金融ETF（510230）跟踪的是180金融指数（000018），该指数从市场中选取具有代表性的180只金融行 业证券作为指数样本，涵盖银行、保险、证券等子行业，以反映中国金融市场整体表现。该指数注重行 业均衡配置，旨在捕捉金融领域的市场动态与投资机会。 招商证券指出，银行板块基本面处于低波动略有改善状态，预计超额收益回归不会晚于十一月。M1增 速见顶确认和险资增量资金新额度进度是关键观察点。8月央行对"其他金融性公司债权"减少1100亿 元，可能表明资本市场活跃度已达政策合意水平，若银行无法单独稳市场情绪，逆周期压力或扩散至其 他板块。社融、M2、M1增速等总量流动性指标将陆续阶段性见顶，M1见顶最晚（11月中旬确认）， 总量流动性需保持谨慎，但结构性流动性迁徙可能导致非银行存款单月高波动。银行间债市流动性方 面，存款短期化、活期化、理财化趋势叠加同业存款自律影响，微观银行负债不稳定程度上升，央行对 银行间流动性掌控力将进一步提高。当前利率已进入合理均衡区间，上下空间有限。 （文章来源：每日经济新闻） ...

Core Viewpoint - The financial ETF (510230) has seen a rise of over 0.5%, supported by mid-term dividend announcements from banks, which are aiding in the valuation recovery of the sector [1] Group 1: Dividend Announcements - Changsha Bank announced a dividend of 0.20 CNY per share (before tax), totaling 804 million CNY in payouts [1] - Shanghai Rural Commercial Bank declared a dividend of 0.241 CNY per share (before tax), with total distributions amounting to 2.324 billion CNY [1] - By September 19, 2025, four banks, including Minsheng Bank, Jiangsu Rural Bank, Changsha Bank, and Shanghai Rural Commercial Bank, have released specific mid-term dividend plans [1] Group 2: Market Impact - The gradual rollout of mid-term dividends by listed banks is expected to attract more financial investments from funds that prioritize dividends, thereby driving the recovery of the banking sector's valuations [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial sector, including banks, insurance, and securities, to reflect the overall performance of listed companies in the financial industry [1] - The 180 Financial Index is characterized by high industry concentration and style allocation, effectively representing market trends in the financial sector [1]

Group 1 - The core viewpoint indicates that listed banks are expected to see revenue and net profit growth of +1.0% and +0.8% year-on-year in H1 2025, with growth rates decreasing by 2.8 percentage points and 2.0 percentage points compared to Q1 2025 [1] - Key areas of focus include: (1) acceleration in non-credit supported scale expansion; (2) overall stability in credit issuance with strong resilience in quality regional banks; (3) recovery in deposits from a low base, with attention to the phenomenon of deposit migration; (4) narrowing decline in interest margins leading to a recovery in net interest income; (5) improvement in the growth rate of non-interest income and high growth in investment income; (6) ongoing risk clearance in retail [1] - The recent volatility in the banking sector is attributed to the market's increased risk appetite driven by the profitability of technology growth stocks, with expectations that quality regional banks may continue to show growth potential and high-dividend Hong Kong-listed banks may still hold investment value [1] Group 2 - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial industry in the A-share market, covering sub-industries such as banking, insurance, and securities, to reflect the overall performance of listed companies in the financial sector [1] - The 180 Financial Index exhibits high industry concentration and style configuration characteristics, effectively reflecting the market trends of the financial sector [1] - Investors without stock accounts may consider the Guotai CSI 180 Financial ETF Connect C (014994) and Guotai CSI 180 Financial ETF Connect A (020021) [1]

