数据显示，银行ETF华夏是跟踪中证银行指数综合费率最低的ETF，联接基金A类、联接基金C类、联接 基金D类。 近期，财政金融协同政策加码落地，对银行板块形成结构性支撑。1月20日国新办联合财政部等部门宣 布一揽子政策：中小企业贷款贴息1.5个百分点、设备更新贷款贴息范围扩大、消费与经营贷贴息延长 至2026年底、设立5000亿元民间投资专项担保计划、完善民企债券风险分担机制等。上述举措在降低社 会融资成本的同时，引导信贷资源向中小微、科创及扩内需领域倾斜，既优化银行资产结构，又通过风 险分担机制缓释不良压力，为息差企稳和资产质量改善提供中长期支撑。 截至2026年1月27日13:29，中证银行指数上涨0.93%，成分股农业银行上涨2.34%，青岛银行上涨 2.22%，建设银行上涨1.73%，中国银行上涨1.69%，杭州银行上涨1.6%。 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its dividend value and low valuation as attractive for long-term investors [5][10]. Core Insights - A package of fiscal and financial policies has been introduced to support the banking sector, particularly in optimizing loan structures and stabilizing interest margins [7][8]. - The banking sector has experienced a decline of 7.44% year-to-date, underperforming the broader market, primarily due to passive fund outflows [9][10]. - The report emphasizes the potential for credit growth and structural optimization in the banking sector, driven by government policies aimed at supporting small and medium enterprises [8][9]. Summary by Sections Latest Research Insights - The report discusses the implementation of six fiscal and financial policies aimed at enhancing credit support for small and medium enterprises, including a 1.5% interest subsidy on loans [7][8]. - These policies are expected to lower overall financing costs and stimulate demand, thereby benefiting the banking sector [8]. Weekly Market Performance - The banking sector index fell by 2.70% during the week, while the broader Shanghai and Shenzhen 300 index decreased by 0.62% [18]. - State-owned banks, joint-stock banks, city commercial banks, and rural commercial banks saw declines of 4.36%, 3.08%, 0.43%, and 0.70%, respectively [18]. Valuation and Company Performance - As of January 23, 2026, the banking sector's price-to-book ratio stands at 0.64, indicating a 32.99% discount compared to the overall A-share market [35]. - The sector's dividend yield is reported at 4.92%, which is higher than the average for all A-shares, ranking second among industries [35]. - Eight listed banks have reported stable earnings recovery for 2025, with most showing growth in total assets compared to 2024 [15][16].

Group 1 - The core viewpoint of the news is that China's economic situation is showing positive changes, with a steady improvement in economic performance and supportive policies being implemented to boost consumption and expand domestic demand [1][2][3] - In December 2025, the value added of the service industry and the service production index both accelerated in year-on-year growth compared to the previous month, indicating a recovery in the service sector [1] - The core Consumer Price Index (CPI) has maintained a growth rate of over 1% for four consecutive months, while the Producer Price Index (PPI) has seen a narrowing year-on-year decline and a month-on-month increase for three consecutive months [1] Group 2 - Recent policy measures have been focused on promoting consumption and expanding domestic demand, with a series of deployments signaling strong support for stable growth [2][3] - The State Council meeting on January 16 emphasized the need to improve long-term mechanisms for consumption promotion and to accelerate the development of new growth points in service consumption [2] - The collaboration between fiscal and financial policies is crucial for stimulating domestic demand, as it can create a multiplier effect that enhances overall economic performance [2]