【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：董萍萍 ） 天风证券指出，银行板块短期调整不改长期向好逻辑。增量资金持续涌入带动板块估值修复，当前 PB为0.73倍，较年初明显抬升，距离1倍PB仍有修复空间。高股息优势显著，银行板块股息率达 4.47%，在35个Wind二级行业中排名第二，但PB估值仅为0.73x，防御属性突出。基本面边际改善预期 明确：净息差企稳，信贷供需矛盾缓和推动贷款利率下行趋缓，高息存款集中到期释放成本改善红利； 非息收入受益理财回暖及债市修复；置 ...

Group 1 - The best-performing fund managed by manager Ai Xiaojun in the second quarter of 2025 is the Guotai Nasdaq 100 ETF (513100), with a quarterly net value increase of 17.15% [1] - Ai Xiaojun manages a total of 13 funds, with the Guotai Zhongzheng All Index Securities Company ETF (512880) having a scale of 29.795 billion yuan and a quarterly increase of 4.47% [2] - The Guotai Nasdaq 100 ETF has an annualized return of 18.77% and a scale of 15.446 billion yuan, with major holdings including Nvidia, which has a weight of 8.30% [2] Group 2 - During Ai Xiaojun's tenure as the manager of the Guotai Shanghai Stock Exchange 180 Financial ETF, the cumulative return is 176.97% with an average annualized return of 9.25% [2] - The number of adjustments in major holdings during this period is 86, with a profit rate of 60.47% [2] - Notable successful stock adjustments include Guizhou Moutai, which yielded an estimated return of 673.28% over a holding period of over four years [4][6] Group 3 - The Guotai CES Semiconductor Chip ETF (512760) has a scale of 11.474 billion yuan and a quarterly decrease of 0.27% [2] - The Guotai Zhongzheng All Index Communication Equipment ETF (515880) has a scale of 2.7 billion yuan and a quarterly increase of 14.87% [2] - The Guotai Standard & Poor's 500 (QDII-ETF) has an annualized return of 17.27% and a scale of 578 million yuan [2]

Core Viewpoint - The downward trend in loan interest rates is expected to slow significantly by 2025, with limited reductions anticipated across various types of loans [1] Group 1: Loan Interest Rates - Current loan interest rates are approaching 3%, leading to thin actual returns on loan business after accounting for costs such as funding, taxes, capital occupation, and credit risk [1] - Despite easing pressure on funding costs, the continuous exposure of bad debt is raising credit costs [1] - The central bank's monetary policy remains accommodative but focuses more on protecting bank interest margins, with regulatory self-discipline on loan pricing still in place [1] Group 2: Banking Sector Outlook - The weakening of the credit supply-demand balance suggests that the phenomenon of interest margin compression may ease [1] - A significant decline in loan interest rates could negatively impact the operational stability of commercial banks [1] - Overall, the slowing down of loan interest rate reductions is expected to alleviate pressure on bank interest margins, leading to a potential stabilization in bank performance [1] Group 3: Financial ETFs - The Financial ETF (code: 510230) tracks the 180 Financial Index (code: 000018), which is compiled by China Securities Index Co., Ltd., selecting the top 180 financial industry listed companies based on average total market capitalization from the Shanghai and Shenzhen markets [1] - Investors without stock accounts may consider the Guotai CSI 180 Financial ETF Connect C (014994) and Guotai CSI 180 Financial ETF Connect A (020021) [1]

Group 1 - The 2025 Lujiazui Forum opened on June 18, focusing on "Financial Openness and Cooperation in the Global Economic Landscape" [1] - The People's Bank of China announced eight significant financial opening measures, including the establishment of an interbank market trading report library and a digital RMB international operation center [1] - Ping An Securities highlighted that insurance capital continues to enter the market, with high dividend sectors attracting attention due to their value [1] Group 2 - The banking sector's static dividend yield ranks third among all industries, maintaining a high premium over the risk-free rate measured by the 10-year government bond [1] - Sufficient provisioning levels and increased policy focus on operations are expected to solidify the profitability foundation of the banking sector [1] - The Financial ETF (code: 510230) tracks the 180 Financial Index (code: 000018), which includes 180 large-cap, liquid stocks from the financial sector, covering banks, insurance, and securities [1]

广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 最近5个交易日，科创50指数涨0.24%，创业板指涨4.13%，大盘价值涨1.55%，大盘成长涨2.05%，上证50涨1.46%，国证2000代表的小盘涨3.77%，国防军 工、通信市场表现靠前，钢铁、商贸零售表现靠后。 风险溢价，中证全指静态PE的倒数EP减去十年期国债收益率，权益与债券资产隐含收益率对比，历史数次极端底部该数据均处在均值上两倍标准差区 域，比如2012/2018/2020年（疫情突发），2022/04/26达到4.17%，2022/10/28风险溢价再次上升到4.08%，市场迅速反弹，2024/01/19指标4.11%，自2016年 以来第五次超过4%。截至2025/05/09指标3.94%，两倍标准差边界为4.75%。 估值水平，截至2025/05/09，中证全指PETTM分位数50%，上证50与沪深300分别为61%、47%，创 ...

金融ETF（510230）跟踪180金融指数（代码：000018）从沪深市场中选取规模大、流动性好的180只金 融行业股票作为成分股，涵盖银行、保险、证券等多个细分领域，以反映A股市场金融行业的整体表 现。 机构表示。银行方面，中长期资金入市政策频出，政策面、资金面有催化，2024年多家银行主动提升分 红率，在宏观经济不确定性增加的大背景下，资金的风险偏好下降，银行板块的高股息优势再度凸显； 保险方面，负债端有望量增质优，资产端稳中向好，当前估值仍处低位。上市险企一季度业绩整体稳中 向好，展望来看，寿险全年预计稳增长和调结构并重，财险预计保持稳定承保盈利能力，其高股息特征 在低利率环境下配置价值仍然突出；券商方面，近期因全球资产风险偏好下降板块估值整体有所回调， 从业绩估值匹配度来看配置性价比正显著提升。一季报券商业绩表现强劲，配置价值持续提升。 没有股票账户的投资者可关注国泰上证180金融ETF联接A（020021），国泰上证180金融ETF联接C （014994）。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参 ...