资金流入银行，ETF工具如何选择？

Core Viewpoint - The banking sector has seen a decline in stock prices, yet there has been a continuous inflow of funds into bank ETFs, indicating strong investor interest in dividend-yielding assets amidst a low-interest-rate environment [1][2]. Group 1: Investment Drivers - Insurance companies are increasingly attracted to bank stocks due to the "asset shortage" phenomenon, as they seek high-dividend assets to mitigate the pressure from declining interest rates and "interest margin losses" [2][5]. - The average dividend yield of the banking sector is currently around 4%, significantly higher than the approximately 1.7% yield of ten-year government bonds, providing a premium of over 200 basis points [3][5]. - New accounting standards (IFRS9 and IFRS17) will require non-listed insurance companies to optimize financial metrics, making low-volatility dividend stocks a primary consideration for asset allocation [5]. Group 2: Fund Allocation Trends - Public funds are expected to undergo reforms that will lead to a passive inflow of funds into the banking sector, as current allocations are significantly underweight compared to benchmarks like the CSI 300 and CSI 800 [6][7]. - Approximately 44% of actively managed and mixed equity funds are benchmarked against the CSI 300, while only about 4.89% of these funds are allocated to banks, indicating a substantial underweight position [6][7]. Group 3: ETF Performance - Among bank ETFs, the E Fund Bank ETF has demonstrated superior performance, achieving the highest excess returns compared to its peers over various time frames [10][11]. - The E Fund Bank ETF has a total scale of 2.072 billion yuan, with excess returns of 2.96% over the past three months, 5.64% over the past year, and 24.56% over the past three years, ranking first among similar ETFs [11].