错过银行，错过牛市？

Group 1 - The banking sector has reached a new phase, with significant gains in major banks like Industrial and Commercial Bank of China (ICBC) and others, pushing the China Securities Banking Index to surpass its historical high from November 2007 [1] - The AH Index, which covers both A-shares and H-shares of banks, has outperformed the China Securities Banking Index, with a cumulative increase of 91.04% from the beginning of 2024 to July 10, 2025, compared to 74.89% for the China Securities Banking Index [2] - The upward trend of bank stocks is closely linked to the decline in long-term interest rates, as evidenced by the synchronized rise of ICBC and the 10-year government bond futures since November 2022 [4] Group 2 - There is a strong expectation for further interest rate cuts in the long term, which is seen as a positive factor for the long-term potential of bank stocks [6] - The current period is marked by a significant distribution of annual dividends among banks, with 27 out of 42 A-share listed banks having completed their 2024 dividend distributions by July 9, totaling over 630 billion yuan, an increase of nearly 20 billion yuan from 2023 [7] - The sustainability of dividends has created a competitive advantage for the banking sector, making it a rare asset that can consistently generate free cash flow and maintain stable shareholder returns [7] Group 3 - The Bank AH Preferred ETF (517900) has shown strong performance, with a year-to-date increase of 28% and a significant growth in fund size since June 3, indicating strong investor interest [8] - Over a longer time frame, the Bank AH Preferred ETF has achieved a 52.8% increase in the past year and a 78.76% increase over the past three years, highlighting its robust performance in the market [10]