Core Viewpoint - The financial ETF (510230) has risen over 1.3% in the afternoon, driven by the valuation recovery in the banking sector, which has attracted market attention [1]. Group 1: Banking Sector Analysis - Since October 2022, the banking sector has undergone nearly four years of adjustment, resulting in valuations at historical lows and dividend yields at high levels. Policy support has compressed risk premiums, facilitating the valuation recovery of bank stocks [1]. - The logic for bank stock price increases is expected to shift from being driven by dividend yields to being driven by Return on Equity (ROE) by 2025, with banks showing marginal improvements in ROE performing better [1]. - During the economic boom from 2005 to 2007, joint-stock banks led the market, and they again outperformed during the economic recovery phase from 2012 to 2013. Currently, state-owned banks are leading the recovery, with high dividend strategies gradually spreading to smaller banks, supported by passive funds and insurance capital providing incremental funds to the sector [1]. Group 2: Financial ETF Overview - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial industry in the A-share market, covering sub-industries such as banking, insurance, and securities to reflect the overall performance of listed companies in the financial sector [1]. - The 180 Financial Index exhibits high industry concentration and style allocation characteristics, effectively reflecting the market trends of the financial sector [1]. - Investors without stock accounts may consider the Guotai CSI 180 Financial ETF Connect C (014994) and Guotai CSI 180 Financial ETF Connect A (020021) [1].

Group 1 - The banking sector's short-term adjustments do not alter the long-term positive outlook, with incremental capital inflows driving valuation recovery [1] - The banking sector's price-to-book (PB) ratio has increased from 0.66 to 0.73 since the beginning of the year, indicating further recovery potential towards a PB of 1 [1] - The high dividend yield of 4.47% as of July 18 ranks second among 35 Wind secondary industries, while the PB ratio remains at 0.73 [1] Group 2 - There is a clear expectation of marginal improvement in fundamentals, with net interest margins stabilizing due to easing credit supply-demand conflicts and a gradual decline in loan rates [1] - Non-interest income is continuously improving, driven by a recovery in wealth management and a narrowing decline in middle-income, benefiting from the recovery in the bond market [1] - Asset quality pressure is alleviating, contributing to the overall positive outlook for the banking sector [1] Group 3 - In a low-interest-rate environment, the high dividend and quasi-fixed income attributes of banks are particularly attractive, suggesting that the valuation recovery driven by capital flows is likely to continue [2] - The 180 Financial Index, which tracks representative securities in the financial sector, reflects the overall performance of listed companies in banking, insurance, and securities [2] - Investors without stock accounts can consider the Guotai CSI 180 Financial ETF Connect C and A for exposure to the financial sector [2]

Group 1 - The banking industry's net profit growth is slowing down, indicating increased operational pressure within the sector [1] - In 2024, the total operating income of listed banks is expected to grow by only 0.1% year-on-year, with a projected decline of 1.7% in the first quarter of 2025 [1] - Traditional credit demand has contracted, leading to a decrease in asset growth across different types of banks, while net interest margins continue to narrow [1] Group 2 - Shareholding banks and city commercial banks have a higher proportion of trading portfolios (FVPL), which remain active [1] - Rural commercial banks are increasing their bond investments to address "asset shortages" and credit risk pressures [1] - The contribution of financial market lines to bank revenues is increasing, with the average pre-tax profit from this segment expected to exceed 20% in 2024 [1] Group 3 - Following the implementation of new capital regulations, the risk weight of bank fund investments is likely to increase, with interest rate bond funds being less affected compared to credit bond funds [1] - Passive index bond funds may become a new trend for bank allocations due to their transparent underlying assets and capital measurement [1] Group 4 - The financial ETF (code: 510230) tracks the 180 Financial Index (code: 000018), which includes 180 stocks from the financial sector with large market capitalization and good liquidity [1] - Investors without stock accounts can consider the Guotai SSE 180 Financial ETF Connect A (020021) and Connect C (014994) [1]

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, providing approximately 1 trillion yuan in long-term liquidity to the market, and a 0.1 percentage point decrease in policy interest rates [1] - The financial ETF (510230) tracks the 180 Financial Index, which includes 180 large-cap, liquid stocks from the financial sector, reflecting the overall performance of the financial industry in the A-share market [1] Group 2 - Banks are expected to increase dividend rates in 2024 due to favorable policies and a decline in risk appetite amid macroeconomic uncertainties, highlighting the high dividend advantage of the banking sector [2] - The insurance sector is anticipated to see quality growth in liabilities and stable performance in assets, with listed insurance companies showing overall stable performance in Q1, maintaining growth and structural adjustments [2] - The brokerage sector has experienced a valuation correction due to a decrease in global risk appetite, but the performance of brokerages in Q1 was strong, indicating improved value for investment [2]