2025年10月，A股市场出现一个罕见现象：中证全指市盈率站上历史80%的高位，但市净率却趴在40%的低位徘徊。 这种"一半火焰一半海水"的撕裂感，让 追涨杀跌的散户彻底懵了——买科技ETF的人赚得盆满钵满，而押注银行、煤炭的投资者却深陷估值洼地。 估值分化的背后，是资金极端抱团的结果。 2025年三季度，通信ETF、5G通信ETF暴涨超80%，人工智能和锂电池板块紧随其后，而银行ETF、红利ETF却 逆势下跌。 更值得玩味的是，尽管双创指数表现抢眼，相关ETF却呈现资金净流出状态，这波行情几乎由场内融资资金推动。 判断估值高低的标尺，关键看历史百分位。 估值百分位低于30%，意味着比过去70%的时间都便宜，属于"地板价"区间；高于70%则需警惕回调风险。 但估 值并非万能指标，有些行业市盈率低可能源于盈利恶化而非真正便宜。 比如沪深港低空经济指数PE为负值，说明企业普遍亏损，这类高景气但盈利滞后的 板块需结合成长性判断。 当前三大洼地板块显露出性价比优势。 上证50指数市盈率11.7倍，市净率百分位仅38%，股息率超2%，华夏上证50ETF（510050）成为稳健型投资者的压舱 石。 中证100指数更触及2 ...

Core Viewpoint - The article emphasizes that investing in bank sector ETFs is an ideal starting point for investors in a low interest rate environment, providing a combination of high dividends, low valuations, and solid capital support [1]. Group 1: Reasons for Choosing Bank Sector ETFs - Reason 1: High dividend yield offers stable cash flow and competitive advantage in a low interest rate environment. The current dynamic dividend yield of the bank sector is approximately 4%, significantly higher than the yield of ten-year government bonds, making it attractive for long-term institutional investors and wealth management [2]. - Reason 2: Low valuations and defensive characteristics provide a safety margin and potential for valuation recovery. The current price-to-book ratio of the bank sector is only 0.74, one of the lowest among major sectors, while the return on equity ranks favorably. This creates a dual advantage of high safety margin and potential for long-term valuation recovery [3][5]. - Reason 3: Policy and capital support strengthen medium to long-term strategic opportunities. The banking sector benefits from regulatory measures to alleviate net interest margin pressure and improve asset quality, alongside significant capital inflows into A-shares, enhancing the attractiveness of bank sector ETFs [6]. Group 2: Investment Strategy - The bank sector ETF, such as Tianhong CSI Bank ETF (515290), is positioned as an effective tool for capturing industry dividends while providing a balanced approach to stable returns and risk diversification in the current low interest rate and asset scarcity environment [6].