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1. Review of the Securities Market

According to data from Tonghuashun, on July 23 (hereinafter referred to as yesterday), the Shanghai Composite Index fell 1.65% on the day, closing at 2915.37 points, with a high of 2960.5 points; the Shenzhen Component Index fell 2.97% on the day, closing at 8606.58 points, with a high of 8862.94 points; the ChiNext Index fell 3.04% on the day, closing at 1671.44 points, with a high of 1722.08 points.

II. ETF Market Performance 1. Overall Market Performance of Stock ETFs

The median return rate of stock ETFs yesterday was -2.78%. According to different classifications, among the scale index, GF SSE 50 ETF had the highest return rate, -1.44%; among the industry index, CSI Bank ETF had the highest return rate, 0.91%; among the strategy index, Fuguo CSI Central Enterprise Dividend ETF had the highest return rate, 0.0%; among the style index, CMB CSI Bank AH Price Preferred ETF had the highest return rate, 0.81%; among the theme index, Huitianfu CSI Oil and Gas Resources ETF had the highest return rate, -0.35%.

2. Stock ETF price increase and decrease ranking

The three ETFs with the highest stock ETF gains yesterday and their yields were:CSI Bank ETF (0.91%), E Fund CSI Bank ETF (0.91%), Southern CSI Bank ETF (0.9%)The top 10 stocks with the highest growth rates are listed in the table below:

The three ETFs with the largest declines yesterday and their yields were: Southern SSE STAR Market Chip ETF (-5.12%), Harvest SSE STAR Market Chip ETF (-5.11%), and Huaan SSE STAR Market Chip ETF (-5.08%). See the table below for details of the top 10 declines:

3. ETF fund flows

The three ETFs with the largest inflows of funds yesterday and their inflow amounts were: Huaxia SSE 50 ETF (inflow of 157 million yuan), Wan CSI Dividend ETF (inflow of 126 million yuan), and Tianhong CSI Bank ETF (inflow of 99 million yuan). Details of the top 10 inflows are shown in the table below:

The three ETFs with the largest outflows of stock ETFs yesterday and their inflows were: Huatai-PineBridge CSI 300 ETF (outflow of 2.952 billion yuan), E Fund CSI 300 ETF Initiator (outflow of 2.895 billion yuan), and Hua Xia SSE STAR Market 50 Component ETF (outflow of 2.569 billion yuan). Details of the top 10 outflows are shown in the table below:

3. Institutional Views Huafu Securities: Looking ahead, the banking sector needs to test the effects of previous policies and future fundamental trends

Huafu SecuritiesIt is believed that there are three driving factors for the performance of the banking sector this year. First, the logic of stock selection based on dividend yield has spread within the sector, and the high dividend strategy has spread from state-owned banks to small and medium-sized banks. Second, the relaxation of real estate policies. Third, the market's expectation that the downward slope of bank net interest margins will slow down and that fundamentals will bottom out. Looking ahead, the banking sector needs to test the effects of previous policies and the trend of future fundamentals.

Ping An Securities: Continue to be optimistic about the performance of the banking sector throughout the year

Ping An SecuritiesWe believe that asset shortages should prioritize dividends, and at the same time pay attention to the catalysis of policy effects on high-quality small and medium-sized banks. We continue to be optimistic about the performance of the banking sector throughout the year. Against the backdrop of asset shortages, banks still have value in allocating fixed-income assets.