Core Viewpoint - The banking sector has shown strong performance in 2023, with a cumulative increase of 14.11% as of June 23, 2025, ranking first among 31 industries, driven by high dividend strategies and stable absolute returns amid global macro uncertainties [1] Group 1: Investment Trends - The banking sector features high dividend yields and low valuations, attracting long-term capital inflows [2] - Insurance capital continues to favor high-dividend equity assets, with bank valuations between 0.6-0.7 times, providing a cost-effective investment option [2] - Southbound funds have been actively buying Hong Kong and H-shares of banks, particularly state-owned banks, which have seen a significant increase in their market share [2] - Public funds are expected to increase their allocation to banks, with current allocation weights significantly lower than the sector's representation in the market [3] Group 2: Banking Fundamentals - The banking sector is expected to maintain a bottoming trend, with credit growth around 7%-8% and a gradual slowdown in the trend of deposit regularization [4] - The optimization of liability costs is expected to mitigate the impact of LPR cuts, leading to a narrowing of interest margin declines [4] - Non-interest income is showing marginal improvement, although other non-interest income sources are under pressure [4] - Asset quality remains stable, supported by ongoing government support for the real economy, although retail loan quality may face marginal deterioration [4] Group 3: Market Dynamics - The trading congestion indicators for banks have not reached previous highs, indicating room for further growth [5] - The trading volume and turnover rate of state-owned banks are significantly lower than previous market peaks, while city commercial banks are seeing increased activity [5] - Agricultural commercial banks have experienced a notable increase in trading activity, benefiting from recent market trends and index inclusions [5] Group 4: ETF Performance - The banking ETF (515020) has a dividend yield of 5.19%, a PE ratio of 7.21, and a PB ratio of 0.72 as of June 23, 2025 [6] - The Hong Kong Stock Connect Financial ETF (513190) has a dividend yield of 8.18%, a PE ratio of 6.48, and a PB ratio of 0.58 [6] - The Low Volatility Dividend ETF (159547) has a dividend yield of 5.29%, a PE ratio of 8.25, and a PB ratio of 0.84, with banks comprising 49.2% of the index [6]

Core Viewpoint - The banking sector, particularly the Bank AH Preferred ETF (517900), is experiencing a significant upward trend, indicating a potential acceleration phase in its growth trajectory [1]. Group 1: Historical Performance - Ten years ago, only five out of 31 Shenwan primary industries achieved positive returns, with the Bank AH Total Return Index rising by 127%, outperforming all other sectors [2][3]. - The Bank AH (Total) index recorded a growth of approximately 126.96% over the specified period, significantly higher than other sectors such as Food & Beverage (107.28%) and Household Appliances (28.98%) [3]. Group 2: Investment Drivers - High Dividend Strategy: The Bank AH index has a dividend yield of 6.51% as of the end of May, with individual banks like China Construction Bank at 6.56% and Jiangsu Bank at 7.46%, attracting long-term funds seeking stable cash flow [4]. - Policy Support: Recent policies, including interest rate cuts and measures to guide long-term funds into the market, have alleviated operational pressures on banks and boosted market confidence [5]. - Defensive Attributes: The banking sector's low valuation and high dividend yield provide a safety net amid increased market volatility and low risk appetite, making it an attractive option for investors seeking stability [6]. Group 3: ETF Performance - The Bank AH Preferred ETF (517900) has seen its share increase by over 256% this year, reflecting strong investor confidence [7]. - The ETF's strategy involves actively rotating between A-shares and H-shares to capture undervalued quality bank stocks, aiming for superior risk-return ratios [6].

