金融ETF（510230）上一交易日净流入超7000万，金融板块估值有望修复

Group 1 - The core viewpoint indicates that commercial banks are experiencing a marginal stabilization in net interest margins, with a net interest yield of 1.42% in Q3, unchanged from the first half of the year, reflecting the effectiveness of measures taken to stabilize interest margins [1] - Non-interest income accounted for 23.24%, showing a decline from Q2, primarily due to fluctuations in the bond market [1] - The capital return rate for commercial banks is 8.18%, and the asset return rate is 0.63%, indicating sustained profitability under the backdrop of stable interest margins [1] Group 2 - Asset quality shows a slight increase in non-performing loan ratio to 1.52% and a 2.20% share of special mention loans, both up by 0.03 percentage points from Q2, but the provision coverage ratio stands at 207.15%, indicating strong risk resistance capability [1] - With ongoing loan repricing pressure, the reduction in funding costs and regulatory guidance on pricing rationality are expected to continue alleviating margin pressures [1] - Although there are still asset quality pressures in the small and micro-enterprise sector, overall risks remain controllable due to the promotion of localized debt [1] Group 3 - High dividend yields from bank stocks are attracting capital inflows, suggesting a potential recovery in valuations [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the banking, insurance, and securities sub-industries to reflect the overall performance of large and liquid financial enterprises in the Chinese market [1]