Institution: Fiscal-monetary coordination to expand domestic demand favours banking sector; Hwabao WP CSI Banks ETF (512800) up 1.04% in early trade

NewTimeSpace News, as of 10:57 on 27 January 2026, the Bank ETF (512800) has added 1.04% to 0.78 yuan. (The stocks cited are index constituents only and do not constitute any recommendation.)

Liquidity: intraday turnover is 4.31% with 498 million yuan traded; the average daily turnover over the past year is 856 million yuan, the highest in the peer group.

Size: the ETF's asset base has grown 37.62 million yuan over the past week, the second-largest increase among nine comparable funds. (Source: Wind)

Shares: outstanding units have increased 413 million over the past week, the largest increase among nine peer funds. (Source: Wind)

Net inflows: the fund has recorded five consecutive days of inflows, the largest single-day amount being 141 million yuan, totalling 461 million yuan or an average 92.30 million yuan per day. (Source: Wind)

Margin: month-to-date net margin purchases are 5.82 million yuan, bringing the outstanding margin balance to 630 million yuan. (Source: Wind)

Performance: net value has risen 28.32% over the past five years. Since inception the best monthly return is 13.22%, the longest winning streak is four consecutive months with a cumulative 20.65% gain, the up-/down-month ratio is 52/49, the average return in up months is 4.23% and the three-year holding-profit probability is 79.05%. Annualised out-performance versus the benchmark over the past two years is 5.42%.

Risk metrics: two-year Sharpe ratio is 1.10 as of 23 January 2026; year-to-date maximum draw-down is 7.04% versus 0.01% for the benchmark.

Fees: management fee 0.50%, custody fee 0.10%.

Tracking: seven-year tracking error is 0.098%, among the lowest in the category. The ETF replicates the CSI Bank Index.

Valuation: the underlying index's latest price-to-book ratio is 0.65×, lower than 94.98% of readings over the past year—an historical low.

Galaxy Securities notes that coordinated fiscal and financial policies to expand domestic demand are positive for banks. The rollover of high-rate time deposits in 2026 will accelerate liability-cost optimisation, improving net interest margin visibility. In a low-rate environment, the sector's high-dividend, low-valuation profile attracts long-term capital, accelerating valuation re-rating.

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