Group 1 - The banking sector is experiencing a significant rally, with multiple bank stocks reaching historical highs, driven by a long-term trend of low interest rates and the revaluation of RMB assets [1][2][7] - Insurance capital is actively increasing its holdings in bank stocks, with Ping An Asset Management making its third purchase of China Merchants Bank H-shares this year, indicating strong long-term investment interest [1][7] - The China Securities Banking Index has outperformed the broader A-share market, with a year-to-date increase of 14%, and 37 out of 42 listed banks have seen their stock prices rise [2][9] Group 2 - High dividend yields are attracting investors, with the banking sector's average dividend yield at 4.19%, ranking third among 30 industries, and 22 bank stocks yielding over 4% [2][3] - The stability of bank earnings and dividends, along with a favorable investment environment, enhances the attractiveness of bank stocks for long-term investment [5][6] - Analysts suggest that the current market conditions favor banks with regional advantages and high dividend yields, particularly large banks and certain city and rural commercial banks [6][9] Group 3 - Insurance companies are increasingly buying bank stocks due to their stable performance, high dividends, and favorable liquidity, with significant net inflows into Hong Kong bank stocks from southbound funds [7][9] - The regulatory environment is supportive of insurance capital entering the market, encouraging long-term investments in bank stocks [9] - The trend of insurance capital purchasing bank stocks reflects a rational investment strategy based on dividend yields, tax advantages, and the unique value of state-owned banks in the financial market [7][9]

量化金融研究丨深度报告 [Table_Title] 广发中证智选高股息策略 ETF（159207）：聚焦 高息资产，把握低风险下高确定性 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中证智选高股息策略指数选取 50 只连续分红且现金分红预案股息率较高的上市公司证券作为 指数样本，以反映股息率较高上市公司证券的整体表现。该指数由中证指数公司发布，指数代 码：932305.CSI，指数简称：智选高股息。智选高股息指数在全区间的年化收益率达到 13.37% （2005 年 12 月 31 日至 2025 年 6 月 11 日），超越中证 500（10.63%）、沪深 300（7.92%） 等宽基指数以及中证红利指数（10.09%）等高股息策略指数。广发中证智选高股息策略 ETF （159207）采用指数化投资策略，紧密跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] SAC：S0490524080006 SAC：S0490513030001 邓元哲 覃川桃 SFC：BUT353 [Table ...

Core Viewpoint - UMC has gained investor favor due to its high dividend yield exceeding 6%, contrasting with TSMC's less than 2% yield, leading to a significant inflow of passive funds into UMC [1][4]. Group 1: Stock Performance - UMC's stock price has increased by 10% this year, while TSMC's has decreased by 1% [1]. - UMC is a key holding in Taiwan's top three high-dividend ETFs, which have attracted approximately $10 billion in inflows this year, making them some of the best-performing stock ETFs in the Asia-Pacific region [1][4]. Group 2: Market Dynamics - The high-dividend ETF market in Taiwan has over $44 billion in assets under management, significantly influencing capital allocation in the Taiwanese stock market [4]. - UMC's appeal to conservative investors is bolstered by its low valuation and high liquidity, along with its partnership with Intel, which adds further investment value [4]. Group 3: Sustainability of Performance - Despite UMC's strong performance, indicators suggest that its upward trend may not be sustainable, with short-selling ratios reaching about 9%, indicating market concerns over its valuation [6]. - UMC's stock price has surpassed the average 12-month target price set by analysts, suggesting that market expectations may be fully priced in [6].

Core Viewpoint - The banking sector, particularly the leading bank ETF (512820), is experiencing a strong performance driven by high dividend yields and low valuations, making it an attractive investment opportunity [5][10][15]. Group 1: Market Performance - On June 17, the A-share market showed mixed trends, with the bank ETF (512820) experiencing a slight decline of 0.2% after reaching a historical high during the day [1]. - The bank ETF (512820) has attracted over 25 million yuan in capital inflow over the past three days, indicating strong investor interest in high-dividend sectors [1]. - The index of the bank ETF (512820) has seen a 15.33% increase over the past six months, outperforming the CSI 300 by 16.51% [5]. Group 2: Fundraising and Capital Injections - Recently, major banks like the Bank of Communications and Bank of China announced successful A-share stock issuances, raising 120 billion yuan and 165 billion yuan respectively, contributing to a total of 520 billion yuan in capital injections for the four major state-owned banks [5]. - This capital injection is expected to enhance the core Tier 1 capital adequacy ratio of state-owned banks, thereby improving their ability to support the real economy [5]. Group 3: Investment Appeal - The banking sector is characterized by high dividend yields and low valuations, making it more attractive compared to other industries [7][10]. - The current price-to-book ratio (PB) of the bank ETF (512820) is 0.68, indicating a significant undervaluation [12]. - The latest dividend yield for the bank ETF (512820) is 5.4%, which is competitive in the market [12]. Group 4: Future Outlook - There is strong momentum for long-term capital inflows into the banking sector from insurance funds, state-owned enterprises, and public funds, which is expected to support the valuation of bank stocks [8][15]. - The banking sector's fundamentals remain robust, with stable operations and sustainable dividends, which are likely to strengthen its high dividend characteristics [9][15].