银行板块走强，银行ETF易方达、银行ETF南方、银行ETF天弘涨超2%，三季度公募基金减仓银行

Market Overview - The A-share market experienced a collective decline in the morning session, with the Shanghai Composite Index down 0.19% to 3969.05 points, the Shenzhen Component Index down 1.27%, and the ChiNext Index down 1.51% [1] - The total trading volume in the Shanghai and Shenzhen markets was 123.11 billion yuan, a decrease of 16.74 billion yuan compared to the previous day, with over 3600 stocks declining [1] Banking Sector Performance - The banking sector showed strength, with various banking ETFs rising over 2%, including the Bank ETF Index Fund, E Fund Bank ETF, Southern Bank ETF, and Tianhong Bank ETF [1] - Specific banking ETFs had the following daily gains: Bank ETF Index Fund +2.15%, E Fund Bank ETF +2.14%, Southern Bank ETF +2.05%, and Tianhong Bank ETF +2.04% [2] Fund Holdings and Institutional Activity - As of Q3 2025, the proportion of bank holdings in funds decreased to 1.49%, down 2.41 percentage points from Q2, indicating a larger underweight compared to the industry benchmark [2] - The total market value of bank stocks held by funds was 30.8 billion yuan, with a total market value of heavy holdings at 2061.6 billion yuan [2] Individual Bank Stock Performance - Major banks with significant holdings included China Merchants Bank, Ningbo Bank, Chengdu Bank, Hangzhou Bank, and Jiangsu Bank [3] - Notable increases in holdings were seen in Qilu Bank (+0.33 billion yuan) and Ruifeng Bank (+0.15 billion yuan), while significant decreases were noted for China Merchants Bank (-7.349 billion yuan) and Jiangsu Bank (-5.059 billion yuan) [3] Financial Performance of Listed Banks - For the first three quarters of 2025, listed banks reported a revenue increase of 0.9% year-on-year and a net profit increase of 1.5%, with core revenue showing marginal improvement despite a slowdown in investment-related income [4] - Total assets of listed banks grew by 9.3% year-on-year, with loans increasing by 7.8%, although credit growth showed slight deceleration [4] Interest Margin and Asset Quality - The overall net interest margin for listed banks was 1.35%, down 12 basis points year-on-year, with the decline in asset pricing slowing and improvements in funding costs supporting the margin [4] - The non-performing loan ratio remained stable at 1.23%, with a decrease in the provision coverage ratio to 236% [4] Dividend Announcements and Insurance Investments - Several banks announced interim dividend plans, including Industrial Bank, Zhangjiagang Bank, and Wuxi Bank, marking their first interim dividends [4] - Multiple insurance institutions increased their holdings in banks during Q3, with notable new entries in major banks' top shareholder lists [4]