Group 1 - The China Securities Bank Index (399986) decreased by 0.25% as of 15:00, with mixed performance among constituent stocks, where China Merchants Bank led with a rise of 0.59% and Chongqing Bank fell by 1.57% [1] - The People's Bank of China announced a 7-day reverse repurchase operation of 526 billion yuan at a fixed rate of 1.4%, resulting in a net withdrawal of 926.4 billion yuan from the market due to 1,452.4 billion yuan of reverse repos maturing [1] - Analysts from Guangfa Securities expect the central bank to continue flexible and efficient open market operations to maintain overall liquidity balance in the banking sector, especially with important meetings scheduled for early March [1] Group 2 - China Galaxy believes that the current fiscal policy is proactive and the monetary policy continues to support stable interest margins, which is beneficial for bank performance and valuation recovery, making the banking sector an attractive investment opportunity [1] - The Bank ETF Huaxia (515020) tracks the China Securities Bank Index (399986) and has the lowest comprehensive fee rate among ETFs, with its linked funds A class (008298), C class (008299), and D class (024642) [1]

4)银行业增值税政策是否有调整可能?首先，2026年1月1日施行的《中华人民共和国增值税法》，并未 对银行业相关税率作出任何调整。其次，金融业作为现代服务业的重要组成，其适用于6%基准税率的 延续性较强，短期通过立法程序修订或调整业务归类的可能性均较低。最后，考虑到银行业和金融业的 特殊性，从防范金融风险和确保金融体系稳定的角度出发，该行预计中短期对于银行业适用增值税率的 调整定极为审慎。 板块分析：当前处于较好的价值配置区间。 上周，银行板块总体企稳反弹。本期银行业投资观点，重点聚焦市场近期关注的金融业增值税情况与板 块位置和空间。 银行业增值税：《中华人民共和国增值税法》落地施行，银行业相关税率不受影响。对于市场最为关心 的四个问题，分析如下： 1)增值税法律法规历史沿革如何?2016年，国内全面推开"营改增"(营业税改征增值税)试点，旨在规范财 税治理体系，理顺制造业与服务业税收关系，并降低相关企业税负。彼时，国务院两次修订《中华人民 共和国增值税暂行条例》，明确相关税务要求。2024年，十四届全国人大常委会第十三次会议表决通过 《中华人民共和国增值税法》，标志着增值税制度由行政法规上升为国家法律。此外 ...

智通财经APP获悉，中国银河证券发布研报称，2025Q3以来，资金对银行板块青睐程度维持在相对低 位，近期被动资金流出对银行资金面形成扰动，预计申赎流出空间收敛，银行估值低位配置窗口开启。 在低利率与中长期资金加速入市的环境下，银行板块高股息、低估值的红利属性仍对险资等长线资金具 备持续吸引力，加速估值定价重构。同时，北向资金年初活跃，有望增配银行板块，其中偏好度较高的 部分股份行获增配可能性更大。该行继续看好银行板块红利价值，维持推荐评级。 中国银河证券主要观点如下： 长线资金对银行定价的影响力进一步凸显，北向资金影响也值得关注 随着资金扰动加速出清，长线资金对银行板块定价影响力上升，主动型和被动型公募资金影响力减弱。 从中长期来看，险资等中长期资金主导定价有望稳定银行板块估值中枢并推动其进一步提升，带来超跌 反弹机遇，开启配置窗口。对于以险资为代表的长线资金来说，在低利率环境与资产荒延续背景下，银 行分红稳健、股息率高，可计入OCI以应对业绩波动，也可以权益法入账分享高ROE区域行的利润增 长，进一步提升投资收益。当前A股银行股息率平均为4.62%，红利价值仍有吸引力;年初开门红节奏前 置，全年信贷投放有 ...

截至2026年1月28日，当月申赎带来的股票型ETF净流出规模达7579.9亿元，根据目前各指数中银行板 块权重，测算申赎带来的银行板块资金净流出约831.4亿元。结合规模与权重来看，沪深300ETF规模变 动对银行板块影响较大，1月以来沪深300ETF申赎净流出约5438亿元，测算带来银行板块资金净流出约 654亿元。规模最大的四只沪深300ETF持有结构集中，前十大持有人平均持有比例约90%，其中市场化 金融机构持有人主要为险资和头部券商。目前四大沪深300ETF市场份额已低于2025年上半年前十大持 有人持有份额，平均减少约43%。预计卖盘压力虽然仍存，但申赎流出空间收敛，对银行板块的影响预 计减弱。 长线资金对银行定价的影响力进一步凸显，北向资金影响也值得关注 随着资金扰动加速出清，长线资金对银行板块定价影响力上升，主动型和被动型公募资金影响力减弱。 从中长期来看，险资等中长期资金主导定价有望稳定银行板块估值中枢并推动其进一步提升，带来超跌 反弹机遇，开启配置窗口。对于以险资为代表的长线资金来说，在低利率环境与资产荒延续背景下，银 行分红稳健、股息率高，可计入OCI以应对业绩波动，也可以权益法入账分享 ...

行业点评报告 · 银行行业 银行板块配置窗口开启 —— 从资金流向看银行定价逻辑 2026 年 01 月 29 日 核心观点 银行行业 | | | 分析师 张一纬 ：010-80927617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理：袁世麟 ：yuanshilin_yj@chinastock.com.cn ⚫ 市场风格切换，主动型资金延续欠配状态，偏好度维持低点：2025Q4 主 动型基金对银行持仓总市值为 305.45 亿元，占比为 1.88%，环比+0.07pct， 仍处于近五年低位；低配比例为 8.88%，环比扩大 0.5pct。资金主要流向有 色金属、通信、非银金融行业，持仓占比分别较上季度+2.07pct、+1.89pct、 +1.03pct。2025Q3 以来，市场风格切换，板块轮动明显。2026 年年初至 1 月 28 日，沪深 300 指数上涨 1.9%，有色金属、石油石化、传媒行业涨幅居 前，分别上涨 28.89%、12.49%、12.22%，银行板块下跌 7.68%，表现弱于 其他行业。整体来看，银行板块受主动 ...

