来源：金融界 8月6日，银行股表现分化，农业银行涨近1%续创历史新高，宁波银行、邮储银行、青岛银行小幅上涨，民 生银行跌超1%，贵阳银行、张家港行、沪农商行下跌。 可投港股银行股的银行AH优选ETF（517900）盘中跌0.74%，实时价格1.6元，成交8687万元，成交额超昨 天全天。今年以来，银行AH优选ETF（517900）获资金净流入合计8.4亿元，份额增幅达644%，增速居银 行类ETF首位。 高盛最新报告指出，基于近期市场表现、投资者情绪及经济环境变化，认为中资银行股已迎来拐点。高盛 预测，所评级银行第二季平均拨备前营业利润(PPOP)及净利润将增长0.3%，并将所评级内银H股2025至 2027年收入预测上调2%、4%及4%，税后净利预测上调5%、6%及5%。 风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须 对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管理人管 理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨 ...

Group 1 - The core viewpoint of the article highlights that four listed banks, including Ningbo Bank and Changshu Bank, have reported marginal improvements in revenue and profit growth for the first half of 2025, with some banks achieving over 16% year-on-year growth in net profit [1][3][4] - Ningbo Bank's revenue reached 37.16 billion yuan, with a year-on-year growth of 7.91%, and a net profit of 14.77 billion yuan, growing by 8.23% [4] - Changshu Bank reported a revenue of 6.06 billion yuan, with a year-on-year increase of 10.10%, and a net profit of 1.97 billion yuan, up by 13.55% [4] - Qilu Bank's revenue grew by 5.76% year-on-year to 6.78 billion yuan, with a net profit increase of 16.48% to 2.73 billion yuan [5] - Hangzhou Bank's revenue was 20.09 billion yuan, reflecting a 3.89% year-on-year growth, while its net profit increased by 16.67% to 11.66 billion yuan [6] Group 2 - Asset Management Companies (AMCs) have been actively increasing their holdings in bank stocks, with CITIC Financial Asset raising its stake in Everbright Bank from 7.08% to 8.00% [7] - As of July 27, 2024, A-share listed banks have implemented profit distribution plans totaling 628.8 billion yuan, with an expected total cash dividend of 632.6 billion yuan, marking a 3.1% year-on-year increase [7] - The average dividend yield for A-share listed banks is currently 3.7%, while the AH index shows a yield of around 5%, significantly higher than the 1.65% yield of ten-year government bonds [10] Group 3 - The Bank AH Preferred ETF (517900) has attracted 790 million yuan in net inflows this year, with a share increase of over 600%, leading the growth among bank ETFs [11] - The Bank AH Total Return Index has increased by 95.45% since its inception, outperforming the CSI Bank Index by 25.67% [12] - The Bank AH Preferred ETF has been included as a margin trading and securities lending target, enhancing its investment appeal [13]

Core Viewpoint - The banking sector is experiencing a resurgence, with notable stock price increases for banks such as Xiamen Bank and Qilu Bank, alongside a positive performance of the Bank AH Preferred ETF [1][3]. Financial Performance - Hangzhou Bank reported a revenue of 20.093 billion yuan, a year-on-year increase of 3.89%, and a net profit attributable to shareholders of 11.662 billion yuan, reflecting a growth of 16.67% [3]. Valuation Analysis - The average Return on Equity (ROE) for the banking industry in 2024 is projected to be 9.3%, with high-quality city commercial banks like Hangzhou Bank and Chengdu Bank expected to maintain an ROE of around 15% over the next three years [6]. - The banking sector is currently undervalued, with an average valuation of 0.7 times Price-to-Book (PB) ratio, compared to stable industries like coal and utilities, which have an average valuation of around 2 times PB [6][9]. Dividend Yield - The average dividend yield for A-share listed banks is 3.7%, while the Bank AH Index has a dividend yield around 5%, significantly higher than the 1.65% yield of ten-year government bonds [15]. Market Trends - The Bank AH Preferred ETF (517900) has seen a net inflow of 770 million yuan this year, with a 589% increase in shares, indicating strong market interest [16]. - Since its inception on December 6, 2017, the Bank AH Total Return Index has increased by 101.7%, outperforming the CSI Bank Index by 26% [17]. Investment Strategy - The current low-interest-rate environment is creating a scenario where the dividend yield of banks exceeds risk-free rates, potentially sustaining the positive momentum in the banking sector [14].

