中邮证券指出，宏观经济温和复苏为2026年银行业奠定基础。财政政策积极前置与货币政策适度宽 松将带动信贷增量，科技创新与产业升级成为核心主线，推动银行向高附加值领域转型。净息差有望筑 底企稳，预计进一步收窄空间在5BP以内，2026年或成为息差底部；手续费收入在居民财富管理结构调 整中有望以量补价实现回升。资产质量整体稳健，对公条线不良率维持低位，零售条线仍处风险暴露 期，拨备覆盖率企稳趋势将确认。区域经济活力差异成为城农商行分化的核心变量，经济发达区域银行 凭借产业协同优势更具弹性。险资对高股息资产需求上升，经营稳健的国有大行吸引力凸显。 每日经济新闻 （责任编辑：张晓波 ） 【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 金融ETF（510230）跟踪的是180金融指数（000018），该指数从金融行业中选取涉及银行、保 险、证券等业务的上市公司证券作为指数样本，以反映金融相关上市公司证券的整体表现。 ...

Group 1 - The core viewpoint is that the recovery of bank interest margins by 2026 is expected to drive the valuation of the banking sector higher, with a gradual increase in net interest income due to reduced repricing pressure on loans and continued release of costs for time deposits [1] - Western Securities suggests gradually increasing positions in quality city commercial banks and paying attention to large Hong Kong banks, while also considering shares of commercial banks that have previously been undervalued but have potential for performance recovery [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from banks, insurance, and securities companies in the Shanghai market to reflect the overall performance of listed companies in the financial sector [1] Group 2 - The index covers multiple sub-industries within finance, demonstrating significant market representation and industry allocation value [1]

华创证券指出，股份制银行在稳定红利资产中年关股息率达5.9%，领先于农商行（4.9%）和城商行 （4.7%）。银行股的高股息、低估值特性在无风险利率下行背景下持续凸显类债属性，吸引稳健资金 配置。随着息差企稳、区域信贷需求回升及非息收入增长，部分优质银行有望展现业绩弹性，估值逻辑 或从PB向PE切换。当前行业现金流比例保持稳定，全A非金融25Q1-Q3现金流比例维持在24%-26%，接 近2021年峰值水平，反映企业从扩张转向审慎经营下的现金流积累趋势。但部分红利资产股息率因牛市 估值扩张和现金流收缩承压，需关注优质银行的盈利修复潜力。 金融ETF（510230）跟踪的是180金融指数（000018），该指数从金融行业中选取银行、保险、证券等 子行业的代表性上市公司证券作为指数样本，以反映金融行业内优质上市公司证券的整体表现。成分股 具有较高的市场影响力和良好的流动性。 （文章来源：每日经济新闻） ...

12月18日金融方向成交活跃，金融ETF开盘下杀后持续上行，收涨0.85%。证券ETF总体窄幅震荡，收跌0.99%。 资料来源：wind 12月17日晚间中金公司、信达证券、东兴证券公告复牌。据中金公司公告，因筹划重大资产重组，相关主体自2025年11月20日开市起停牌，且将于12月18日 复牌。根据预案，本次吸收合并采取中金公司换股吸收合并东兴证券、信达证券的方式进行。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 换股实施前，中金公司总股本为48.27亿股，其中A股29.24亿股，H股19.04亿股。本次换股吸收合并中，除中金公司2025年中期利润分配影响外，若不考虑 合并各方后续其他可能的除权除息及收购请求权、现金选择权行权等影响，按照本次东兴证券与中金公司的换股比例为1:0.4373、信达证券与中金公司的换 股比例为1:0.5188计算，中金公司拟发行的股份数量合计30.96亿股，均为A股。换股实施后，中央汇金直接持有中金公司的股份占总股本的比例为24.44%， 中央汇金仍为存续公司控股股东及实际控制人。（仅用作行业分析，不作为个股推荐） 文中提及个股短期业 ...

