（原标题：银行股全线上涨，银行ETF、银行ETF基金、银行ETF易方达、银行ETF南方涨超2%） A股三大指数今日涨跌不一，截至收盘，沪指涨0.16%，深证成指跌1.29%，创业板指跌2.17%。全市场 成交额16722亿元，较上日成交额缩量1621亿元，超2800股上涨。 盘面上，银行股全线上涨，上海银行、渝农银行涨超3%。 12月以来，A股上市银行正陆续带来一场"红包雨"——32家上市银行宣布拟实施中期分红（或三季度分 红），数量较2024年多8家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方 案，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。 2022年底至2025上半年，银行板块持续跑出超额收益，红利主线推动价值重估，银行板块PB估值从 2022年低点的0.5倍提升至2025年12月18日的0.7倍。三季度市场风险偏好大幅提升，银行板块明显回 调，四季度市场风格转向+银行中期分红提前落地+机构资金增持，银行板块重新迎来上涨行情。从港 股银行来看，2025年H股银行显著跑赢A股，折溢价率收窄至30%。 配置资金持续流入夯实基本盘，交易资金加速行情演绎 ...

Core Viewpoint - The A-share market has seen a significant rise in bank stocks, with notable increases in major banks such as China Bank and Construction Bank, indicating a positive sentiment towards the banking sector [1][4]. Group 1: Stock Performance - China Bank rose over 5%, Construction Bank over 4%, and Postal Savings Bank over 3%, with several other banks also showing gains of over 2% [1]. - Bank ETFs, including various Southern and E-Fund ETFs, have also experienced upward movement, reflecting the overall positive trend in the banking sector [3]. Group 2: ETF Insights - Bank ETFs track the China Securities Bank Index, with nearly 30% of their holdings in major state-owned banks like Industrial and Agricultural Bank, while about 70% focuses on high-growth banks [3]. - The Bank AH Preferred ETF tracks the Bank AH Index, utilizing a monthly security category conversion strategy based on AH prices [4]. Group 3: Institutional Investment Trends - As of Q3 2025, insurance capital has increased its holdings in the banking sector, with a holding ratio of 27.95% and a market value accounting for 3.99% of circulating A-shares [5]. - Insurance capital has increased its positions in 23 banks, with 10 banks seeing increased holdings, indicating a growing interest in the banking sector [6]. Group 4: Market Dynamics - The A-share market is experiencing a style shift, influenced by factors such as the approaching end-of-year assessments for institutions and the central bank's implementation of a moderately loose monetary policy [4]. - The decline in the proportion of bank holdings among public funds suggests a potential opportunity for reallocation towards undervalued financial stocks [4]. Group 5: Future Outlook - The insurance sector is expected to continue increasing its investment in banks, driven by stable dividends and low valuations, with a focus on high ROE small and medium-sized banks [6]. - The ongoing improvement in net profits for banks and the potential for valuation reconstruction through increased capital inflows are seen as positive indicators for the banking sector's future [6].

格隆汇11月20日｜今日A股板块再度领涨，其中，A股涨超4%，连续第二日创历史新高，市值突破2万亿，涨1%创历史新高，市值超越，重夺第一宝座，银 行ETF基金涨1.85%。自由现金流ETF盘中再现净申购3570万，已连续9日"吸金"，合计净流入14.95亿元。 ①从今日科技板块的冲高回落、持续逆势上涨的走势可见：年末资金资金偏向于追求稳定性以及锁定年度收益。 ②12月美联储降息概率进一步低至3成+AI泡沫论盛行，使得市场风险偏好有所下降。综合国内10月信贷、社零数据趋弱，公共事业、银行和红利板块的关 注度提高。 相关产品，及截至发稿涨跌幅： 【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 ...

