天弘基金陈瑶：银行为何连创新高，后市展望如何

Core Viewpoint - The banking sector has shown significant performance in the A-share market, driven by strong inflows from state-owned funds and a favorable policy environment, with a notable increase in the Shanghai Composite Index and the ChiNext Index [1][2][3]. Group 1: Banking Sector Performance - The banking sector's return on equity (ROE) ranks high among major industries, with a price-to-book (PB) ratio of 0.7, indicating it is undervalued [2]. - Since the beginning of 2024, state-owned funds have injected approximately 2.84 trillion yuan into A-shares, primarily benefiting the banking sector [1][2]. - The banking sector has experienced a 50% increase in stock prices since 2024, outperforming the broader market [5]. Group 2: Factors Driving Growth - The decline in interest rates has alleviated pressure on banks' net interest margins, with regulatory support evident in the adjustments to deposit rates [2][3]. - The banking sector currently offers a dynamic dividend yield of around 4%, attracting investors seeking high dividend returns [2][3]. - Recent government policies aimed at boosting consumption have positively impacted the banking sector, reinforcing its defensive characteristics while also providing growth opportunities [3][4]. Group 3: Future Outlook - The long-term outlook for the banking sector remains positive, supported by dividend investment logic and increasing dividend distributions [9]. - Despite potential short-term volatility due to profit-taking and market fluctuations, the underlying dividend yield is expected to provide support against significant declines [11]. - Investors are encouraged to maintain patience and manage their positions carefully, as any market pullbacks may present good entry points [11].