截至2025年12月18日 10:15，中证银行指数(399986)上涨0.73%，成分股建设银行(601939)上涨2.24%， 苏州银行(002966)上涨1.73%，厦门银行(601187)上涨1.60%，上海银行(601229)上涨1.43%，宁波银行 (002142)上涨1.25%。银行ETF指数(512730)上涨0.60%，最新价报1.67元。拉长时间看，截至2025年12 月17日，银行ETF指数近1年累计上涨14.05%。 12月以来，上市银行中期分红进入高峰期。从分红规模来看，六家国有银行合计将派发超2000亿元现金 红利。最新消息，12月17日，宁波银行完成2025年中期现金红利派发。根据权益分派实施公告，宁波银 行此次每10股派发现金红利3元（含税），以总股本66.04亿股为基数，派现总额为19.81亿元。 国盛证券认为，中期分红方案集中落地，显示上市银行盈利稳定性与资本充足韧性兼具；在监管持续引 导提高投资者回报的背景下，高分红政策既提振市场信心，也强化了银行板块在低利率环境下的防御价 值与中长期配置吸引力。 银行ETF指数紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证 ...

截至2025年11月21日 10:06，中证银行指数(399986)上涨0.12%，银行ETF易方达(516310)上涨0.14%，冲 击3连涨，成交4956.31万元。 拉长时间看，截至11月20日，银行ETF易方达(516310)近3月规模增长8.55亿元，近3月份额增长6.18亿 份，实现显著增长。 银行板块近期在市场调整中展现出较强的护盘作用。德邦证券指出，当前市场整体情绪偏低，叠加LPR 维持不变导致宽松预期受限，A股呈现高开低走格局，但银行作为低估值金融股具备防御配置价值，成 为权重护盘的重要力量。伴随多地稳楼市政策持续出台及财政发力改善企业现金流，银行板块的稳健属 性进一步凸显，在市场震荡期间或更受资金青睐。 广发证券分析认为，10月金融数据显示M1增速大幅回落，主要由于存款非银化趋势加剧，资本市场表 现较好带动存款"搬家"速度快于活期化速度。居民和企业存款合计减少2.43万亿元，而非银存款增加 1.85万亿元，显示资金更多流向权益市场。尽管短期财政力度有所回落，但随着后续5000亿元中央财政 资金下达地方，财政支出有望再度扩张，叠加跨境资金回流，M1与M2预计将继续保持相对高位，对银 行间流动 ...

Group 1 - The core viewpoint indicates a strong performance in the banking sector, with the China Securities Bank Index rising by 1.73% and individual stocks like Bank of China and Construction Bank showing significant gains [1] - The banking sector is experiencing a defensive style resurgence, with the total market capitalization of A-shares surpassing 2.25 trillion [1] - Current credit growth is slowing down, and social financing growth is also retreating from high levels, although policies are in place to support demand recovery [1] Group 2 - The banking sector's retail risk has increased but remains manageable, supported by substantial provisioning and stable dividend policies [1] - The advantages of banks in areas such as gold markets, wealth management, and investment banking contribute to differentiated valuations within the sector [1] - The valuation of banks is still at historically low levels, and there is potential for medium to long-term capital allocation, making increased investment in the banking sector a favorable choice [1] Group 3 - The Bank ETF Index closely tracks the China Securities Bank Index and serves as an analytical tool for investors [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities Bank Index account for 64.87% of the index, highlighting the concentration of investment in major banks [2]

银行ETF指数紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表现，为投 资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二级行业、90余个三 级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部证券作为样本编制指数，形成中 证全指行业指数。 数据显示，截至2025年10月31日，中证银行指数(399986)前十大权重股分别为招商银行(600036)、兴业 银行(601166)、工商银行(601398)、农业银行(601288)、交通银行(601328)、江苏银行(600919)、浦发银 行(600000)、平安银行(000001)、民生银行(600016)、上海银行(601229)，前十大权重股合计占比 64.87%。 银行股再度走强，中国银行创历史新高。消息面上，A股上市银行三季报日前披露完毕。从业绩看，今 年前三季度，42家银行中有35家归属母公司股东的净利润实现同比增长，其中，青岛银行、齐鲁银行和 杭州银行等7家银行同比双位数增长；29家银行的营业收入实现同比增长，其中，西安银行以近40%的 增幅居首。从资产质量看，42家银行中有22家不良贷 ...