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Currently, Hong Kong stock ETFs can be classified into four categories: broad - based, industry, theme, and SmartBeta. There is an obvious concentrated layout among large - scale Hong Kong stock ETFs, and the 20 largest Hong Kong stock ETFs generally have the characteristics of technology industry ETFs. Some ETFs in the Hong Kong stock market are eligible securities for the Hong Kong Stock Connect and can be purchased by investors through the Hong Kong Stock Connect. The T + 0 trading and T + 0 subscription confirmation mode under RTGS make it easier to seize short - term trading opportunities [4]. - Each type of Hong Kong stock ETF has its own characteristics and configuration value. For example, broad - based ETFs have a first - mover advantage in layout scale and have misaligned consumption attributes; technology ETFs show high - elasticity characteristics in 2020 and have unique layout opportunities; pharmaceutical ETFs have core differences in concentration, industry structure, and unique Hong Kong stocks; consumer ETFs have significant differences within the consumer - related indices; financial and real - estate ETFs show low - drawdown value characteristics; SmartBeta ETFs can achieve positive returns in 2021 and 2023; theme ETFs track indices with central state - owned enterprise and new - economy attributes and show outstanding returns at different times [4]. Group 3: Summary by Directory I. Hong Kong Stock ETF: Starting from the Cross - market ETF Period and Developing Rapidly after the Full Opening of the Hong Kong Stock Connect 1.1 The Starting and Development of Hong Kong Stock ETFs - Hong Kong stock ETFs started in 2012 when cross - market ETFs represented by the CSI 300 ETF emerged. The Huaxia Hang Seng ETF and E Fund Hang Seng H - Share ETF were established on the same day, using the QDII channel to invest in Hong Kong stocks. - Hong Kong stock ETFs showed phased development characteristics. After the pilot of the Hong Kong Stock Connect in 2014, some ETF products based on the Hong Kong Stock Connect channel appeared but developed slowly until 2020. In the first quarter of 2021, with a significant net inflow of Hong Kong Stock Connect funds, new products and types of Hong Kong stock ETFs gradually increased, and the industry - type and SmartBeta - type Hong Kong stock ETF products expanded rapidly [8]. 1.2 Current Classification and Layout of Hong Kong Stock ETFs - Hong Kong stock ETFs can be classified into four categories: broad - based, industry, theme, and SmartBeta. Among them, technology - related industry ETFs have a prominent scale share. For example, the total scale of technology - related industry ETFs is 1477.28 billion yuan, with the Hang Seng Technology Index having a tracking scale of 790.17 billion yuan [9]. - Broad - based indices are relatively wide, and the Hang Seng Index and the Hong Kong Stock Connect 50 have the highest tracking scales, with relatively low numbers of constituent stocks. Industry - type funds cover various sectors except for the cyclical sector, and technology - type funds have the highest scale share. Theme - type funds are mainly composed of central state - owned enterprise and new - economy themes, and SmartBeta products are all high - dividend products [10]. 1.3 Large - scale Hong Kong Stock ETFs - There is an obvious concentrated layout among large - scale Hong Kong stock ETFs. Among the 20 largest Hong Kong stock ETFs, 15 track technology - related indices, and some high - dividend products also have relatively high scales [11]. 1.4 Hong Kong Stock ETFs Eligible for Purchase through the Hong Kong Stock Connect - In addition to ETFs in the A - share market, some ETFs listed in the Hong Kong market are eligible securities for the Hong Kong Stock Connect. Currently, 16 Hong Kong stock ETFs are included in the Hong Kong Stock Connect list, with categories generally overlapping with those of mainland ETFs. The Huaxia Hang Seng ESG is relatively unique as it tracks the ESG theme [12]. 1.5 Trading Mechanism Differences of Hong Kong Stock ETFs - Cross - border ETFs can implement same - day reversal trading (T + 0). There is no obvious difference in trading mechanisms between investing in Hong Kong stock ETFs in the A - share market and buying Hong Kong - listed ETFs through the Hong Kong Stock Connect, but differences in settlement times between the two markets can affect actual investment returns [15]. 