Core Viewpoint - The report from China Merchants Securities indicates that as public fund reform plans are gradually implemented, the constraints of performance benchmarks will strengthen, leading to an expected increase in active fund holdings of bank stocks [1] Group 1: Market Trends - The mid-term market for banks is not yet over, as the current allocation of bank stocks by public funds is expected to rise to an acceptable range of 8%-10%, while the current under-allocation is around 5%-7% [1] - The ETF tracks the Bank AH Preferred Index, which is an upgraded version of the CSI Bank Index, and has historically outperformed traditional indices by 2% in annualized returns [1] Group 2: Investment Opportunities - The new tax policy on bond interest is expected to stimulate demand for high-dividend assets, combined with the banking sector's price-to-book ratio of 0.7 and a dividend yield exceeding 4%, highlighting the long-term investment value [1] - Investors can access the market through linked funds (Class A: 016572; Class C: 016573) [1]