MLF加量续作，流动性维持充裕！机构：关注银行板块配置窗口！

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation, indicating a continued effort to maintain liquidity in the banking sector amid pressure on net interest margins [1] Group 1: Market Performance - As of February 25, 2026, the China Securities Bank Index (399986) rose by 0.19%, with notable increases in constituent stocks such as Qingnong Bank (up 1.92%), Zijin Bank (up 1.81%), and others [1] - The Bank ETF Huaxia (515020) increased by 0.06%, with the latest price reported at 1.65 yuan [1] Group 2: Monetary Policy - The PBOC will implement a fixed-quantity, interest-rate tendering method for the 600 billion yuan MLF operation, with a one-year term [1] - With 300 billion yuan of MLF maturing in February, the central bank will achieve a net injection of 300 billion yuan through this operation, marking a continuation of the policy for 12 consecutive months [1] - Analysts suggest that the longer MLF term and the certainty of fund allocation will provide financial institutions with stable expectations, contributing to a continued ample liquidity environment in 2026 [1] Group 3: Policy Outlook - China Galaxy believes that the current proactive fiscal policy and stable interest margin-oriented monetary policy will support bank performance and positively impact valuation recovery [1] - The banking sector is seen as a potential area for investment, with a focus on the timing for allocation [1] Group 4: ETF Information - The Bank ETF Huaxia (515020) is noted for having the lowest comprehensive fee rate among ETFs tracking the China Securities Bank Index (399986) [1] - Related funds include the A-class (008298), C-class (008299), and D-class (024642) linked funds [1]