1.6 Subscription and Redemption Differences of Hong Kong Stock ETFs - As cross - market ETFs, Hong Kong stock ETFs must use full cash substitution for subscription and redemption. Some Hong Kong stock ETFs can achieve T + 0 subscription through RTGS. When investors' accounts have sufficient funds and brokers confirm orders in real - time, fund share settlement is carried out in real - time, allowing investors to sell or redeem on the same day (T + 0). Otherwise, the settlement will be carried out at the end of the day, enabling fund share trading on T + 1 [18]. II. Detailed Explanation of Hong Kong Stock ETF Types: Analysis of Compilation Methods and Configuration Values 2.2 Overview of Hong Kong Stock Broad - based ETFs - Hong Kong stock broad - based ETFs have small performance differences and similar industry structures. They generally experienced significant declines from 2021 - 2023 and prominent increases from 2024 - 2025. The top ten constituent stocks have a high concentration, focusing on industries such as banking, non - banking finance, media, and retail [22][23]. - The compilation methods of Hong Kong stock broad - based ETFs have small differences, mainly using Hong Kong Stock Connect stocks as the sample pool and average daily total market value as the screening basis. The Hang Seng Index is the most recognized index [24]. - Compared with mainland broad - based indices, Hong Kong stock broad - based ETFs generally allocate more in industries such as "media", "commercial retail", and "social services", with misaligned consumption attributes. The allocation of industries such as social services, media, and banking is an important layout opportunity for Hong Kong stock broad - based ETFs, with significant contribution to returns [27][29]. 2.3 Overview of Hong Kong Stock Technology ETFs - Hong Kong stock technology ETFs showed highly prominent elasticity in 2020, and only a few indices have outperformed the Hang Seng Index since this year. The top ten constituent stocks have a high concentration, focusing on industries such as electronics, media, and commercial retail [33][35]. - Hong Kong stock technology - related indices generally add fundamental requirements to the technology attribute, only screening technology stocks with strong R & D investment or strong revenue growth. These indices have highly similar heavy - weight stocks, and most of these stocks do not have corresponding stocks in the A - share market, presenting unique layout opportunities [38][39]. - Hong Kong stock technology - related indices generally perform well during the downward phase of US Treasury yields, benefiting from the improvement of the international trade environment [43]. 2.4 Overview of Hong Kong Stock Pharmaceutical ETFs - Hong Kong stock pharmaceutical ETFs have been the most prominent group of Hong Kong stock ETFs this year. Although their previous performance was not outstanding, they have achieved significant increases in 2025, far exceeding other comparable Hong Kong stock indices. The top ten constituent stocks have a high concentration, mainly investing in pharmaceutical - biological stocks [44][45]. - Innovation - drug indices are superior in both theme market and medium - to - long - term performance, mainly due to the screening of business. The differences in concentration and industry structure are the core reasons for the performance differences among indices. Compared with domestic indices, Hong Kong Stock Connect pharmaceutical indices showed stronger performance during historical theme periods, and there is an arbitrage space in valuation [46][52]. 2.5 Overview of Hong Kong Stock Consumer ETFs and Automobile ETFs - The performance of consumer sub - indices varies greatly. The Hong Kong Stock Connect Consumer Index has stronger elasticity characteristics, with more excess returns compared to the Hang Seng Consumer Index in 2020, 2024, and 2025. The Hang Seng Consumer Index has relatively weak elasticity. The top ten constituent stocks have a high concentration, and there are significant differences in industry structure [54][55]. - The core difference among consumer - related indices lies in the industry screening logic. The Hang Seng Consumer Index focuses on traditional consumption, the CSI Hong Kong Stock Connect Consumer Theme Index includes media and other technology - related industries, and the Hong Kong Stock Connect Automobile Index focuses on the automobile industry [56]. - The Hang Seng Consumer Index has a high correlation with the mainland consumer index, while the Hong Kong Stock Connect Consumer Index is similar to the Hang Seng Technology Index, showing high - elasticity and high - volatility characteristics. There are valuation - regression layout opportunities for the Hong Kong Stock Connect Consumer Index [61][62]. 2.6 Overview of Hong Kong Stock Financial and Real - Estate ETFs - Financial and real - estate ETFs had outstanding performance in 2024 and showed low - drawdown value attributes in the early stage. Compared with other industry - theme funds, financial and real - estate indices generally had lower declines from 2021 - 2023. Currently, these ETFs mainly focus on financial industries such as banking, non - banking, and securities, with little involvement in real estate. The top ten constituent stocks have a high concentration [65][68]. - The differences among financial and real - estate indices mainly lie in the industry scope and liquidity restrictions [69].

