year, consistently ranking first among all sectors [8][9]. Group 3: Historical Performance and Strategy - The Bank AH Index, which includes both A-shares and H-shares, has outperformed the CSI Bank Index since its inception, with a total return of 89.81% compared to 62.94% for the latter [11]. - The strategy of selecting "cheaper" stocks within the AH market has proven effective, with the index's performance driven by profit growth and dividends rather than valuation expansion [11][13]. - Year-to-date, the Bank AH Total Return Index has increased by 14.03%, outperforming the CSI Bank Total Return Index by 4.94% [14].