Core Insights - The Hong Kong Monetary Authority (HKMA) reported a 1.2% year-on-year decline in net profit growth for commercial banks in the first half of 2025, but a 1.1% quarter-on-quarter increase, indicating a halt in the downward trend observed since Q4 2023 [1][10] - Jiangyin Bank reported double-digit growth in both operating income and net profit for the first half of 2025, with seven listed banks having disclosed their interim reports or performance forecasts so far [1][10] - Longjiang Securities noted that the dividend yield of major banks remains significantly higher than government bond yields, with the average dividend yield for six major state-owned banks at 3.96% compared to a 221 basis point spread over the 10-year government bond yield [1][11] Banking Sector Performance - The Bank AH Index has shown a cumulative increase of 90.10% since its inception on December 6, 2017, with returns attributed to profit growth and dividends rather than valuation expansion [6][8] - The Bank AH ETF (517900) has attracted significant investor interest, with a net inflow of 970 million yuan and a 745% increase in shares year-to-date, leading the growth among bank-themed ETFs [1][11] Financial Metrics - As of August 15, 2025, the average dividend yield for H-shares is 5.14%, indicating a more pronounced yield spread compared to A-shares [1][11] - The performance of various banks in terms of operating income and net profit for the first half of 2025 includes: - Shanghai Pudong Development Bank: Operating income of 90.56 billion yuan, net profit of 29.74 billion yuan - Ningbo Bank: Operating income of 37.16 billion yuan, net profit of 14.77 billion yuan - Hangzhou Bank: Operating income of 20.09 billion yuan, net profit of 11.66 billion yuan [10] Market Outlook - Longjiang Securities anticipates a marginal improvement in profit growth for the banking sector in the first half of 2025, with expectations for a gradual recovery in retail credit demand supported by timely policy measures [11] - The Bank AH Index's price-to-earnings ratio (PE-TTM) reflects a favorable valuation environment for banks, particularly those with low valuations and potential catalysts [11]
金管局:银行净利润环比回升,趋势性下行态势扭转!银行AH优选ETF(517900)年内“吸金”9.7亿元
Ge Long Hui·2025-08-19 10:51