本周上证指数跌 0.25%，沪深 300 跌 0.25%，恒生指数涨 0.42%。小盘股涨幅较 大，本周全 A 日均交易额 13716 亿，环比上周有所上升。在此，我们强调：6 月大 盘指数依然是在 407 黄金坑兑现后转入"震荡市"，临近震荡区间上沿就有回落压 力。中期来看，对于后续市场的三类预判：类比 2020 年（核心是由意外事件导致 中美欧政策步入同频共振政策周期，结构是以大盘成长为代表的核心资产占优）， 类比 2024 年（存在明确二次探底形成双底，结构是高股息为核心的杠铃策略）， 类比 2019 年（核心是新旧动能转换下大盘震荡呈现"俯卧撑"，结构上呈现消费+科 技"跷跷板"双轮动）。目前看"年初 AI 新科技 DeepSeek1.0"+"5 月军工科技 Deepseek2.0 时刻"+"创新药 Deepseek3.0 时刻"使得市场逐渐意识到"新胜于旧" 的定价思路，那么 A 股真有点像 2019 年了。 近期发生的一系列重大事件对于市场的影响值得探讨，总体而言虽然外部环境波谲 云诡，但对于 A 股资产定价并未造成明确"二次探底"风险。事实上，需明确：国内 5 月经济数据虽然显示内需孱弱，但在 ...

自2022年3月24日成立至2025年3月31日，中泰红利优选一年持有混合发起的份额净值增长率为36.85%， 业绩比较基准增长率为7.02%，跑赢业绩比较基准29.83%。相比红利贝塔所提供的收益，这只基金的超额 收益显然更应该被看到。 这几年，红利风格凭借长期稳健的表现，拥有了越来越多的粉丝。 但一只优秀的红利主题基金，收益来源显然不只是贝塔；只有当红利主题叠加显著超额能力的Buff，才会 创造近2年位列前1%（19/2987）的优秀业绩（排名数据来源：海通证券，具体分类为混合型-主动混合开 放型-强股混合型，近2年排名数据为19/2987，数据截至2025.3.31）。 在计算超额收益时，很多人会用中证红利指数作为参考；但如果要求更高，不妨以中证红利全收益指为参 考。当然，对持有人来说，体验更好的超额收益，是在没有显著放大波动的情况下获得的。 中泰红利优选一年持有混合发起 自成立以来业绩及同期指数表现 | 简称 | 中泰红利优选一年 | 中证红利指数 | | 中证红利全收益 中证红利低波 中证红利质量 | | | --- | --- | --- | --- | --- | --- | | | 持有混合发 ...

资料来源：Wind [Table_DocReport] 相关研究 投资建议：以险资为代表的中长期资金持续入市，高股息策略逻辑仍然可延 续。公募基金投资风格调整，可能会选择配置主要宽基指数中权重较大且配 置不足的银行股。关注国有大行以及指数权重股。 | [Table_Invest] | | | --- | --- | | 银行 | | | 评级： | 看好 | | 日期： | 2025.06.12 | [Table_Author] 分析师 尤春野 登记编码：S0950523100001 [Table_PicQuote] 行业表现 2025/6/11 -11% -3% 5% 13% 21% 29% 2024/6 2024/9 2024/1 2 2025/3 银行 沪深300 证券研究报告 | 行业周报 银行业 5 月月报：多重利好政策叠加 报告要点 5 月，中证银行指数表现强劲，单月涨幅达到 6.05%，跑赢上证指数 3.96pct， 跑赢沪深 300 指数 4.20pct。 5 月银行板块表现结构性分化明显，农商行领涨。国有大行表现稳健，股份 制银行、城商行、农商行涨跌幅高于国有大行。估值层面看，个股情况分化 ...