覆盖14家折价银行H股，银行AH指数年内累涨超20%，银行AH优选ETF（517900）份额增近240%

Group 1 - The core viewpoint of the article highlights the ongoing trend of cash dividends in the Hong Kong stock market, with bank stocks leading the sector in total cash dividends [1][2][3] - Since the beginning of the year, the total cash dividends from bank stocks have reached 238.6 billion HKD, making it the highest among 30 sectors in the Hong Kong Stock Connect [3][6] - China Construction Bank has the highest single cash dividend of 96.9 billion HKD, followed by other major banks like Bank of China, Bank of Communications, and Industrial and Commercial Bank of China, each exceeding 10 billion HKD in dividends [6] Group 2 - In a low-interest-rate environment, high-dividend assets are attracting significant capital inflows, with net inflows into bank stocks from southbound funds totaling 72.9 billion HKD over the past three months, the highest among all sectors [7][8] - The AH bank stock index has shown a year-to-date increase of over 20%, outperforming the CSI All-Share Index by more than 6% [1][15] Group 3 - The average valuation of H-shares among 15 AH-listed banks is 0.54 times price-to-book (PB), which is significantly lower than the A-share average of 0.65 times PB, indicating a valuation gap [11][12] - The average dividend yield for H-shares is 4.95%, which is 92 basis points higher than the A-share yield of 4.03%, showcasing a strong high-dividend advantage [12][13] - Among the 15 AH-listed banks, 14 H-shares are cheaper in terms of valuation compared to their A-share counterparts, while only China Merchants Bank has a lower valuation in A-shares than in H-shares [12][13] Group 4 - The bank AH index, which includes 14 cheaper H-shares and China Merchants Bank A-shares, is based on a monthly selection of undervalued stocks in the AH market, incorporating a rotation strategy [14] - The bank AH total return index has increased by over 20% year-to-date, compared to a 13.78% increase in the CSI bank total return index [15]