Group 1 - The banking industry is entering a new phase dominated by patient capital, with long-term funds represented by insurance capital, bank shareholders, executives, and asset management companies becoming the main pricing force [1] - By 2026, the banking sector is expected to achieve a balance in volume and price, with an improved competitive landscape under the "anti-involution" policy, making net interest margin a key revenue factor [1] - Initial signals of a bottoming out in net interest margin are emerging, with asset pricing expected to stabilize and the effect of deposit rate reductions on the liability side to be concentrated in 2026, leading to an "L-shaped" bottoming trend in net interest margin [1] Group 2 - The credit structure is continuously optimizing, with the new credit scale in 2026 expected to be flat or slightly lower than in 2025, while the growth rate of social financing and credit will continue to show a "scissors gap" [1] - The middle-income business is experiencing a mild recovery, with financial investment business becoming an important profit source for small and medium-sized banks [1] - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects listed companies involved in banking, insurance, and securities to reflect the overall performance of the financial industry [1]

Core Viewpoint - The banking net interest margin is expected to stabilize and rebound by 2026, driven primarily by improvements in liability costs [1] Group 1: Banking Sector Insights - The improvement in liability costs is projected to contribute approximately 17.5 basis points (BP) to the interest-bearing liability cost rate, supporting the net interest margin by about 15.6 BP [1] - The impact of asset repricing is limited, with new loan interest rates potentially reaching an inflection point, alongside local debt influences, leading to a combined negative impact of approximately -8 BP on the net interest margin [1] - Credit growth is anticipated to be between 6.1% and 6.6%, while social financing growth is expected to range from 8.3% to 9% [1] Group 2: Financial Industry Overview - The overall asset quality remains stable, with continuous improvements in the corporate sector [1] - The growth of non-interest income is expected to marginally decline as the industry returns to normal growth patterns [1] - The capital adequacy ratio across the industry remains stable, with large banks injecting capital to help mitigate risks [1] Group 3: Financial ETF Information - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects large and medium-sized enterprises from the banking, insurance, and securities sectors in the Chinese A-share market [1]

Group 1 - The core viewpoint indicates that commercial banks are experiencing a marginal stabilization in net interest margins, with a net interest yield of 1.42% in Q3, unchanged from the first half of the year, reflecting the effectiveness of measures taken to stabilize interest margins [1] - Non-interest income accounted for 23.24%, showing a decline from Q2, primarily due to fluctuations in the bond market [1] - The capital return rate for commercial banks is 8.18%, and the asset return rate is 0.63%, indicating sustained profitability under the backdrop of stable interest margins [1] Group 2 - Asset quality shows a slight increase in non-performing loan ratio to 1.52% and a 2.20% share of special mention loans, both up by 0.03 percentage points from Q2, but the provision coverage ratio stands at 207.15%, indicating strong risk resistance capability [1] - With ongoing loan repricing pressure, the reduction in funding costs and regulatory guidance on pricing rationality are expected to continue alleviating margin pressures [1] - Although there are still asset quality pressures in the small and micro-enterprise sector, overall risks remain controllable due to the promotion of localized debt [1] Group 3 - High dividend yields from bank stocks are attracting capital inflows, suggesting a potential recovery in valuations [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the banking, insurance, and securities sub-industries to reflect the overall performance of large and liquid financial enterprises in the Chinese market [1]

Group 1 - The US and Asia-Pacific stock markets experienced a collective decline, with A-shares dropping significantly; the Shanghai Composite Index fell by 2.45% to 3834 points, the Shenzhen Component Index decreased by 3.41%, and the ChiNext Index dropped by 4.02% [1] - The total market turnover reached 1.98 trillion yuan, an increase of 261 billion yuan compared to the previous trading day, indicating a heightened selling pressure [1] - The sentiment in the market is generally cold, with over 5000 stocks declining, except for some activity in the military sector [1] Group 2 - The expectation for a Federal Reserve interest rate cut has diminished, with the September non-farm payroll report showing an increase of 119,000 jobs, surpassing expectations; this led to a rapid decline in the probability of a rate cut in December to below 40% [1] - The tightening of overseas liquidity is expected to exert pressure on the valuations of global growth sectors [1] - In the AI sector, Google launched a new multimodal AI model, "Second Generation Nano Banana," which significantly improves image quality and accuracy; combined with Nvidia's better-than-expected earnings, the demand for computing power remains in a high-growth phase [1] Group 3 - The new energy sector saw a significant pullback, particularly in lithium carbonate and iron lithium cathodes, with noticeable capital outflow despite lithium carbonate prices exceeding 100,000 yuan per ton due to supply concerns [2] - The market is currently focused on long-term contract negotiations between material manufacturers and battery factories, with full orders potentially weakening the pricing power of battery manufacturers [2] - The securities industry is experiencing a wave of mergers, reflecting the steady progress of the new "National Nine Articles" aimed at building first-class investment banks, which may optimize the competitive landscape and enhance overall industry efficiency [2]

