银行ETF易方达、银行ETF、银行ETF基金逆势上涨，10月资金抢筹银行ETF

Core Viewpoint - The banking sector is experiencing a significant inflow of funds into bank ETFs, despite a general market downturn, indicating a shift in investor focus towards this sector [2][3]. Market Performance - Major A-share indices fell, with the Shanghai Composite Index down 1% to 3877.2 points, and over 4100 stocks declining [1]. - Bank stocks, however, rose, with Agricultural Bank achieving an 8-day consecutive increase to a historical high, and both Qingdao Bank and Xiamen Bank rising over 2% [2]. Fund Inflows - In October, over 75 billion yuan flowed into bank ETFs in just five days, with notable inflows into specific funds: Huabao Bank ETF attracted 47.72 billion yuan, while the E Fund Bank ETF saw 8.92 billion yuan, and E Fund's net inflow exceeded 7.3 billion yuan [2][3]. Sector Analysis - The banking sector has shown resilience despite recent adjustments, with a stable fundamental backdrop. The anticipated mid-term dividends and improved attractiveness of bank stocks post-adjustment are expected to support long-term capital allocation [3]. - The net interest income is projected to improve, with a stabilization of net interest margins as asset yield declines slow and liability costs decrease [4]. Economic Outlook - The demand for credit remains weak, with expectations of a slight decrease in loan and total asset growth in Q3. However, net interest income is expected to stabilize due to narrowing interest margin declines [4]. - Asset quality is anticipated to remain stable, with provisions not adversely affecting profits [5]. External Factors - Potential impacts from tariff increases are noted, with manageable overall effects on banking operations. However, regional banks in export-oriented areas may face heightened risks [6]. - The uncertainty surrounding tariffs could lead to increased demand for defensive asset allocations, presenting opportunities for banks, especially given their stable dividend payouts [6].