AMC机构16亿增持，浦发银行涨超4%！银行AH优选ETF（517900）逆市翻红

Core Viewpoint - The banking sector is showing resilience amid market volatility, with defensive characteristics leading to positive performance, particularly for banks like Shanghai Pudong Development Bank, which saw a rise of over 4% [1][2]. Group 1: Market Activity and Investment Trends - Shanghai Pudong Development Bank disclosed that China Orient Asset Management Co. and its affiliates increased their stake in the bank by purchasing 134 million shares and convertible bonds, amounting to 1.675 billion yuan from September 20 to 29 [2]. - Since 2025, Asset Management Companies (AMCs) have significantly increased their investments in bank stocks, with China Cinda also acquiring shares in Shanghai Pudong Development Bank and gaining a board seat [2]. - Long-term capital inflows into the banking sector are expected to drive a systematic valuation recovery, as current bank stock valuations are low compared to their stable dividends and performance [2]. Group 2: Valuation and Performance Metrics - As of October 10, the banking sector's price-to-book (PB) ratio has fallen to 0.67x, with state-owned banks offering an average dividend yield of 4.11%, which is significantly higher than the yield on ten-year government bonds [3]. - The banking sector's dividend yield is reported at 4.8% for the AH index and 4.3% for the CSI banking index, indicating strong value for investors [3]. - In the first half of 2025, 42 A-share listed banks reported a total revenue of 2.92 trillion yuan, a year-on-year increase of 1%, and a net profit of 1.1 trillion yuan, up 0.8% [3][5]. Group 3: Operational Stability and Future Outlook - The banking sector has shown improvement in operational quality, with a non-performing loan ratio of 1.15%, reflecting a decrease of 1 basis point [3][5]. - The increase in the number of banks paying dividends to 17, with over half maintaining a payout ratio of 30% or more, highlights the sector's profitability [5]. - The outlook for the third quarter suggests a slight slowdown in revenue growth, but profits are expected to maintain a positive trend, emphasizing stability in the sector [5].