Core Viewpoint - The banking sector experienced a notable rebound on October 13, with the China Securities Banking Index rising by 0.75%, led by Shanghai Pudong Development Bank, which saw a 5.66% increase, indicating a shift in market sentiment towards banking stocks as a temporary safe haven amidst broader market fluctuations [2][3]. Market Performance - The banking sector ranked fifth among 31 primary industries, with several banks, including Shanghai Pudong Development Bank (5.66%), Chongqing Rural Commercial Bank (4.16%), and Nanjing Bank (3.79%), showing significant gains [3]. - In contrast, most state-owned banks continued to decline, with Postal Savings Bank down by 0.88% and China Bank down by 0.57%, highlighting a divergence in performance between smaller regional banks and larger state-owned banks [3][5]. Recent Trends - Since July, the banking sector has faced a cumulative decline of 14%, while the Shanghai Composite Index and CSI 300 Index increased by over 11% and 15%, respectively, indicating a shift in investor preference away from banks [5]. - The recent rise in banking stocks is attributed to a change in market style, with public funds possibly seeking refuge in banking stocks due to their stable dividends and attractive valuations after a period of decline [5][6]. Impact of External Factors - The announcement of additional tariffs on Chinese goods by the U.S. is expected to have a controlled impact on banks, particularly affecting regional banks with higher exposure to foreign trade [6][7]. - The uncertainty surrounding tariffs may increase demand for defensive investments, potentially benefiting the banking sector as dividend yields become more attractive [6][7]. Future Outlook - Analysts suggest that the banking sector may see a rebound as the end of the year approaches, with stable dividend payouts and a favorable interest rate spread compared to government bonds [7][9]. - The anticipated increase in public loans and the potential easing of the "asset shortage" environment in the fourth quarter could provide further support for bank performance [9].

2025.10. 13 本文字数：2285，阅读时长大约4分钟 作者 | 第一财经 亓宁 10月13日，伴随大盘回调，银行股迎来久违大涨。中证银行指数全天上涨0.75%，浦发银行 （600000.SH）以5.66%涨幅成为当天的板块龙头，渝农商行（601077.SH）、南京银行 （601009.SH）涨幅分别超过4%和3%。 事实上，自7月以来，受到市场资金风险偏好回升等影响，银行板块陷入持续回调，指数累计跌幅达 14%，同期上证指数、沪深300指数分别涨超11%、15%。从中证银行指数登顶8570.16点高位的 7月10日算起，整个银行板块除农业银行外，其余个股均有不同程度回调。其中，光大银行跌幅最 大，接近23%，华夏银行、民生银行、兴业银行、北京银行、浙商银行跌幅超过20%。 同期，农业银行逆势上涨近14%，今天的新"领头羊"浦发银行跌超9%，渝农商行跌近10%，重庆 银行、上海银行跌幅超过15%。 对于银行股的久违上涨，上述机构人士表示，市场风格已发生明显变化，或有公募基金避险资金推 动，持续性还要观察。 从消息面来看，日前，美国总统特朗普宣布，将从11月1日起对中国输美商品加征100%的额外关 税。 ...

Core Viewpoint - The banking sector has experienced a notable rebound, with regional banks gaining favor, particularly led by Shanghai Pudong Development Bank, which rose by 5.66% on October 13, amidst a broader market correction [1][2]. Summary by Sections Market Performance - The China Securities Banking Index increased by 0.75% on October 13, with Shanghai Pudong Development Bank leading the gains [1][2]. - Other banks such as Chongqing Rural Commercial Bank and Nanjing Bank also saw significant increases of over 4% and 3%, respectively [1][2]. - In contrast, many state-owned banks experienced declines, with Postal Savings Bank down by 0.88% and Industrial and Commercial Bank down by 0.55% [2]. Investment Trends - The recent rally in bank stocks is attributed to a shift in market sentiment, with funds seeking temporary safe havens, leading to a preference for regional banks over larger state-owned banks [1][5]. - The banking sector has seen a cumulative decline of 14% since July, while the Shanghai Composite Index and CSI 300 Index have risen over 11% and 15%, respectively [3]. Economic Impact - The announcement of additional tariffs on Chinese goods by the U.S. is expected to have a controllable impact on banks, particularly affecting regional banks with higher exposure to foreign trade [6]. - The report from Galaxy Securities suggests that while the overall impact on banks is manageable, regional banks reliant on export-oriented businesses may face increased risks [6]. Future Outlook - Analysts predict that the upcoming dividend distribution period and stable bank performance may present opportunities for a rebound in bank stocks if market sentiment stabilizes [7]. - The banking sector's price-to-book (PB) ratio has fallen to 0.67, indicating potential value for investors, especially given the average dividend yield of state-owned banks at 4.11% [7][8].