从领涨到连跌，银行真的不能买了吗？

Core Viewpoint - The banking sector has experienced significant fluctuations, with a notable decline in stock prices recently, despite a strong performance earlier in the year. The interest from insurance companies in bank stocks suggests potential investment opportunities amidst the current downturn [1][3]. Group 1: Market Performance - As of July 10, 2025, the Shenwan Bank Index has achieved a year-to-date increase of 19.47%, ranking first among 31 Shenwan primary industries, while the Bank AH Index has risen nearly 29% [1][2]. - Since July 10, 2025, bank stocks have undergone high-level adjustments, showing a general downward trend despite occasional rebounds, contrasting with the rising technology sector [2][3]. Group 2: Investment Activity - On August 15, 2025, Ping An Life announced it had acquired 15% of Postal Savings Bank's H-shares, triggering a mandatory disclosure under Hong Kong regulations. This marks the eighth time this year that Ping An Life has increased its stake in bank H-shares [3]. - Other insurance companies, including Xinhua Insurance and Hongkang Life, have also shown interest in bank stocks, with multiple stake increases throughout the year [3]. Group 3: Dividend and Valuation Insights - The preference for bank stocks among insurance companies is attributed to their high dividend yields and stable returns, making them attractive for long-term investment strategies [3][7]. - As of August 15, 2025, the dividend yield for the China Securities Bank Index is 3.98%, while the Bank AH Index offers a yield of 4.36%, both significantly higher than the 10-year government bond yield [7][9]. - The latest price-to-book (PB) ratio for the Bank AH Index stands at 0.73, indicating it remains at a historical low despite recent valuation adjustments [7]. Group 4: Fund Flows - Recent data indicates that the Bank AH Preferred ETF has seen substantial inflows, with a net inflow of 328.1 million in the last week and approximately 880 million over the past two months, suggesting strong institutional interest in bank stocks during the current market correction [9].