Institution: Stable Fundamentals & Continuous Optimization of Asset-Liability Structure, Bank ETF(159887) Rises 0.80% Intraday

NewTimeSpace News: As of 14:16 on January 26, 2026, the CSI 800 Bank Index (H30022) rose 0.55%. Its constituent stocks performed prominently, with Bank of Ningbo surging 4.21%, Bank of Hangzhou climbing 2.42%, China Merchants Bank advancing 1.73%, Agricultural Bank of China rising 1.48%, and Bank of Nanjing gaining 1.26%. The Bank ETF (159887) increased by 0.80%, closing at RMB1.26 intraday. Over a longer period, as of January 23, 2026, the ETF had accumulated a 3.23% gain in the past year. (The stocks listed above are only index constituents and do not constitute specific investment recommendations.)

In terms of liquidity, the ETF achieved an intraday turnover rate of 13.87% with a trading volume of RMB215 million, indicating active market trading. Looking back, as of January 23, its average daily trading volume in the past week reached RMB187 million.

Regarding scale, the ETF’s latest size hit RMB1.54 billion, a new high in nearly a month. (Data source: Wind)

In terms of shares, the ETF’s latest outstanding shares reached 1.234 billion, also a new high in nearly a month. (Data source: Wind)

From the perspective of capital inflows, the ETF has recorded consecutive net capital inflows over the past five days, with a maximum single-day net inflow of RMB71.6474 million. The total "capital absorption" reached RMB185 million, equivalent to an average daily net inflow of RMB36.9816 million. (Data source: Wind)

Data shows that leveraged funds have continued to increase their positions. The ETF’s net financing purchase amount since the start of this month has reached RMB2.1682 million, with the latest financing balance standing at RMB70.4035 million. (Data source: Wind)

As of January 23, 2026, the ETF’s net value has risen by 43.25% over the past two years. In terms of profitability, as of January 23, 2026, since its establishment, the ETF has achieved a maximum monthly return of 13.20%, the longest consecutive monthly gain period of 3 months with a cumulative increase of 17.69%, an average return of 4.17% in rising months, and a 97.13% probability of profit for a 3-year holding period. Its annualized return exceeding the benchmark over the past two years was 5.35% as of January 23, 2026.

As of January 23, 2026, the ETF’s Sharpe ratio over the past two years was 1.09.

In terms of drawdown, the ETF’s maximum drawdown since the start of 2026 was 7.25%, with a relative benchmark drawdown of 0.01%.

Regarding fees, the ETF’s management fee rate is 0.50% and the custodian fee rate is 0.10%.

In terms of tracking accuracy, the ETF’s tracking error in the past six months was 0.049% as of January 23, 2026.

Notably, the CSI 800 Bank Index tracked by the ETF is at a historically low valuation, with a latest price-to-book (PB) ratio of 0.64 times, lower than 97.68% of the time over the past year, highlighting prominent valuation cost-effectiveness.

The Bank ETF closely tracks the CSI 800 Bank Index. To reflect the overall performance of securities of companies in different industries within the CSI 800 Index sample and provide analysis tools for investors, the CSI 800 Index sample is classified into 11 primary industries and 35 secondary industries based on the CSI Industry Classification. Indices are then compiled using all securities included in each primary and secondary industry, forming the CSI 800 Industry Indices.

Data shows that as of December 31, 2025, the top 10 constituent stocks by weight of the CSI 800 Bank Index (H30022) were China Merchants Bank, Industrial Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Shanghai Pudong Development Bank, Bank of Jiangsu, Ping An Bank, Bank of Shanghai, and Minsheng Bank. The combined weight of these top 10 stocks accounted for 67.71%. (The stocks listed above are only index constituents and do not constitute specific investment recommendations.)

CITIC SECURITIES CO.,LTD. Research stated that the central bank’s recent statements imply there is still room for monetary policy easing, and government bond trading will become more flexible. Eight banks have disclosed their 2025 performance bulletins, indicating stable sector fundamentals expectations, with continued recovery in asset quality and profitability indicators. Looking ahead to 2026, it is expected that banks’ asset-liability structures will continue to optimize, net interest margin decline will be in line with expectations, non-performing loan generation in key areas will be marginally stable, and stable fundamentals will consolidate the value bottom line.

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