每日经济新闻 港股国企ETF国泰（159519）跟踪的是内地国有指数（H11153），该指数主要涵盖在A股上市的大型国 有企业，选取具有较大市值和较强行业影响力的上市公司证券作为指数样本，覆盖金融、能源、工业等 多个关键领域，以反映中国国有企业整体市场表现及经济结构特点。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 浙商证券指出，2026年初以来银行股AH溢价趋势性收窄，港股银行显著跑赢A股。截至2026年2月20 日，AH溢价较2025年末进一步收敛，处于最近10年较低分位数。港股银行表现较优，主要源于交投活 跃、资金持续买入：一方面，美元走弱推动外资回流；另一方面，南向资金持续加码，其中国有大型银 行更受青睐。板块层面，持续看好2026年银行股的绝对收益行情。当下银行板块已经进入配置区间，主 要考虑：①即 ...

Investment Rating - The industry rating is maintained as "Positive" [4] Core Views - During the Spring Festival holiday, the overall performance of Hong Kong banks was stable, with the AH premium narrowing to 21% [1][2] - The AH premium for banks has decreased by 11 percentage points to 21% since the end of 2025, which is at a low percentile of 36% over the last 10 years [2][9] - The strong performance of Hong Kong banks is attributed to active trading and continuous foreign capital inflow, driven by a weakening US dollar and increased southbound capital investments [2][12] Summary by Sections Market Performance - The Hong Kong banking sector index rose by 0.18%, ranking 15th among 30 sectors during the holiday [2] - Local banks in Hong Kong showed positive growth, with East Asia Bank, Dah Sing Bank Group, and Weihai Bank leading in gains [2][6] AH Premium Analysis - The AH premium has significantly narrowed since early 2026, with a correlation of 0.95 between the US dollar index and AH premium trends over the past 15 years [2][7] - Southbound capital has net purchased HKD 17.1 billion in Hong Kong banks since the beginning of 2026, with major inflows into China Construction Bank, Industrial and Commercial Bank of China, and China Merchants Bank [2][12] Investment Recommendations - The report suggests a positive outlook for bank stocks in 2026, emphasizing the upcoming earnings report season in March and April, which typically attracts market attention to sectors with predictable earnings [2] - A "New Momentum Portfolio" is recommended, focusing on banks with potential for significant value recovery, including major state-owned banks and select smaller banks [3]