唯一可投港银的银行AH优选ETF(517900)低位堆量，盘中成交1.2亿创三年新高！

Core Insights - The Hong Kong bank AH Preferred ETF (517900) experienced a decline of 0.68% as of 14:37 on August 6, with trading activity increasing, achieving a turnover rate of 11.88% and a transaction volume of approximately 1.2 billion, representing a 41.99% increase compared to the previous day [1] Group 1: Market Performance - The banking sector has undergone nearly four years of adjustment since October 2022, leading to valuations at historical lows and dividend yields reaching high levels [1] - The policy support has compressed risk premiums, facilitating the valuation recovery of bank stocks [1] Group 2: Future Outlook - By 2025, the logic for bank stock price increases is expected to shift from being driven by dividend yields to being driven by Return on Equity (ROE), with banks showing marginal improvements in ROE performing better [1] - Historical data indicates that joint-stock banks outperformed during periods of rapid economic growth (2005-2007) and again during the economic expectation improvement phase (2012-2013) [1] Group 3: Investment Trends - Currently, state-owned banks are leading the recovery, and the high dividend strategy is gradually spreading to smaller banks [1] - The influx of passive funds and insurance capital is providing additional funding for the banking sector [1]