长期入市基本面筑底，银行板块有望上半年涨幅第一

Group 1 - The banking sector has shown a cumulative increase of 14.11% year-to-date as of June 23, 2025, ranking first among 31 Shenwan primary industries, with significant gains in the second quarter leading to historical highs for several bank stocks [1] - High dividend strategies have continued to perform strongly, driven by favorable funding conditions, resulting in noticeable absolute and relative returns for the banking sector [1] - Despite increased global macroeconomic uncertainties and volatility in financial assets, the banking sector has achieved steady recovery in valuations, supported by state-owned funds and long-term capital inflows, even without significant improvements in fundamentals [1] Group 2 - The banking sector's characteristics of high dividends and low valuations have attracted long-term capital, particularly from insurance funds, which are increasingly focusing on this sector [2] - With the current low-risk interest rates, the cost of funds for insurance companies has decreased, making the banking sector's valuation of 0.6-0.7 times attractive, with dividend yields above 4% [2] - Southbound funds have consistently purchased Hong Kong stocks and H-shares of banks, with state-owned banks' H-shares being particularly favored due to their stable fundamentals and high dividends [2]