投贷联动市场格局即将改变，银行业迎发展新机遇，银行ETF基金（515020）延续涨势

Core Insights - The bank ETF fund (515020) continues its upward trend, reaching a record high of 756 million shares and a scale of 1.352 billion yuan as of November 11 [1] - The approval of the first asset investment company (AIC) for joint-stock banks marks their entry into the market-oriented debt-to-equity swap business, previously exclusive to state-owned banks [1] - Debt-to-equity swaps allow banks to convert debt into equity, transforming the creditor-debtor relationship into a shareholding relationship, which can help alleviate non-performing assets [1] Group 1 - The establishment of AICs is expected to increase the number of joint-stock banks entering the debt-to-equity swap market, enhancing the financial landscape [1] - AICs are anticipated to facilitate the flow of funds towards technological innovation and tech-oriented enterprises, improving the efficiency of financial resource allocation [1] - The bank sector is currently at a historical low, highlighting the investment value of bank stocks, as the bank ETF fund tracks the CSI Bank Index with 42 constituent stocks [1]