Group 1 - The core viewpoint of the news is that several small and medium-sized banks in China are actively adjusting their deposit products and interest rates to optimize their liability structure and reduce costs [1] - The China Securities Bank Index (399986) has shown a positive performance, with notable increases in stocks such as Industrial Bank (601166) and Zijin Bank (601860) [1] - Analysts predict that the upcoming expiration of a large volume of fixed-term deposits from December to March will lead to a further decline in risk-free interest rates for residents, prompting a shift of deposits towards insurance assets [1] Group 2 - The Bank ETF Index closely tracks the China Securities Bank Index and serves as an analytical tool for investors, categorizing the sample into various industry levels [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities Bank Index account for 64.87% of the total index, with major banks like China Merchants Bank (600036) and Industrial Bank (601166) among them [2]

Group 1 - The China Banking Index (399986) increased by 0.86% as of November 12, 2025, with notable gains from Agricultural Bank (601288) up 2.65%, Chongqing Rural Commercial Bank (601077) up 2.01%, and others [1] - As of Q3 2025, insurance capital's holding in banks was at 27.95%, with a market value accounting for 3.99% of the circulating A-shares, reflecting a decrease of -0.29 percentage points and -2.52 percentage points respectively from the previous quarter [1] - Insurance capital increased its holdings by 8.36 billion shares in the banking sector, with 23 banks being allocated by insurance capital as of the end of September, an increase of 2 banks from the previous quarter [1] Group 2 - China Galaxy Securities noted that factors such as new premium inflows, increased equity investment ratios, and strengthened long-term assessments provide room for growth in insurance capital's allocation to the banking sector [1] - The banking sector is favored for its stable dividends and low valuation, with a continued advantage in dividend yield [1] - The top ten weighted stocks in the China Banking Index as of October 31, 2025, accounted for 64.87% of the index, including major banks like China Merchants Bank (600036) and Industrial and Commercial Bank of China (601398) [2]

Core Insights - The banking sector in China shows signs of stabilization in operating income after two years of decline, with a slight increase of 0.9% year-on-year in the first three quarters of 2023, totaling 4.32 trillion yuan [1] - Net profit for the 42 listed banks in China reached 1.68 trillion yuan in the same period, reflecting a growth of 1.5% compared to the previous year, outpacing revenue growth by 0.6 percentage points [1] - The current low valuation of the banking sector, combined with attractive dividend yields compared to bonds and wealth management products, suggests potential for increased investment in the sector [1] Banking Index Performance - The China Securities Banking Index (399986) rose by 1.14%, with significant gains from constituent stocks such as Shanghai Bank (up 2.48%) and CITIC Bank (up 1.91%) [1] - The Banking ETF Index (512730) also increased by 1.01%, closing at 1.7 yuan [1] Dividend and Market Sentiment - The concentrated dividend distribution period for banks has largely concluded since July, leading to a shift in market sentiment and increased risk appetite among investors [1] - The ongoing dividend distribution from banks remains robust, enhancing the attractiveness of bank stocks as a viable investment option [1] Index Composition - As of October 31, 2025, the top ten weighted stocks in the China Securities Banking Index account for 64.87% of the index, with major players including China Merchants Bank and Industrial and Commercial Bank of China [2]

Group 1 - The banking sector experienced a decline of approximately 2%, attributed to three main factors: the expiration of Pudong Development Bank's convertible bonds leading to concentrated selling, Chengdu Bank's third-quarter report falling short of expectations raising concerns about the performance of city commercial banks, and a market breakout above 4000 points prompting funds to seek more elastic investments, resulting in widespread declines among individual stocks [1] - From a long-term value investment perspective, the banking sector shows signs of profit recovery and asset quality improvement, with the industry’s performance growth turning positive in the third quarter as a clear signal [1] - The current price-to-book (PB) ratio of the banking sector is below 0.7, with many banks offering dividend yields above 4.5%, indicating a potential opportunity for enhancing the intrinsic value of investment portfolios [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Bank Index accounted for 64.6% of the index, including major banks such as China Merchants Bank, Industrial Bank, and Agricultural Bank of China [2] - The CSI Bank Index closely tracks the performance of the banking sector, providing investors with analytical tools to assess the overall performance of different industry companies [2]

Group 1 - The China Securities Banking Index (399986) has shown a strong increase of 1.17%, with notable gains from Postal Savings Bank (4.19%), Industrial Bank (2.06%), and Minsheng Bank (1.98%) [1] - Agricultural Bank has experienced a significant rally, achieving a 25% increase since September 25, with a total market capitalization approaching 2.9 trillion [1] - According to Everbright Securities, the banking sector's "high dividend, low valuation" characteristics are becoming more prominent, suggesting a potential reallocation opportunity in the sector [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Securities Banking Index account for 64.6% of the index, including major banks such as China Merchants Bank and Industrial Bank [2]

Group 1 - The China Banking Index (399986) increased by 0.50%, with notable gains from Chongqing Bank (1.69%), Suzhou Bank (1.54%), and others [1] - The Bank ETF Index (512730) rose by 0.60%, marking a six-day consecutive increase, with the latest price at 1.67 yuan [1] - Eight listed banks have implemented mid-term dividends, with the total dividend amount from the six major state-owned banks expected to reach 204.657 billion yuan [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Banking Index accounted for 64.6% of the index, including major banks like China Merchants Bank and Industrial and Commercial Bank of China [2] - The China Banking Index is designed to reflect the overall performance of different industry companies within the China Securities Index [2]