政策宽松与负债改善双轮驱动，银行ETF基金（515020）迎来战略配置窗口

Core Viewpoint - The banking sector is experiencing dual benefits from improving fundamentals and supportive policies due to declining market interest rates and expectations of continued monetary easing [1] Group 1: Interest Rate Changes - Several small and medium-sized banks are accelerating the reduction of deposit rates, leading to an inverted yield curve where long-term deposit rates are lower than short-term rates [1] - This change reflects the banking industry's proactive measures to optimize liability structures and alleviate net interest margin pressure [1] Group 2: Monetary Policy Outlook - The chief economist of Zheshang Securities, Li Chao, indicates that uncertainties from external factors and structural contradictions in domestic demand and excessive competition on the supply side persist, necessitating moderately loose monetary policy to counter economic downturn pressures [1] - For the full year, the monetary policy is expected to maintain a loose tone, with a forecast of a 50 basis point reserve requirement ratio cut and a 10 basis point interest rate cut by the end of the fourth quarter [1] Group 3: Banking Sector Valuation - The overall price-to-book (PB) ratio of the banking sector is at a historical low, highlighting undervaluation and high dividend characteristics, which enhance its defensive attributes amid market volatility [1] - The banking sector's appeal to stable funds continues to strengthen due to these factors [1]