（责任编辑：张晓波 ） 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 【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 湘财证券指出，商业银行息差呈现边际趋稳态势，三季度净利息收益率1.42%，持平于上半年，体 现负债端成本下行对息差的缓冲作用，稳息差工作取得成效。非利息收入占比23.24%，较二季度有所 下降，主要受债市波动影响。商业银行资本利润率8.18%，资产利润率0.63%，盈利能力在稳息差背景 下具有持续性。资产质量方面，不良贷款率1.52%，关注类贷款占比2.20%，均较二季度上升0.03个百分 点，但拨备覆盖率207.15%，风险 ...

每日经济新闻 （责任编辑：董萍萍 ） 【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 中信建投表示，2025年前三季度理财规模32.13万亿元，较上半年增加1.46万亿元，同比增长 9.42%，增速提高，规模增长原因是低破净率、居民财富再配置，理财子优化产品结构。三季度从配置 看，资产配置风险偏好降低，流动性为首要考虑因素。三季度理财产品投资规模单季增加1.36万亿，但 现金及银行存款就增加1.27万亿，占比近90%。预计2025年末银行理财规模同比实现10%左右增长，达 到33-34万亿元左右，主要是行业端、居民端、产品端和市场端合力共振。 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，以反映中国金融市场主要企业的整体表现。180金融 指数具有较高的市场代表性和行业配置特征，能够较好地体现金融行业上市公 ...

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]

Core Insights - The banking sector's fundamentals are showing slight improvement with low volatility, and excess returns are expected to revert by November [1] - Key observation points include the peak confirmation of M1 growth and the progress of new quotas for insurance capital [1] - The reduction of 110 billion yuan in "other financial company debts" by the central bank in August suggests that the capital market's activity has reached a policy-consistent level [1] Group 1 - The liquidity indicators such as social financing, M2, and M1 growth are expected to peak in stages, with M1 growth likely confirming its peak by mid-November [1] - There is a rising instability in micro bank liabilities due to trends of deposit short-termization, liquidity, and wealth management, which will increase the endogenous instability of bond market liquidity [1] - Although social financing growth rebounded in September, the peak has already passed in July, and fiscal strength is declining year-on-year [1] Group 2 - Current bank valuations correspond to long-term annualized returns and Sharpe ratios that surpass the overall market, indicating potential allocation value [1] - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from banks, insurance, and securities sectors to reflect the overall performance of listed companies in the financial industry [1] - The 180 Financial Index focuses on large-cap blue-chip style allocation and serves as an important indicator of financial market dynamics [1]

Core Viewpoint - The banking sector's fundamentals are showing slight improvement with low volatility, and excess returns are expected to return no later than November [1] Group 1: Economic Indicators - M1 growth has peaked, and the progress of new quotas for insurance capital is a key observation point [1] - In August, the central bank reduced "other financial company debt" by 110 billion yuan, indicating that the capital market's activity level has reached a policy-consistent level [1] - Social financing, M2, and M1 growth rates are expected to peak in stages, with M1's peak confirmation expected by mid-November [1] Group 2: Market Dynamics - If banks cannot stabilize market sentiment independently, counter-cyclical pressures may spread to other sectors [1] - Structural liquidity migration may lead to high monthly volatility in non-bank deposits [1] Group 3: Banking Sector Liquidity - The trend of short-term, current, and wealth management deposits, combined with self-discipline in interbank deposits, is increasing the instability of micro-bank liabilities [1] - The central bank's control over interbank liquidity is expected to strengthen [1] - Current interest rates have entered a reasonable equilibrium range, with limited upward and downward space [1] Group 4: Financial ETF - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects 180 representative financial industry securities to reflect the overall performance of the Chinese financial market [1] - The index emphasizes balanced industry allocation to capture market dynamics and investment opportunities in the financial sector [1]

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]