截至2025年11月21日 10:06，中证银行指数(399986)上涨0.12%，银行ETF易方达(516310)上涨0.14%，冲 击3连涨，成交4956.31万元。 拉长时间看，截至11月20日，银行ETF易方达(516310)近3月规模增长8.55亿元，近3月份额增长6.18亿 份，实现显著增长。 银行板块近期在市场调整中展现出较强的护盘作用。德邦证券指出，当前市场整体情绪偏低，叠加LPR 维持不变导致宽松预期受限，A股呈现高开低走格局，但银行作为低估值金融股具备防御配置价值，成 为权重护盘的重要力量。伴随多地稳楼市政策持续出台及财政发力改善企业现金流，银行板块的稳健属 性进一步凸显，在市场震荡期间或更受资金青睐。 广发证券分析认为，10月金融数据显示M1增速大幅回落，主要由于存款非银化趋势加剧，资本市场表 现较好带动存款"搬家"速度快于活期化速度。居民和企业存款合计减少2.43万亿元，而非银存款增加 1.85万亿元，显示资金更多流向权益市场。尽管短期财政力度有所回落，但随着后续5000亿元中央财政 资金下达地方，财政支出有望再度扩张，叠加跨境资金回流，M1与M2预计将继续保持相对高位，对银 行间流动 ...

Core Insights - The banking sector is experiencing significant growth, with the China Securities Banking Index rising by 1.57% and the E Fund Bank ETF increasing by 1.47% as of September 23, 2025 [1] - The E Fund Bank ETF has seen a substantial increase in scale, growing by 52.03 million yuan over the past week, reaching a new high of 1.64 billion shares [1] - Continuous net inflow of funds into the E Fund Bank ETF over the past 11 days totals 195 million yuan, indicating strong investor interest [1] Group 1 - The People's Bank of China reported major achievements in the financial sector during the 14th Five-Year Plan, with total banking assets reaching nearly 470 trillion yuan, ranking first globally as of June this year [1] - According to Cinda Securities, the banking sector's performance in Q2 2025 shows strong operational resilience, with improved earnings stability expectations [2] - The increase in provisioning by banks in Q2 2025 reflects a cautious outlook on asset quality, necessitating ongoing monitoring of asset quality trends [2] Group 2 - The current dividend yield of the banking sector remains attractive, supported by regulatory encouragement for insurance funds to increase market participation [2] - The adjustment of the central bank's 14-day reverse repurchase operations is expected to benefit large banks more than smaller ones, enhancing liquidity management precision [2] - Positive factors for the banking sector's fundamentals are accumulating, with expectations for mid-term performance improvement and potential turning points [2]