Core Viewpoint - The banking sector's performance in Q3 is temporarily affected by non-interest income disturbances, but steady growth in scale continues to support overall performance, with a stable trend in interest margins and improving net interest income [1] Group 1: Revenue and Profitability - In Q1-Q3 2025, listed banks' revenue grew by 0.9% year-on-year, with pre-provision profit increasing by 0.62% and net profit attributable to shareholders rising by 1.46%, showing a recovery from earlier declines [1] - The annualized weighted average ROE stands at 10.61%, down by 0.6 percentage points year-on-year, indicating a mixed performance across the sector [1] Group 2: Asset Quality and Provisioning - As of the end of September, the non-performing loan ratio for listed banks is 1.15%, unchanged from the first half of the year, with stable asset quality expected for corporate loans and manageable risks in retail [4] - The provision coverage ratio is at 283.17%, down by 4.11 percentage points from the first half, with an increased release of provisions contributing to net profit growth [4] Group 3: Interest Income and Cost of Liabilities - In Q1-Q3 2025, net interest income for listed banks decreased by 0.62% year-on-year, but the decline has narrowed compared to the first half of the year, indicating a stabilization in interest margins [2] - The sample banks' net interest margin is at 1.55%, down by 1 basis point from the first half, with improvements in deposit costs and active adjustments in liability structures supporting this trend [2] Group 4: Non-Interest Income - Non-interest income growth for listed banks has slowed to 4.98% year-on-year, with middle-income sources improving by 4.6%, primarily benefiting from a recovering capital market [3] - Investment income has increased by 20.59% year-on-year, despite fluctuations in other non-interest income due to bond market volatility [3] Group 5: Recommendations - The report recommends investment in specific banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, Jiangsu Bank, Hangzhou Bank, and China Merchants Bank [5]

广发证券指出，国有大行、股份行、城商行及农商行均实现正收益，其中农商行涨幅达7.12%，显示市 场对银行板块的阶段性偏好。当前板块经过前期调整已重回价值区间，叠加年底配置需求升温，银行板 块或处于筑底阶段，具备一定配置吸引力。 今日，银行板块逆势飘红，银行ETF基金微涨，近5个交易日吸引净流入资金，超2.6亿元，净流率 30.60%。 近期，银行板块在市场整体回调背景下表现亮眼，2025年10月13日至17日期间，中信一级银行指数上涨 5.0%，位居所有行业首位，显著跑赢万得全A指数。 ...

7月30日，银行止跌向上，百亿顶流银行ETF（512800）早盘平开后震荡攀升，场内价格一度涨逾1%， 现涨0．94%，实时成交额近8亿元，交投活跃。 | 455 85 81 FB 885 GAR FO MES ROSEM BILL ( ) ( ) > | | | | | --- | --- | --- | --- | | 512800.SHIBIFETFI 2025/04/10 枚0.742 幅0.02%(0.000 FF0.736 高0.744 低0.735 地元 MAS 0.7461 MA10 07541 MA20 0.7481 MA120 @729T MA250 0.6761 MA250 0.6761 (91ED) = 0 | 0.857 +0.008 +0.94% | | 512800 | | 0.920 | SSE (NY 13:25:19 安徽中 | | 通用工作 | | | 净值走势华宝中证假行ETF | 15.36% 120日 | 15.759 | | | 委书 10.15% 委员676729 | -1.72% 250日 | 31.07 | | 0.870 | 盘五 0.861 146009 ...

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [41]. Core Viewpoints - The report highlights that the banking sector remains attractive as a dividend asset under a moderately loose monetary policy environment. It suggests focusing on companies benefiting from incremental policy improvements and those with strong fundamentals and regional advantages [6][39]. Summary by Sections Market Review - The Shanghai Composite Index and CSI 300 Index experienced slight declines of -0.03% and -1.08%, respectively, while the Shenwan Banking Index rose by 0.04%, outperforming the CSI 300 by 1.12 percentage points [4][10]. - Among the major banking sectors, state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks had varying performances, with the rural commercial banks showing a positive change of 0.41% [12][13]. Data Tracking - As of May 30, 2025, the banking sector's PB-LF valuation stands at 0.67 times, placing it in the 74.50 percentile over the past five years. The median dividend yield for individual stocks is 4.40%, exceeding the 10-year government bond yield by 2.73 percentage points [5][23]. - The total social financing stock reached 424 trillion yuan, reflecting a year-on-year increase of 8.70%. The loan and deposit balances of Chinese banks were 258.36 trillion yuan and 293.94 trillion yuan, respectively, with year-on-year growth rates of 7.73% and 7.99% [5][39]. Industry Dynamics - The report notes the establishment of the Inner Mongolia Rural Commercial Bank, marking the completion of rural financial institution reforms in ten provinces. This bank has a registered capital of 58 billion yuan and represents a significant milestone in local financial reform [40]. - The National Development and Reform Commission announced a reduction in credit report inquiry fees, which is expected to save users approximately 1.1 billion yuan annually [39][40]. Recommended Companies and Ratings - The report recommends the following companies with respective ratings: - CITIC Bank: "Increase" - China Merchants Bank: "Buy" - Chongqing Bank: "Increase" - Yunnan Rural Commercial Bank: "Buy" [3][40].