新高又新高，这只银行ETF为何这么强？

Core Viewpoint - The banking sector is experiencing significant investor interest, with the Bank AH Preferred ETF (SH517900) reaching new historical highs and showing strong capital inflows, indicating robust market confidence in banking stocks [1][2][6]. Group 1: ETF Performance - The Bank AH Preferred ETF (517900) has seen continuous net inflows for seven weeks, accumulating approximately 230 million in net inflows since the beginning of the year, with a fund size increase of over 230% [2][4]. - In the last five trading days, the ETF has attracted a net inflow of 91.89 million, and in the past ten trading days, it has recorded net inflows on nine days, totaling nearly 120 million [4]. Group 2: Market Dynamics - The banking sector has maintained a stable upward trend amidst a market characterized by sector rotation, driven by factors such as risk aversion due to external influences and a persistently low interest rate environment [6]. - The current deposit rates are below 1%, and the ten-year government bond yield has dropped below 1.7%, making the banking sector's high dividend yield of approximately 6.5% particularly attractive [6]. Group 3: Institutional Interest - Institutional investors, including insurance funds and public funds, have shown a strong preference for banking stocks, with insurance capital making 15 significant investments in listed companies this year, favoring high-dividend stocks like banks [6]. - Southbound capital has net bought over 200 billion in banking stocks over the past year, consistently ranking at the top among various sectors [7]. Group 4: Historical Performance - The Bank AH Index has increased by 63.40% from January 2024 to the present, significantly outperforming the Shanghai Composite Index and the CSI 300 Index, with an excess return of over 13% compared to the China Securities Bank Index [8][9].