Core Viewpoint - The banking sector is experiencing a valuation recovery, with significant interest from institutional investors, particularly in Hong Kong-listed banks due to their attractive dividend yields and lower valuations compared to A-shares [1][4]. Group 1: Market Trends - Bank stocks have seen a resurgence, with southbound funds net buying HKD 1.86 billion in Hong Kong stocks, particularly favoring H-shares like China Construction Bank [1]. - Hangzhou Bank reported a net profit of CNY 11.662 billion, a year-on-year increase of 16.67%, indicating strong performance in the current economic environment [1]. - Over 60% of insurance institutions plan to increase their investments in Hong Kong stocks by 2025, with an estimated additional capital inflow of over CNY 250 billion, focusing on high-dividend H-shares [1]. Group 2: Investment Vehicles - The Bank AH Selected ETF (517900) has gained 25.69% year-to-date, outperforming the CSI Bank Index by approximately 11 percentage points [2]. - The ETF has attracted significant capital inflow, with over CNY 470 million in the last 20 trading days and nearly CNY 700 million in two months [5]. Group 3: Investment Appeal - H-shares are often cheaper and offer higher dividend yields compared to A-shares, making them more attractive to institutional investors [4]. - The banking sector is shifting from being viewed as a cyclical industry to a more stable investment option, driven by low interest rates and steady demand for financial products [7].

Group 1 - The core viewpoint highlights the strong performance of bank stocks in the A-share market, with several banks showing significant year-to-date gains and high dividend yields, making them attractive for investors seeking stable returns [1][2] - As of July 16, 2023, six bank stocks have increased over 30% this year, and 33 have risen over 10%, with the China Securities Bank Index reaching a new high in over a decade [1] - The average dividend yield for 25 banks remains above 4%, with some banks like Huaxia and Ping An exceeding 4.5%, which is favorable compared to current deposit rates and government bond yields [1][2] Group 2 - Despite some major shareholders reducing their stakes, the overall market sentiment remains positive, with many bank stocks still trading below their net asset value, indicating potential for valuation recovery [2] - The current economic environment, characterized by declining interest rates, has made high-yield assets scarce, positioning bank stocks as attractive options for institutional investors, particularly insurance funds [2] - The Bank AH Preferred ETF (517900) has shown strong performance, with a year-to-date return exceeding 25% and significant net inflows, indicating renewed interest in bank stocks [2][4]

Group 1 - The banking sector has reached new highs this year, leading to skepticism among investors, but subsequent pullbacks have been seen as buying opportunities, particularly with major banks like ICBC and ABC recently distributing dividends [1] - As of July 15, all 42 bank stocks in A-shares have positive returns for the year, with 35 of them rising over 10%, and some like SPDB and CCB exceeding 30% [1] - The CSI Bank Total Return Index has increased by 20.05% year-to-date, while the Shenwan Bank Index has risen by 16.05%, both underperforming the 26.13% increase of the Bank AH Index, which captures cheaper bank stocks from both A-shares and H-shares [1] Group 2 - The Bank AH Preferred ETF (517900) has achieved a year-to-date increase of 25%, with strong technical support from moving averages indicating potential for further upward movement after recent consolidations [3][4] - The ETF has seen consistent net inflows, accumulating 215 million in the last 10 trading days and 475 million over the past 20 trading days, reflecting positive market sentiment towards bank stocks [6] - On July 15, the People's Bank of China conducted a 14 trillion yuan reverse repurchase operation, providing liquidity support to the banking system, which is expected to lower costs and enhance lending capabilities, thereby improving bank profitability and stock prices [8] Group 3 - The recent regulatory changes encouraging long-term investments from insurance companies align with the stable and high dividend yields of bank stocks, making them attractive to institutional investors [8] - Many banks have announced generous dividends this year, with some banks distributing over 30% of their profits, making bank stocks a more appealing option compared to traditional savings due to low interest rates [8]

Group 1 - The core viewpoint of the article highlights that listed banks have distributed over 620 billion yuan in cash dividends for the 2024 fiscal year, leading all 31 Shenwan first-level industries [1][2][3] - Major banks such as Industrial and Commercial Bank of China, China Merchants Bank, Agricultural Bank of China, and China Construction Bank are among the top dividend payers in the market [1][2] - As of July 15, 35 listed banks have implemented their profit distribution plans for 2024, with the total cash dividend amount reaching 621.5 billion yuan [3] Group 2 - The new long-term assessment regulations for insurance funds have been implemented, enhancing the attractiveness of high-dividend bank stocks [7][8] - The regulations adjust the assessment methods for operating efficiency indicators, emphasizing long-term stable returns, which aligns with the investment strategies of insurance funds [8] - Insurance funds have significantly increased their holdings in bank stocks, with a market value of 265.78 billion yuan, representing a 45.05% share of their total investments [9] Group 3 - The Bank AH Preferred ETF (517900), the only cross-AH market bank-themed ETF, has seen a net inflow of 710 million yuan this year, indicating strong investor interest [1][12] - The ETF has been included as a margin trading and securities lending target, enhancing its investment appeal [12] - The Bank AH Index has outperformed other indices since its inception, with a cumulative return of 101.8% compared to 75.96% for the CSI Bank Index and 17.41% for the CSI 300 Index [13][15]