Group 1: Company Developments - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities are planning a significant asset restructuring, with CICC set to merge with the other two through a share swap [2] - As of Q3 2025, CICC's total assets are reported at 764.9 billion yuan, ranking sixth among listed securities firms, while Xinda Securities and Dongxing Securities have total assets of 128.3 billion yuan and 116.4 billion yuan, respectively [2] - The combined total assets of the three firms post-merger are expected to exceed 1 trillion yuan, positioning them as the fourth largest in the industry [2] Group 2: Industry Trends - The merger is part of a broader trend of consolidation within the securities industry, driven by policy support aimed at optimizing the supply-side structure and enhancing operational efficiency [2] - The integration of Xinda and Dongxing, which have differentiated strengths in investment banking and asset management, is anticipated to strengthen CICC's various business lines [2] - The merger will enhance CICC's network coverage in Liaoning and Fujian provinces, allowing for regional advantage complementarity [2] Group 3: Market Implications - The ongoing consolidation in the securities sector is expected to improve the fundamental performance of major firms, with investors encouraged to consider securities ETFs as a potential investment opportunity [2] - In the banking sector, 26 out of 42 listed banks have announced mid-term or Q3 dividends, totaling approximately 264.6 billion yuan, marking an increase from 258.3 billion yuan the previous year [3] - The banking industry's net interest margin is under pressure but is expected to stabilize, maintaining a robust fundamental outlook for the sector [3]

Market Overview - A-shares continued to show volatility, with major indices opening high and closing low. The Shanghai Composite Index fell by 0.4% to 3931.05 points, while the Shenzhen Component Index dropped by 0.76%, and the ChiNext Index decreased by 1.12% [1] - The total trading volume in the A-share market was 1.72 trillion yuan, slightly down from 1.74 trillion yuan the previous day, indicating a reduction in market activity [1] - Over 3800 stocks in the market declined, reflecting a fast rotation of sector performance and an ongoing consolidation pattern [1] Banking Sector - As of November 20, 2025, 26 out of 42 listed banks announced mid-term or third-quarter dividends, with a total proposed payout of approximately 264.6 billion yuan, marking an increase from 258.3 billion yuan last year [3] - The banking sector's net interest margin is under pressure but is expected to stabilize gradually, maintaining a solid fundamental outlook [3] - High dividend yields in a low-interest environment make bank stocks attractive for long-term investment, with the banking sector's P/B valuation still at a low level, indicating potential for improvement [3] Securities Industry - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities announced plans for a major asset restructuring, with CICC set to absorb the other two through a share swap [2] - The combined total assets of the three firms post-merger are expected to exceed 1 trillion yuan, positioning them as the fourth largest in the industry [2] - The merger aims to enhance CICC's capabilities across various business lines and improve regional coverage in Liaoning and Fujian [2] Technology Sector - NVIDIA reported Q3 FY26 revenue of $57 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, exceeding market expectations [4] - The data center segment generated $51.2 billion in revenue, also surpassing forecasts, with Q4 revenue guidance suggesting a new record high [4] - The introduction of Google's Gemini 3 Pro AI model has shown significant performance improvements over its predecessor, indicating strong competition in the AI space [6] Semiconductor and Memory Market - Flash wafer prices remained stable, while DDR memory prices have seen significant increases, with DDR4 memory prices doubling in some cases due to rising costs [7] - NVIDIA's decision to switch server memory from DDR5 to LPDDR5X to reduce power consumption may lead to price increases for older generation products [7] - The semiconductor industry is expected to see continued growth in capital expenditures, particularly in high-end products like optical modules [11]