On March 10, by 10:00 AM, the banking sector quickly turned positive during intraday trading. Among constituent stocks, China Merchants Bank led with a gain of 0.88%, followed by China Minsheng Bank rising 0.77% and Industrial Bank advancing 0.66%. In terms of popular ETFs, the HuaBao Fund Banking ETF (512800) saw its on-market price turn positive, with trading volume reaching 1.72 billion yuan.
Kaiyuan Securities pointed out that the mismatch between deposit and loan growth rates in early 2026 has driven large banks to increase bond allocations beyond seasonal patterns. The deposit-loan growth gap for major banks accelerated to 3.3% in January, rising above 1% for the first time in recent years. The gap for small and medium-sized banks remained stable, edging up 1.1 percentage points to 4.4% in January. Overall, the banking sector exhibited a "strong deposits, weak loans" characteristic. The recovery in the deposit-loan growth gap is expected to support sustained high growth in bond investments by large banks.
The institution noted that several listed banks have pre-announced positive 2025 earnings, with stabilizing revenue and profit growth, gradually bottoming net interest margins, and improving asset quality, collectively providing fundamental support. Simultaneously, as growth-style investments cool, capital has begun flowing back into the banking sector, which offers lower valuations and greater certainty.
Riding the trend with both offensive and defensive strengths! Investors optimistic about the banking sector's value can consider the Banking ETF (512800) and its feeder funds (Class A: 240019; Class C: 006697). The Banking ETF (512800) passively tracks the CSI Bank Index, which includes 42 listed banks in the A-share market. Nearly 30% of its holdings are allocated to large state-owned banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of Communications, capturing opportunities in the "high dividend" theme. Approximately 70% of its holdings focus on joint-stock banks, city commercial banks, and rural commercial banks with high growth potential, such as China Merchants Bank, Industrial Bank, and Bank of Jiangsu, making it an efficient tool for tracking the overall performance of the banking sector.
Data source: Shanghai and Shenzhen stock exchanges.
Risk warning: The Banking ETF passively tracks the CSI Bank Index, which has a base date of December 31, 2004, and was launched on July 15, 2013. The index's constituent stocks are adjusted according to its rules. The mention of index constituents is for illustrative purposes only and does not constitute investment advice or represent the holdings or trading activities of any fund managed by the fund manager. The fund manager assesses this fund's risk level as R3-medium risk, suitable for balanced (C3) and above investors. Any information provided is for reference only, and investors are responsible for their own investment decisions. The views, analyses, and forecasts presented do not constitute investment advice, and no liability is accepted for direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future results, and the performance of other funds managed by the fund manager does not ensure this fund's performance. Invest with caution.
MACD golden cross signals have formed, and these stocks are performing well.