Core Insights - The bank ETF fund (515020) continues its upward trend, reaching a record high of 756 million shares and a scale of 1.352 billion yuan as of November 11 [1] - The approval of the first asset investment company (AIC) for joint-stock banks marks their entry into the market-oriented debt-to-equity swap business, previously exclusive to state-owned banks [1] - Debt-to-equity swaps allow banks to convert debt into equity, transforming the creditor-debtor relationship into a shareholding relationship, which can help alleviate non-performing assets [1] Group 1 - The establishment of AICs is expected to increase the number of joint-stock banks entering the debt-to-equity swap market, enhancing the financial landscape [1] - AICs are anticipated to facilitate the flow of funds towards technological innovation and tech-oriented enterprises, improving the efficiency of financial resource allocation [1] - The bank sector is currently at a historical low, highlighting the investment value of bank stocks, as the bank ETF fund tracks the CSI Bank Index with 42 constituent stocks [1]

Core Viewpoint - As of now, 21 listed banks have disclosed their mid-term dividend plans for 2025, with a total proposed dividend amount of 237.54 billion yuan, indicating strong profitability and cash flow within the banking sector, which is expected to boost investor confidence and enhance valuation recovery momentum [1] Group 1: Dividend Distribution - A total of 21 listed banks have announced mid-term dividend plans for 2025, with an overall proposed dividend amount of 237.54 billion yuan [1] - Eight listed banks are initiating mid-term dividends for the first time, with state-owned banks being the main contributors to this trend [1] Group 2: Market Implications - The collective action of banks in announcing dividends sends a strong positive signal about the overall stability and cash flow of the banking industry, which can effectively enhance investor confidence [1] - With a rebalancing of market investment styles, the stable high dividend yield of bank stocks is expected to become more prominent, suggesting a focus on the stable allocation value of state-owned banks and valuation recovery opportunities for joint-stock and regional banks [1] Group 3: Investment Opportunities - The bank ETF fund tracks the CSI Bank Index, which currently includes 42 constituent stocks, comprising the six major banks as well as joint-stock and rural commercial bank stocks [1] - As of November 5, the index has a dividend yield of 3.87% over the past 12 months, positioning banks as a quality long-term investment choice in the current low-interest-rate environment [1]

Core Viewpoint - The banking sector is showing strong performance, with the Wind China Industry Index ranking second and a rise of over 2% in the banking ETF fund tracking the CSI Bank Index [1] Group 1: Market Performance - The CSI Bank Index, tracked by the banking ETF fund, is currently in positive territory [1] - As of November 3, the index has a 12-month dividend yield of 3.94% [1] Group 2: Investment Recommendations - Zhongtai Securities suggests that bank stocks are transitioning from a "pro-cyclical" to a "weak cycle" phase, indicating a positive outlook for the sector's stability and sustainability [1] - Two main investment themes are recommended: 1. Focus on city and rural commercial banks with regional advantages and strong certainty 2. Emphasize high dividend stability, particularly in large banks and joint-stock banks [1]

Core Viewpoint - The A-share banking sector is experiencing a strong performance, with significant gains in various banks, indicating a positive market sentiment towards the banking industry [1] Group 1: Market Performance - On November 4, the A-share banking sector saw notable increases, with Xiamen Bank rising over 5%, and Shanghai Bank, Industrial Bank, and Jiangyin Bank all increasing by more than 2.5% [1] - The total assets of the banking and insurance sectors in mainland China have surpassed 500 trillion yuan, with an average annual growth rate of 9% over the past five years, solidifying China's position as the largest credit market and the second-largest insurance market [1] Group 2: Future Outlook - According to Guotai Junan Securities, the transition period for new financial asset risk classification regulations will end in 2025, leading to more robust provisioning by listed banks, with expectations of a continued decline in credit costs into 2026, supporting stable profit growth [1] - The performance expectations for listed banks in 2026 are stable, with both revenue and net profit attributable to shareholders expected to achieve positive year-on-year growth, and net interest income growth anticipated to outperform that of 2025 [1] Group 3: Investment Strategy - The trend of improving fundamentals in the banking sector is clear, but individual bank performance may show greater differentiation, suggesting a focus on banks with strong earnings certainty [1] - It is recommended to consider index investment tools such as bank ETFs to gain exposure to the banking sector [1]

