Sou Hu Cai Jing·2025-11-21 02:44Core Viewpoint - The performance of the China Securities State-Owned Enterprises Dividend Index has shown a decline, with a drop of 0.58% as of November 21, 2025, indicating potential challenges in the state-owned enterprise sector [1]. Group 1: Market Performance - The China Securities State-Owned Enterprises Dividend Index has seen a decline, with leading stocks including Jianfa Co., China Bank, and Nanjing Bank, while Lu Xi Chemical, Zhongwen Media, and Western Mining have lagged [1]. - The National State-Owned Enterprises Dividend ETF (159515) has undergone adjustments, reflecting changes in the underlying index [1]. - The average daily trading volume of the National State-Owned Enterprises Dividend ETF was 2.9372 million yuan over the past week as of November 20 [1]. Group 2: Banking Sector Insights - As of the end of Q3 2023, the total assets of China's banking financial institutions reached 474.3 trillion yuan, marking a year-on-year growth of 7.9% [1]. - The net interest margin for commercial banks stood at 1.42%, remaining stable quarter-on-quarter, with a slight increase of 0.01 percentage points for joint-stock commercial banks [1]. - The banking sector has shown signs of stability in net interest margins and asset quality, indicating strong resilience in the industry [1]. Group 3: Profitability and Future Outlook - Listed banks have experienced improved profit growth in Q3, driven by a decrease in provision for bad debts, stabilization of net interest margins, and improved wealth management-related income [2]. - The revenue growth for banks is expected to continue improving, enhancing the stability of their performance and highlighting the investment value of high dividend yields [2]. - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies with high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2].