（文章来源：每日经济新闻） 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 长江证券表示，银行股调整主要受市场风险偏好上升影响，而基本面保持稳定。主流银行将继续保持业 绩稳定增长，银行股估值性价比有所提升。关注可转债银行股的强赎交易机会。基本面方面，按揭贷款 资产质量压力上升，但整体风险可控；个人经营贷款不良率仍面临上升压力。预计今年净息差将小幅下 降，但利息净收入增速有望转正。 金融ETF（510230）跟踪的是180金融指数（000018），该指数从金融行业中选取涉及银行、保险、证 券等业务的上市公司证券作为指数样本，以反映金融相关上市公司证券的整体表现。180金融指数侧重 于大中型金融企业，具有较高的市场覆盖率和流动性，能够较为全面地体现金融市场的整体走势。 1月13日，金融ETF（510230）盘中飘红， ...

中邮证券指出，宏观经济温和复苏为2026年银行业奠定基础。财政政策积极前置与货币政策适度宽 松将带动信贷增量，科技创新与产业升级成为核心主线，推动银行向高附加值领域转型。净息差有望筑 底企稳，预计进一步收窄空间在5BP以内，2026年或成为息差底部；手续费收入在居民财富管理结构调 整中有望以量补价实现回升。资产质量整体稳健，对公条线不良率维持低位，零售条线仍处风险暴露 期，拨备覆盖率企稳趋势将确认。区域经济活力差异成为城农商行分化的核心变量，经济发达区域银行 凭借产业协同优势更具弹性。险资对高股息资产需求上升，经营稳健的国有大行吸引力凸显。 每日经济新闻 （责任编辑：张晓波 ） 【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 金融ETF（510230）跟踪的是180金融指数（000018），该指数从金融行业中选取涉及银行、保 险、证券等业务的上市公司证券作为指数样本，以反映金融相关上市公司证券的整体表现。 ...

华创证券指出，股份制银行在稳定红利资产中年关股息率达5.9%，领先于农商行（4.9%）和城商行 （4.7%）。银行股的高股息、低估值特性在无风险利率下行背景下持续凸显类债属性，吸引稳健资金 配置。随着息差企稳、区域信贷需求回升及非息收入增长，部分优质银行有望展现业绩弹性，估值逻辑 或从PB向PE切换。当前行业现金流比例保持稳定，全A非金融25Q1-Q3现金流比例维持在24%-26%，接 近2021年峰值水平，反映企业从扩张转向审慎经营下的现金流积累趋势。但部分红利资产股息率因牛市 估值扩张和现金流收缩承压，需关注优质银行的盈利修复潜力。 金融ETF（510230）跟踪的是180金融指数（000018），该指数从金融行业中选取银行、保险、证券等 子行业的代表性上市公司证券作为指数样本，以反映金融行业内优质上市公司证券的整体表现。成分股 具有较高的市场影响力和良好的流动性。 （文章来源：每日经济新闻） ...

Group 1 - The banking industry is entering a new phase dominated by patient capital, with long-term funds represented by insurance capital, bank shareholders, executives, and asset management companies becoming the main pricing force [1] - By 2026, the banking sector is expected to achieve a balance in volume and price, with an improved competitive landscape under the "anti-involution" policy, making net interest margin a key revenue factor [1] - Initial signals of a bottoming out in net interest margin are emerging, with asset pricing expected to stabilize and the effect of deposit rate reductions on the liability side to be concentrated in 2026, leading to an "L-shaped" bottoming trend in net interest margin [1] Group 2 - The credit structure is continuously optimizing, with the new credit scale in 2026 expected to be flat or slightly lower than in 2025, while the growth rate of social financing and credit will continue to show a "scissors gap" [1] - The middle-income business is experiencing a mild recovery, with financial investment business becoming an important profit source for small and medium-sized banks [1] - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects listed companies involved in banking, insurance, and securities to reflect the overall performance of the financial industry [1]

Group 1 - The core viewpoint indicates that commercial banks are experiencing a marginal stabilization in net interest margins, with a net interest yield of 1.42% in Q3, unchanged from the first half of the year, reflecting the effectiveness of measures taken to stabilize interest margins [1] - Non-interest income accounted for 23.24%, showing a decline from Q2, primarily due to fluctuations in the bond market [1] - The capital return rate for commercial banks is 8.18%, and the asset return rate is 0.63%, indicating sustained profitability under the backdrop of stable interest margins [1] Group 2 - Asset quality shows a slight increase in non-performing loan ratio to 1.52% and a 2.20% share of special mention loans, both up by 0.03 percentage points from Q2, but the provision coverage ratio stands at 207.15%, indicating strong risk resistance capability [1] - With ongoing loan repricing pressure, the reduction in funding costs and regulatory guidance on pricing rationality are expected to continue alleviating margin pressures [1] - Although there are still asset quality pressures in the small and micro-enterprise sector, overall risks remain controllable due to the promotion of localized debt [1] Group 3 - High dividend yields from bank stocks are attracting capital inflows, suggesting a potential recovery in valuations [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the banking, insurance, and securities sub-industries to reflect the overall performance of large and liquid financial enterprises in the Chinese market [1]

