金融ETF（510230）涨超1.1%，机构称银行板块估值修复可期

Core Viewpoint - The report highlights that joint-stock banks have a higher dividend yield of 5.9% compared to rural commercial banks (4.9%) and city commercial banks (4.7%), indicating their attractiveness in a declining risk-free interest rate environment [1]. Group 1: Dividend Yields and Valuation - Joint-stock banks lead in dividend yield at 5.9%, outperforming rural commercial banks at 4.9% and city commercial banks at 4.7% [1]. - The high dividend and low valuation characteristics of bank stocks are becoming more pronounced, attracting stable capital allocation [1]. - There is potential for some quality banks to show performance elasticity as net interest margins stabilize, regional credit demand rebounds, and non-interest income grows [1]. Group 2: Cash Flow and Market Trends - The cash flow ratio for the industry remains stable, with the cash flow ratio for non-financial A-shares maintaining between 24%-26% in Q1-Q3 2025, close to the peak level in 2021 [1]. - This trend reflects a shift from expansion to prudent management, leading to cash flow accumulation [1]. - However, some dividend asset yields are under pressure due to valuation expansion in a bull market and cash flow contraction, necessitating attention to the profit recovery potential of quality banks [1]. Group 3: Financial ETF and Index - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative listed companies from banking, insurance, and securities sectors to reflect the overall performance of quality listed companies in the financial industry [1]. - The constituent stocks of the index possess high market influence and good liquidity [1].