金融ETF（510230）涨超1.2%，机构称银行板块估值修复空间仍存

Group 1 - The banking sector's short-term adjustments do not alter the long-term positive outlook, with incremental capital inflows driving valuation recovery [1] - The banking sector's price-to-book (PB) ratio has increased from 0.66 to 0.73 since the beginning of the year, indicating further recovery potential towards a PB of 1 [1] - The high dividend yield of 4.47% as of July 18 ranks second among 35 Wind secondary industries, while the PB ratio remains at 0.73 [1] Group 2 - There is a clear expectation of marginal improvement in fundamentals, with net interest margins stabilizing due to easing credit supply-demand conflicts and a gradual decline in loan rates [1] - Non-interest income is continuously improving, driven by a recovery in wealth management and a narrowing decline in middle-income, benefiting from the recovery in the bond market [1] - Asset quality pressure is alleviating, contributing to the overall positive outlook for the banking sector [1] Group 3 - In a low-interest-rate environment, the high dividend and quasi-fixed income attributes of banks are particularly attractive, suggesting that the valuation recovery driven by capital flows is likely to continue [2] - The 180 Financial Index, which tracks representative securities in the financial sector, reflects the overall performance of listed companies in banking, insurance, and securities [2] - Investors without stock accounts can consider the Guotai CSI 180 Financial ETF Connect C and A for exposure to the financial sector [2]