西部证券表示，"资产荒"背景下，配置银行板块的底层高股息策略仍有一定空间，考虑部分成长板块存 在交易过度拥挤、预期难以在短期内通过基本面验证等因素，大盘结构性行情或延续，继续看好银行股 的长线赚钱效应。 截至2025年12月5日 09:46，银行ETF南方(512700)上涨0.48%，成交1851.21万元。跟踪指数中证银行指 数上涨0.28%，成分股沪农商行上涨1.81%，中信银行上涨1.29%，交通银行上涨0.94%，渝农商行上涨 0.75%，杭州银行上涨0.70%。 银行ETF南方(512700)紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表 现，为投资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二级行业、 90余个三级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部证券作为样本编制指 数，形成中证全指行业指数。指数前十大权重股分别为招商银行、兴业银行、工商银行、农业银行、交 通银行、江苏银行、浦发银行、平安银行、民生银行、上海银行。 Wind数据显示，截至11月26日，42家A股上市银行中已有13家完成中期分红实施，另有13家银行等 ...

格隆汇12月3日｜银行股上涨，张家港行涨超1%，带动银行ETF南方(512700)上涨，自10月以来银行 ETF南方(512700)涨超8%。 消息面上，据悉，当前市场上各家银行大额存单起步门槛基本为20万元。工商银行APP显示，该行正在 发售的2025年第四期3年期个人大额存单，起步门槛标注为"100万起存"，而年利率仅为1.55%。而最新 的工行三年期定存产品的年利率，标注为"年利率最高可至1.55%"，定存的起步门槛仅为50元。 华创证券预计2026年仍是银行板块估值系统性回升的一年，从防御到攻守兼备，基本面回暖和资金驱动 共同发力，2026年银行股的投资逻辑将从单纯的红利防御转向"红利+成长"的双轮驱动。高股息、低估 值的特性依然是银行股的底色，特别是在无风险利率下行的背景下，银行股的类债属性将持续吸引稳健 资金。随着息差企稳、区域信贷需求回升和非息收入增长，部分优质银行将展现出较强的业绩弹性，估 值有望从PB逻辑向PE逻辑切换。 银行ETF南方(512700)紧密跟踪中证银行指数龙头，覆盖国有大行、股份制银行及优质区域银行，成分 股普遍具备低估值(低PB)、高股息率特征，在市场震荡环境中，防御属性突 ...

Core Viewpoint - The A-share market is experiencing fluctuations, with most bank stocks rising, particularly the Bank ETF Southern (512700), which has increased by 0.12% and 3.84% since November [1] Group 1: Market Performance - The recent rise in the banking sector is attributed to year-end investment style changes and mid-term dividends, with the overall mid-term dividend timing being advanced this year, concentrated in December and January [1] - As of November 30, 2025, 13 banks, including Minsheng Bank, Ping An Bank, and Shanghai Bank, have implemented mid-term dividend payouts, with two banks set to implement next week [1] Group 2: Investment Opportunities - The concentration of dividends from the four major banks in December indicates a sustained investment window for the banking sector, which historically performs well from year-end to early next year [1] - The Bank ETF Southern (512700) closely tracks the CSI Bank Index, covering major state-owned banks, joint-stock banks, and quality regional banks, characterized by low valuations (low PB) and high dividend yields, making it suitable for investors seeking stable long-term dividend income [1]

Core Viewpoint - The banking sector is showing strong defensive characteristics amid market adjustments, with expectations of seasonal performance improvements due to high dividends and low valuations [2] Group 1: Market Performance - As of October 23, 2025, the Bank ETF Southern (512700) rose by 1.13%, marking a four-day winning streak with a transaction volume of 33.92 million yuan [1] - The CSI Bank Index increased by 1.18%, with notable gains from Postal Savings Bank (up 4.36%), Industrial Bank (up 1.91%), and Agricultural Bank (up 1.85%) [1] - Over the past five trading days, the Bank ETF Southern (512700) experienced net inflows on four occasions [1] Group 2: Interest Rate Policy - Tianfeng Securities suggests that the likelihood of lowering the Loan Prime Rate (LPR) this year is low, as the primary goal of such a move is to stimulate credit demand, which may not be significant in Q4 [1] - The report indicates that the focus will likely shift towards fiscal subsidies and structural monetary policy tools as a form of "indirect interest rate reduction" [1] - The main challenge for banks in asset-liability management is the pressure of asset reallocation [1] Group 3: Investment Outlook - According to Everbright Securities, the banking sector's defensive attributes are highlighted by rising risk aversion due to renewed trade tensions, making it an attractive investment option [2] - Historical data shows that the banking sector has a 70% and 80% probability of generating absolute returns in November-December and January of the following year, respectively [2] - The upcoming Central Economic Work Conference is expected to reinforce policies aimed at stabilizing growth, further supporting the banking stocks' seasonal performance [2] Group 4: Index Composition - The Bank ETF Southern (512700) closely tracks the CSI Bank Index, which categorizes companies into various industry levels for comprehensive performance analysis [2] - The top ten weighted stocks in the index include China Merchants Bank, Industrial Bank, and Agricultural Bank among others [2]