Group 1 - The core viewpoint of the article indicates that by the third quarter of 2025, the scale of wealth management products is expected to reach 32.13 trillion yuan, an increase of 1.46 trillion yuan from the first half of the year, representing a year-on-year growth of 9.42% with an improved growth rate [1] - The growth in wealth management scale is attributed to low net asset value ratios, reallocation of household wealth, and optimization of product structures by wealth management subsidiaries [1] - In the third quarter, the investment scale of wealth management products increased by 1.36 trillion yuan, with cash and bank deposits accounting for nearly 90% of the increase, which reflects a lower risk appetite for asset allocation and a primary focus on liquidity [1] Group 2 - It is projected that by the end of 2025, the scale of bank wealth management will achieve a year-on-year growth of around 10%, reaching approximately 33-34 trillion yuan, driven by a synergistic effect from the industry, households, products, and market [1] - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative listed companies from banking, insurance, and securities sectors to reflect the overall performance of major enterprises in the Chinese financial market [1] - The 180 Financial Index is characterized by high market representativeness and industry allocation features, effectively reflecting the overall trend of listed securities in the financial industry [1]

Core Viewpoint - The banking sector's performance in Q3 remains resilient, with overall fundamentals stable and core revenue (interest + non-interest income) improving better than expected, leading to slightly better-than-expected revenue and profit growth. The trend suggests that revenue growth for the banking sector will improve next year [1] Group 1: Banking Sector Performance - Q3 banking performance shows resilience with stable fundamentals [1] - Core revenue improvement is better than expectations, contributing to revenue and profit growth [1] - Projected revenue growth for the banking sector is expected to improve next year [1] Group 2: Financial ETF and Index - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative listed companies from banking, insurance, and securities sectors [1] - The 180 Financial Index has high market representativeness and industry allocation characteristics, effectively reflecting the overall performance of listed companies in the financial sector [1]

Core Insights - Financial ETFs (510230) have seen a net inflow of over 120 million yuan for five consecutive days, indicating strong investor interest in the financial sector [1] - The banking industry showed robust performance in the Q3 2025 reports, with a positive growth rate exceeding 94.5% based on market capitalization and over 80% based on the number of institutions, significantly outperforming most primary industries [1] - Revenue growth in the banking sector is differentiated, with city commercial banks outperforming state-owned banks, followed by rural commercial banks and joint-stock banks, all of which reported positive growth [1] - The return on equity (ROE) for banks has shown marginal improvement, driven by an increase in net profit margin, contributing significantly to the overall performance growth of A-shares [1] Financial ETF Overview - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative listed companies from banking, insurance, and securities sectors to reflect the overall performance of major enterprises in the Chinese financial market [1] - The 180 Financial Index is characterized by high market representativeness and industry allocation features, effectively capturing the overall trends of listed financial companies [1]

Group 1 - The banking industry showed robust performance in the Q3 2025 report, with revenue growth rate exceeding 80% under market capitalization weighting, and over 80% of companies reporting positive earnings growth [1] - City commercial banks exhibited better revenue growth elasticity compared to state-owned banks and joint-stock banks, although joint-stock banks experienced a marginal decline in revenue growth rates across specific sectors [1] - The overall Return on Equity (ROE) for the banking sector has rebounded, with large financial stocks significantly contributing to the overall earnings growth of A-shares [1] Group 2 - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative listed companies from banking, insurance, and securities sectors to reflect the overall performance of major enterprises in the Chinese financial market [1] - The 180 Financial Index is characterized by high market representativeness and industry allocation features, effectively reflecting the overall trends of listed financial companies [1]

Core Viewpoint - The banking sector has shown weak performance since the third quarter, but after a phase of adjustment, the characteristics of "high dividend and low valuation" have re-emerged, indicating a potential reallocation opportunity for bank stocks [1] Summary by Relevant Categories Market Performance - The banking sector's valuation is supported by several positive factors, suggesting that it may experience a reallocation opportunity [1] - The resilience of the banking sector's fundamentals is strong, with third-quarter performance expected to slightly exceed that of the first half of the year, providing stable support for annual performance [1] Financial Index - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from banks, insurance, and securities companies to reflect the overall performance of the financial industry [1] - The 180 Financial Index focuses on large-cap blue-chip style allocation and serves as an important indicator for measuring financial market dynamics [1]