规模激增再创阶段新高！银行ETF天弘(515290)最新单日净流入3.35亿元，连续3日“吸金”，银行业防御配置升温

Core Insights - The banking ETF Tianhong (515290) has seen a 2.06% increase, marking three consecutive days of gains, with a trading volume of 107 million yuan [3] - As of October 13, the latest scale of the banking ETF Tianhong reached 6.347 billion yuan, with a total of 4.508 billion shares, both hitting a one-year high [3] - The ETF has experienced a net inflow of 335 million yuan on a single day, accumulating a total of 443 million yuan over the past three days [3] Product Highlights - The banking ETF Tianhong (515290) closely tracks the CSI Bank Index, which consists of up to 50 banking stocks from the CSI All Share Index to reflect the overall performance of the banking sector [3] Industry Dynamics - In Q4 2025, domestic banks are accelerating the disposal of non-performing assets, with a focus on "hundred billion-level" actions to reduce burdens [3] - Data from the Banking Credit Asset Registration and Circulation Center indicates a significant increase in the listing of non-performing loans for transfer since October [3] - The proactive management of assets is driven by the dual motivations of capital optimization and risk resolution, allowing banks to free up capital for new credit and alleviate asset quality pressures [3] Economic Commentary - According to Guo Tao, Chief Economist at Zhongyin Securities, major domestic banks have become a "reservoir" for foreign exchange liquidity, suggesting that some banks should take on counter-cyclical adjustment roles to smooth short-term fluctuations in the foreign exchange market [4] - The recent announcement of a 100% tariff on all Chinese imports by Trump due to rare earth export controls has raised market concerns, but the overall risk to banks is considered manageable [5] - The banking sector's defensive attributes are becoming more pronounced, leading to increased demand for bank stocks as a safe investment [5] Institutional Perspectives - China Galaxy's analysis indicates that while the overall impact on banks is manageable, regional banks with a high proportion of export-oriented economies may require further observation [6] - The uncertainty surrounding tariffs is expected to increase global asset price volatility, creating opportunities for defensive allocations in the banking sector [6] - The stability of bank dividends and the recovery of yield attractiveness after a period of adjustment are likely to attract risk-averse capital inflows [6]