招商证券最新研报表示，随着公募改革方案逐步落地，业绩比较基准的约束作用将逐渐强化，而银行股 是基金业绩基准中的主要组成部分，预计未来将进一步得到主动基金的增持。银行中期行情结束的其中 一个标志就是公募基金将银行配置提高到8%-10%左右的合意比例，目前银行股的欠配程度从不同口径 来看均在5%-7%左右，仍相对较高，因此银行的中期行情预计仍未结束。 据了解，该ETF跟踪标的指数银行AH优选指数，依托中证银行指数升级版，每月筛选AH折价银行股动 态调仓，历史年化收益较传统指数增强2%。市场分析指出，债券利息增值税新政催化高股息资产配置 需求，叠加银行板块0.7倍破净估值、4% 以上股息率优势，长期配置价值凸显。场外投资者可借助联接 基金（A类：016572；C类：016573）介入。 ...

Core Viewpoint - The banking sector experienced a significant drop of nearly 3% on Friday, leading the market decline, despite the AH Preferred Bank ETF (517900) achieving a year-to-date gain of 23.17%, making it the only bank ETF to surpass 20% this year [1] Group 1: Market Performance - The bank sector has seen a cumulative increase of 106% since the bull market began in November 2022, indicating a strong upward trend over the past two and a half years [1] - The recent technical correction is viewed as normal following a period of accelerated growth, compounded by the "month-end effect" due to tightening liquidity [1] Group 2: Investment Trends - Insurance companies are reportedly reallocating their investments, with China Life Insurance revealing that its high-dividend asset allocation has reached 30% in equity investments, while the overall allocation in the insurance industry remains low at 12%, leaving approximately 6 trillion yuan available for investment [1] - In 19 instances of stock purchases this year, 9 targeted bank stocks, highlighting the continued appeal of bank shares amid an asset scarcity environment [1] Group 3: ETF Insights - The AH Preferred Bank ETF (517900) is based on the "Bank AH" index, which had a dividend yield of 6.51% as of the end of May, employing a rotation strategy to select undervalued stocks [1] - Investors can access this ETF through linked funds (Class A: 016572; Class C: 016573) for market participation [1]

结合交易拥挤度指标和银行股市场表现，该机构认为反映出： 1）银行股的存量持仓明显惜售，得益于板块依然是估值最便宜的一级行业，且上涨逻辑越来越清晰。 目前市场逐步认可银行业的基本面重大风险底线确立，同时资金面的红利高股息/被动基金扩容/主动基 金欠配等逻辑轮番推动上涨。 来源：金融界 6月23日，银行股走强。截至14时51分，唯一跨AH两市的银行AH优选ETF(517900)放量大涨，一度涨 1.39%，年内第16次历史新高；成交额约5900万，创近3年新高。截至6月20日，该基金获资金连续13日 净流入。基金年内规模增长320.80%，迭创历史新高。 3）5 月以来看好公募基金加仓银行股，核心变化在于个股的边际定价弹性与过去两年不同，股息率不 再是唯一定价因素，业绩增速、治理优势、区域经济、长期逻辑等成为重要定价因子。这将推动基本面 优质的头部城商行持续拔高估值。 长江证券表示，二季度以来银行股持续上涨，一批个股连续创新高，但板块的交易拥挤度指标并未达到 近两年的高点位置。 据中证指数公司，银行AH优选ETF(517900)标的指数"银行AH"截至5月末股息率为6.51%，该指数在AH 市场进行轮动策略，优选 ...

Group 1 - The banking sector is experiencing a strong performance, with the AH Preferred ETF (517900) seeing a net inflow of over 260 million since the beginning of the year, marking a 275.96% growth in scale, reaching a historical high [1] - Insurance capital has significantly increased its holdings in bank stocks, with a total of 27.821 billion shares valued at 265.78 billion yuan as of the end of Q1, and 7 out of the top 10 heavy stocks being bank stocks [1] - The banking industry currently has the lowest price-to-book ratio among major sectors, with most banks trading below a price-to-book ratio of 1 and an average price-to-earnings ratio of around 7 [1] Group 2 - The AH Preferred ETF (517900) has a dividend yield of 6.51% as of the end of May, reflecting a strategy of selecting undervalued stocks in the AH market [2] - The ETF has seen a cumulative increase of over 47% in the past year and an annualized return of over 14% since its inception [2] - The latest net value of the ETF is 1.5627, with a recent performance showing a weekly increase of 1.35% and a monthly increase of 5.80% [3]

Group 1 - The banking sector has shown strength recently, with stocks like China CITIC Bank and Chengdu Bank reaching historical highs. The AH Preferred ETF (517900) has seen continuous net inflows for seven weeks, totaling approximately 230 million since the beginning of the year, leading to a year-to-date growth of 238.69% in scale [1] - The banking sector's return on equity (ROE) remains above 10%, indicating a strong performance compared to other industries, despite a marginal decline in overall operating performance in Q1 due to macroeconomic conditions and market volatility [1] - The outlook for the banking sector remains positive, with expectations of a moderate recovery in credit issuance driven by policies aimed at expanding domestic demand, and a favorable environment for net interest margins due to reduced pressure on banks' funding costs [1] Group 2 - The name of the fund "Bank ETF Preferred" will change to "Bank AH Preferred ETF" starting June 16, 2025. The fund's index, "Bank AH," had a dividend yield of 6.51% as of the end of May, reflecting a strategy of selecting undervalued stocks in the AH market [2] - The fund has shown significant performance metrics, with a one-year increase of 47.16% and an annualized return of 14.49% since inception [3]

Group 1 - The banking sector has shown strong performance recently, with the only cross-AH bank ETF (517900) rising by 0.59% and accumulating an 18.27% increase year-to-date [1] - The ETF has seen active trading with a turnover rate of 14.54% and a trading volume of approximately 40 million, which is nearly a 100% increase compared to the previous day [1] - As of June 10, the fund has experienced a continuous net inflow of funds for five days, totaling around 57 million, with both scale and shares reaching historical highs [1] Group 2 - According to Huatai Securities, the performance of AH banks is expected to stabilize in 2025, with a decline in deposit rates alleviating pressure on interest margins [1] - The first quarter of 2025 is anticipated to be the low point for AH bank performance, with gradual recovery expected thereafter due to the impact of repricing and bond market fluctuations [1] - CITIC Securities highlights that the long-term investment logic in the banking sector is supported by an increase in insurance fund equity asset allocation and the high-quality development of public funds [2] Group 3 - The core logic for bank stock investment in 2025 is the revaluation of net assets, driven by macro policies aimed at reducing systemic risks in the banking sector [2] - The dividend yield for the "Bank AH" index was reported at 6.51% as of the end of May, reflecting a rotation strategy in the AH market that favors undervalued stocks [2] - Investors can access the banking sector through connection funds (Class A: 016572; Class C: 016573) [2]