Core Viewpoint - The banking ETF leader (512820) is experiencing a decline, but there is a notable trend of capital inflow during dips, with over 100 million yuan raised in the last trading day [1][5]. Group 1: Market Performance - As of June 30, 2025, the banking ETF leader (512820) fell by 0.66%, with the latest price at 1.498 yuan [1]. - The underlying index, the CSI Bank Index (399986), decreased by 0.39%, with mixed performance among constituent stocks [3]. - Notable gainers include Shanghai Pudong Development Bank (600000) up by 2.58%, and Industrial and Commercial Bank of China (601398) up by 1.33% [3]. Group 2: Financing and Investment Trends - There has been a strong entry of leveraged funds into the banking ETF leader, with net purchases for three consecutive days, peaking at 557.50 thousand yuan in a single day, leading to a record financing balance of 21.88 million yuan [2]. - Institutional investors are expected to increase their allocation to bank stocks, with a significant rise in the scale of passive funds and a steady increase in active fund holdings [5]. Group 3: Dividend Distribution - As of June 27, 2024, 26 banks have implemented cash dividend distributions, totaling 427.38 billion yuan, indicating a strong commitment to shareholder returns [5]. - Among 42 A-share listed banks, 39 have announced cash dividends exceeding the previous year, with an overall increase of 18.6 billion yuan in dividend payouts [5].

4月28日，银行ETF龙头（512820）爆量收涨0.81%，收盘价创历史新高。成交额达2.11亿元，环比激增 5倍以上！ 大盘全天弱势震荡，节前资金观望情绪浓郁，银行等高股息资产走强。建设银行、工商银行、江苏银 行、成都银行盘中价再创出历史新高！ 消息面上，高层会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度 宽松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层"三保"底线。适时降 准降息，保持流动性充裕，加力支持实体经济。 华宝证券认为，会议重在落实已有政策，暂未出台明显增量政策，市场对消费、地产等领域的博弈或阶 段性降温，叠加长假临近，市场风险偏好或不高。行业方面，重点关注高股息（银行、公用事业）的防 御性板块。（来源于华宝证券20250427《2025年4月政治局会议解读：落实"先手"政策，充实"后手"储 备》） 在全球贸易格局不确定性犹存背景下，盈利稳健，具备高股息特征的银行板块延续强势，银行ETF龙头 (512820)配置价值突出： 【资金重新锚定价值中枢，兼具高股息和顺周期特征的银行板块值得关注】 光大证券指出，4月上市公司财报集中披露，资金需要重 ...