Group 1 - The Shanghai Composite Index rose over 1%, reaching a new high, with major financial stocks experiencing significant gains, particularly Industrial and Commercial Bank of China (ICBC), which increased by 3.22% and approached a market capitalization of 3 trillion yuan [1] - The Bank AH Preferred ETF (517900) hit a new high since its listing, with nearly 43 million yuan in trading volume, indicating potential capital inflow, and has seen a net inflow of 110 million yuan over the past seven trading days, totaling 640 million yuan for the year, with a nearly 500% increase in shares, making it the top-performing bank ETF [1] Group 2 - Recently, China Merchants Bank and ICBC announced their 2024 annual equity distribution, with a total cash dividend exceeding 100 billion yuan; China Merchants Bank declared a dividend of 20.0 yuan per 10 shares, totaling 50.44 billion yuan, while ICBC proposed a dividend of 1.65 yuan per 10 shares, amounting to 58.664 billion yuan [3] - Longjiang Securities noted that from a high dividend yield perspective, institutional investors are increasingly allocating to undervalued, high-dividend H-shares of large banks through the southbound stock connect, benefiting from a significant tax exemption on dividends for holdings over one year [3] - The average dividend yield of the five major state-owned banks in A-shares has decreased to 4.0%, with a 240 basis point spread over the 10-year government bond yield, while H-shares offer an average yield of 5.3%, presenting a more attractive investment opportunity [3]

Group 1 - The banking sector has reached a new phase, with significant gains in major banks like Industrial and Commercial Bank of China (ICBC) and others, pushing the China Securities Banking Index to surpass its historical high from November 2007 [1] - The AH Index, which covers both A-shares and H-shares of banks, has outperformed the China Securities Banking Index, with a cumulative increase of 91.04% from the beginning of 2024 to July 10, 2025, compared to 74.89% for the China Securities Banking Index [2] - The upward trend of bank stocks is closely linked to the decline in long-term interest rates, as evidenced by the synchronized rise of ICBC and the 10-year government bond futures since November 2022 [4] Group 2 - There is a strong expectation for further interest rate cuts in the long term, which is seen as a positive factor for the long-term potential of bank stocks [6] - The current period is marked by a significant distribution of annual dividends among banks, with 27 out of 42 A-share listed banks having completed their 2024 dividend distributions by July 9, totaling over 630 billion yuan, an increase of nearly 20 billion yuan from 2023 [7] - The sustainability of dividends has created a competitive advantage for the banking sector, making it a rare asset that can consistently generate free cash flow and maintain stable shareholder returns [7] Group 3 - The Bank AH Preferred ETF (517900) has shown strong performance, with a year-to-date increase of 28% and a significant growth in fund size since June 3, indicating strong investor interest [8] - Over a longer time frame, the Bank AH Preferred ETF has achieved a 52.8% increase in the past year and a 78.76% increase over the past three years, highlighting its robust performance in the market [10]

Core Viewpoint - The banking sector in China has shown significant resilience and potential for growth, with recent performance surpassing major indices like the Nasdaq 100, indicating a shift in investor sentiment towards banking stocks [1][3][4]. Group 1: Banking Sector Performance - The China Banking AH Index and the China Banking Index have outperformed the Nasdaq 100 Index over the past year [1]. - Major banks such as ICBC, ABC, and others have reached new highs, with the Bank AH Preferred ETF (517900) rising by 28.29% year-to-date [3]. - The banking sector's strong momentum suggests a need for investors to reassess the value of banking stocks [4]. Group 2: Historical Context and Challenges - The current banking rally began in early 2024, initially overshadowed by AI-related stocks [5][6]. - Concerns about the banking sector included shrinking interest margins and pressures on income and profits due to economic recovery challenges [7][8]. - In 2023, a 0.1% decrease in interest margins resulted in a profit reduction of approximately 200 billion [8]. Group 3: Industry Transformation - The banking sector has undergone significant reforms, leading to improved risk management and operational efficiency [12][16]. - Non-interest income has become a larger part of banks' revenue, with some banks achieving over 35% from wealth management [11]. - The restructuring of business models has shifted focus from merely earning interest to diversified profit sources [14]. Group 4: Financial Performance and Outlook - In Q1 2024, listed banks reported a total revenue of 1.52 trillion yuan, a 1.3% year-on-year increase, with net profits rising by 0.6% [18]. - Non-interest income surged by 12.6%, indicating a positive trend despite a decline in interest income [18]. - The outlook for 2024 suggests potential profit growth, with optimistic views from some institutions predicting a recovery in net profit growth [19][20]. Group 5: Investment Trends - Institutional investments in banking stocks have increased, with significant net purchases from foreign capital and insurance funds [21][22]. - The Bank AH Preferred ETF has seen substantial inflows, indicating strong market interest in banking stocks [25][26]. - The introduction of policies linking fund manager compensation to performance may drive further investment into the banking sector [24]. Group 6: Future Prospects - The banking sector is expected to benefit from ongoing economic recovery and a favorable investment environment, with high dividend yields attracting investors [28][29]. - Despite low interest rates, the sector's reforms and diversification strategies have enhanced resilience and profitability [28].