新政落地，险资“免税资产+高股息权益”配置风格强化

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the resumption of value-added tax on interest income from government bonds, local government bonds, and financial bonds starting from August 8, which is expected to impact the attractiveness of high-dividend assets, particularly in the banking sector [1][3]. Group 1: Tax Policy Impact - The resumption of value-added tax on bond interest income is likely to decrease the after-tax yield of bond investments, thereby slightly enhancing the relative attractiveness of high-dividend assets, especially in the banking sector [3][6]. - Despite the tax changes, the fundamental impact on the banking sector is considered manageable, as bank stocks continue to offer significant dividend yields [3][10]. Group 2: Insurance Capital Allocation - Insurance capital is expected to shift towards investment products with tax advantages or higher returns, leading to an increased focus on high-dividend stocks [3][8]. - The preference for bank stocks among insurance capital has been longstanding, with a trend towards long-term holdings due to regulatory changes in performance assessment [7][8]. Group 3: Bank Stock Performance - Bank stocks generally exhibit high dividend yields, with major state-owned banks maintaining yields above 5%, making them attractive alternatives to bonds in a low-interest-rate environment [6][10]. - The insurance sector's holdings in bank stocks have increased significantly, with a market value of 265.78 billion yuan, representing 45.05% of their total holdings [8][10]. Group 4: Market Trends and ETF Performance - The AH bank stock index has shown a cumulative increase of 96.57% since its inception, outperforming the broader banking index [13][15]. - The Bank AH Preferred ETF (517900) has attracted significant capital inflow of 840 million yuan this year, with a share increase of 644%, indicating strong investor interest [2][15].