银行净利润增速现拐点，股息相对国债收益率利差明显

Core Insights - The banking sector in Hong Kong is showing signs of recovery with a slight increase in net profit growth, ending a downward trend observed since Q4 2023 [1] - Major banks are offering attractive dividend yields compared to government bond yields, indicating potential investment opportunities [1] - The Bank AH Preferred ETF has seen significant inflows, highlighting strong market interest in bank stocks [1] Banking Sector Performance - As of mid-2025, commercial banks reported a year-on-year net profit growth decline of 1.2% but a quarter-on-quarter increase of 1.1%, marking a halt in the declining trend since Q4 2023 [1] - Jiangyin Bank reported double-digit growth in both operating income and net profit attributable to shareholders in its interim report [1] - A total of seven listed banks have disclosed interim reports or performance forecasts so far [1] Dividend Yields and Market Sentiment - The average dividend yield for the six major state-owned banks in A-shares is 3.96%, with a spread of 221 basis points over the 10-year government bond yield [1] - The average dividend yield for H-shares is 5.14%, indicating a more pronounced yield spread [1] - Recent stock price corrections have led to an increase in dividend yields, coupled with a recovery in market risk appetite and rising risk-free rates [1] Investment Products and Market Activity - The Bank AH Preferred ETF (517900) has attracted significant capital inflows, totaling 970 million yuan year-to-date, with a share increase of 745%, the highest growth rate among bank-related ETFs [1] - The Bank AH Index employs a monthly securities category conversion strategy based on AH price selection, currently comprising 42 constituent stocks [1] - The ETF includes 14 Hong Kong bank stocks (35% weight) and 28 A-share bank stocks (65% weight), and it has been included as a margin trading target, catering to diverse investment needs [1]