Core Viewpoint - Bank stocks showed strong performance in early trading, with notable increases in shares of Xiamen Bank, Shanghai Bank, and other major banks, indicating a positive market sentiment towards the banking sector [1]. Group 1: Bank Stock Performance - Xiamen Bank rose over 6%, while Shanghai Bank increased by more than 3%, and other banks such as China Merchants Bank, Industrial Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China saw gains exceeding 2% [1]. - Related bank ETFs also experienced a rise of approximately 2% [1]. Group 2: ETF Performance - Specific bank ETFs showed the following performance: - Tianhong Bank ETF (515290) at 1.503, up 2.04% - Index Fund Bank ETF (516210) at 1.425, up 2.00% - Southern Bank ETF (512700) at 1.691, up 1.87% - E-Fund Bank ETF (516310) at 1.381, up 1.92% - Bank ETF Fund (515020) at 1.776, up 1.89% - Bank ETF (512800) at 0.838, up 1.82% - Leading Bank ETF (512820) at 1.468, up 1.80% - Index Bank ETF (512730) at 1.716, up 1.78% [2]. Group 3: Market Insights - Institutions suggest that in a low interest rate and asset scarcity environment, dividend-paying assets with stable ROE capabilities may remain resilient and attractive, potentially serving as a key option for medium to long-term funds amid increased market volatility [2]. - Following interest rate cuts, the downward space for risk-free interest rates has opened up, and the National Financial Regulatory Administration is promoting the entry of insurance funds into the market, highlighting the dividend value of state-owned banks [2].

Core Insights - A-shares experienced volatility while the Hong Kong banking sector saw an increase, with bank ETFs rising by 2% and Hong Kong Stock Connect financial ETFs up by 1.3% [1] Financial Performance - Listed banks reported a 0.9% year-on-year increase in revenue and a 1.5% rise in net profit attributable to shareholders for the first three quarters, with core revenue and net interest income growth showing marginal improvement [2] - The decline in interest margins has narrowed, and asset quality remains stable, indicating steady profit growth [2] Dividend Announcements - Several banks, including Industrial Bank, Zhangjiagang Bank, and Wuxi Bank, announced mid-term dividend plans, marking the first implementation of such dividends for these institutions [3] Regulatory and Market Insights - The Deputy Director of the Financial Regulatory Bureau, Zhou Liang, noted that Chinese banks account for 143 out of the global top 1,000 banks, with Hong Kong banks holding a significant share of the asset scale among foreign banks in mainland China [3] - Guotai Junan Securities emphasized the importance of dividend assets as the year-end approaches, predicting increased demand for dividend asset allocation from insurance funds, especially in a low-interest-rate environment [3] Investment Products - The Hong Kong Stock Connect financial ETF (513190) has a high concentration in banks (64%) and includes major banks and insurance leaders, showing a 1.3% increase [4] - The bank ETF fund (515020) provides exposure to major state-owned and joint-stock banks, achieving a 2.01% rise, effectively diversifying risks associated with individual bank stocks [4]

Core Viewpoint - The recent escalation of China-U.S. trade tensions has heightened market risk aversion, increasing the attractiveness of the banking sector due to its defensive characteristics [1] Group 1: Market Trends - In the second quarter of this year, the banking sector experienced a significant upward trend amid increasing external uncertainties, demonstrating structural allocation advantages [1] - The current trading environment for technology growth sectors is crowded, leading some funds to shift towards undervalued, high-dividend sectors, supporting bank stocks through a "high to low" rotation [1] Group 2: Historical Performance - A review of the past ten years indicates that the banking sector has a 70% probability of generating absolute returns from November to January, with an 80% success rate, ranking it among the top industries [1] - The banking sector is entering a seasonal "tailwind" period, suggesting favorable conditions for investment [1] Group 3: Investment Strategy - The current fluctuations in the China Securities Bank Index tracked by bank ETFs present potential opportunities for investment during dips [1]