消息面上，财信证券认为，银行业中报业绩边际改善。消费贷、经营贷贴息政策逐步落地，财政加金融 模式有望稳定行业净息差的同时带来规模扩张，基本面积极因素累积。东兴证券指出，继续看好银行板 块配置价值。中长期来看，在流动性充裕环境下，高收益资产荒延续，银行高股息、业绩稳定优势凸 显，配置价值突出。从资金面来看，政策持续鼓励中长线资金入市，预计保险资管、理财公司以及在公 募新规推动下主动管理型基金均对银行板块有加大配置需求，有利板块表现。 内银股今日普涨，截至发稿，重庆农村商业银行(03618)涨3.99%，报6.25港元；农业银行（601288） (01288)涨3.49%，报5.63港元；建设银行（601939）(00939)涨3.23%，报8港元；中国银行（601988） (03988)涨2.52%，报4.48港元。 ...

智通财经APP获悉，内银股今日普涨，截至发稿，重庆农村商业银行(03618)涨3.99%，报6.25港元；农 业银行(01288)涨3.49%，报5.63港元；建设银行(00939)涨3.23%，报8港元；中国银行(03988)涨2.52%， 报4.48港元。 消息面上，财信证券认为，银行业中报业绩边际改善。消费贷、经营贷贴息政策逐步落地，财政加金融 模式有望稳定行业净息差的同时带来规模扩张，基本面积极因素累积。东兴证券指出，继续看好银行板 块配置价值。中长期来看，在流动性充裕环境下，高收益资产荒延续，银行高股息、业绩稳定优势凸 显，配置价值突出。从资金面来看，政策持续鼓励中长线资金入市，预计保险资管、理财公司以及在公 募新规推动下主动管理型基金均对银行板块有加大配置需求，有利板块表现。 ...

Core Viewpoint - The banking sector in the A-share market demonstrates strong resilience amid market fluctuations, with several bank stocks reaching historical highs and attracting significant investor interest through ETFs [1][2]. Group 1: Market Performance - On May 9, the A-share market experienced a downturn, while bank stocks rose, with the China Securities Bank Index increasing for three consecutive trading days [1]. - Several banks, including Chengdu Bank, Shanghai Pudong Development Bank, and Jiangsu Bank, reached historical highs, while Chongqing Bank and Qingdao Bank hit multi-year highs [1]. - Bank-themed ETFs also saw gains, with the Huabao China Securities Bank ETF rising by 1.35% and achieving a historical high during the trading session [1]. Group 2: Investment Trends - Data from Wind indicates that the total trading volume of the top 12 bank-themed ETFs reached 955 million yuan on May 9, with the Huabao China Securities Bank ETF accounting for 393 million yuan [1]. - Year-to-date, major bank ETFs such as Huabao, Huitianfu, and E Fund have all recorded gains exceeding 6% [1]. - Fund managers have been increasing their positions in bank stocks for two consecutive quarters, with notable increases in the top ten holdings of bank ETFs managed by Huabao and Huaxia funds [1][2]. Group 3: Fundamental Analysis - The banking sector is characterized by a stable fundamental outlook, high dividend yield of approximately 6.5%, and low valuation metrics, with a PE ratio of 6.5 and PB ratio of around 0.53, the lowest among various sectors [2]. - Historical data shows that the banking sector's PE and PB percentiles are at 36% and 25%, respectively, indicating a favorable safety margin and cost-effectiveness [2]. Group 4: Economic Support and Future Outlook - The overall economic policy remains focused on stabilizing growth, with fiscal policies continuing to support market expectations, which is beneficial for the banking sector [3]. - Recent financial policies aimed at stabilizing the market and reducing financing costs are expected to enhance the operating environment for banks and improve their liability costs [3]. - Historical performance indicates that the banking sector has consistently outperformed the CSI 300 index since 2011, with a 70% annual win rate, highlighting its long-term investment value [3].

中信证券：银行板块相对价值显著，建议积极增配 金十数据4月21日讯，中信证券认为，已披露经营情况的6家银行情况看，一季度财务指标和资产质量总 体稳健。此外，上周银行板块表现乐观，核心驱动要素在于市场波动率加大背景下，银行板块受益于其 稳定回报和股指权重的两大优势。展望未来，短期看中美贸易摩擦对市场预期仍有影响，在此背景下低 波板块具有配置价值；中期看，在宏观"审慎"和"走弱"的两种假设情形下，银行板块相对于大部分行业 而言，基本面具备相对稳健特征，相对价值显著，建议积极增配。 ...