TF Securities(SH:601162) Mei Ri Jing Ji Xin Wen·2025-07-23 04:04Group 1 - The banking sector's short-term adjustments do not alter the long-term positive outlook, with continuous inflow of incremental funds driving valuation recovery [1] - The current price-to-book (PB) ratio stands at 0.73, showing significant improvement from the beginning of the year, with room for further recovery towards 1.0 PB [1] - The banking sector offers a high dividend yield of 4.47%, ranking second among 35 Wind secondary industries, while the PB valuation remains low at 0.73x, highlighting its defensive attributes [1] Group 2 - There is a clear expectation of marginal improvement in fundamentals, with net interest margins stabilizing and easing credit supply-demand conflicts leading to a gradual decline in loan interest rates [1] - Non-interest income is benefiting from the recovery in wealth management and bond markets, while policies like early debt replacement are alleviating asset quality pressures [1] - In a low-interest-rate environment, the attractiveness of banks' high dividends and quasi-fixed income characteristics is becoming more pronounced [1] Group 3 - The financial ETF (510230) tracks the 180 Financial Index (000018), which includes liquid and representative securities from the banking, insurance, and securities sectors, reflecting the overall performance of listed financial companies in the A-share market [1] - The latest data shows that the tracked index had a daily increase of 0.94% [1] - Investors without stock accounts can consider the Guotai CSI 180 Financial ETF Connect A (020021) and Connect C (014994) [1]