（责任编辑：董萍萍 ） 【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 红利低波ET基金F（159547）紧密跟踪中证红利低波动指数，该指数精选50只流动性良好、持续分 红、股息率高且波动率低的证券，采用股息率加权方式构建，基金管理费率仅0.15%/年，托管费率 0.05%/年，均为市场最低费率一档，最大程度让利投资者。 每日经济新闻 昨日（7月21日）最低费率一档红利低波ETF基金（159547）单日资金净流入313万元，过去五天资 金净流入3879万元，成为近期市场震荡中防御配置的热门权益ETF之一。资金持续加码背后，是投资者 对红利低波资产防御属性的认可。在市场波动加剧、情绪趋于谨慎的背景下，高股息、低波动的红利板 块凭借稳定的现金流和分红能力，成为资金避险的"避风港"。 华泰证券认为，当前市场正从前期的估值驱动向基本面定价回归，"高低切换"策略下，红利低波资 产具备三重优势：其一，政策有催化，国央 ...

Core Viewpoint - The banking sector has shown strong performance in 2023, with a cumulative increase of 14.11% as of June 23, 2025, ranking first among 31 industries, driven by high dividend strategies and stable absolute returns amid global macro uncertainties [1] Group 1: Investment Trends - The banking sector features high dividend yields and low valuations, attracting long-term capital inflows [2] - Insurance capital continues to favor high-dividend equity assets, with bank valuations between 0.6-0.7 times, providing a cost-effective investment option [2] - Southbound funds have been actively buying Hong Kong and H-shares of banks, particularly state-owned banks, which have seen a significant increase in their market share [2] - Public funds are expected to increase their allocation to banks, with current allocation weights significantly lower than the sector's representation in the market [3] Group 2: Banking Fundamentals - The banking sector is expected to maintain a bottoming trend, with credit growth around 7%-8% and a gradual slowdown in the trend of deposit regularization [4] - The optimization of liability costs is expected to mitigate the impact of LPR cuts, leading to a narrowing of interest margin declines [4] - Non-interest income is showing marginal improvement, although other non-interest income sources are under pressure [4] - Asset quality remains stable, supported by ongoing government support for the real economy, although retail loan quality may face marginal deterioration [4] Group 3: Market Dynamics - The trading congestion indicators for banks have not reached previous highs, indicating room for further growth [5] - The trading volume and turnover rate of state-owned banks are significantly lower than previous market peaks, while city commercial banks are seeing increased activity [5] - Agricultural commercial banks have experienced a notable increase in trading activity, benefiting from recent market trends and index inclusions [5] Group 4: ETF Performance - The banking ETF (515020) has a dividend yield of 5.19%, a PE ratio of 7.21, and a PB ratio of 0.72 as of June 23, 2025 [6] - The Hong Kong Stock Connect Financial ETF (513190) has a dividend yield of 8.18%, a PE ratio of 6.48, and a PB ratio of 0.58 [6] - The Low Volatility Dividend ETF (159547) has a dividend yield of 5.29%, a PE ratio of 8.25, and a PB ratio of 0.84, with banks comprising 49.2% of the index [6]