The six major banks see increases in both revenue and net profit; Bank of China rises by more than 4%. The $100 billion bank ETF Huabao (512800) rises by more than 1% against the trend. Institutions: Increase low-volatility defensive positions.

On March 31, A-share market performance was sluggish. By the mid-session close, the Shanghai Composite Index fell 0.38%, while the ChiNext Board Index was down more than 2%. Banks strengthened against the trend: Bank of China rose more than 4%; Agricultural Bank of China rose more than 3%; Huaxia Bank, Pudong Development Bank, and Ningbo Bank rose more than 2%; Qingdao Bank, China Construction Bank, Postal Savings Bank of China, and more than 10 other stocks rose more than 1%. The Huabao (512800) hundred-billion bank ETF saw its intraday price rise by more than 1%.

Since March, sudden Middle East and geopolitical risks have emerged, and investors have increased trading based on pessimistic narratives. Market funds have quickly shifted toward low-volatility assets for risk hedging, and the banking sector has repeatedly delivered strong performances against the trend.

Guosheng Securities said that looking at the present, geopolitical uncertainties still remain. Although pessimistic scenarios such as an economic downturn are still tail risks, repeated expectations changes are an important trigger for amplifying short-term volatility. Appropriately reducing position size or increasing the allocation of low-volatility defensive positions remains an important way to respond to volatility amplification, and it is still important to prioritize banks with relatively more certainty in their profit models and dividend returns.

As of now, the 2025 report cards for Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, as well as Postal Savings Bank, have all been released. All six major banks have achieved double-digit growth in both operating revenue and net profit, totaling about 1.42 trillion yuan in net profit. Core operating indicators at multiple banks have improved quarter by quarter.

Galaxy Securities said that although there has been a pullback in the banking sector recently, the near-term demand for risk hedging is a positive factor for the sector’s allocation value. The subsequent repair is expected to come more from improvements in fundamentals, and profit-growth elasticity in 2026 is expected to be released further. In an environment of low interest rates and accelerating inflows of medium- to long-term funds, the “high-dividend and low-valuation” bonus attributes of the banking sector still have sustained appeal for long-term capital such as insurance funds, accelerating the reconstruction of valuation pricing.

The Bank ETF (512800) and its linked fund (Class A: 240019; Class C: 006697) passively track the CSI Bank Index. The constituent stocks include 42 listed banks in the A-share market. It is an efficient investment tool for tracking the overall market performance of the banking sector. The latest size of the Bank ETF (512800) exceeds 12 billion yuan. Since 2025, average daily trading value has exceeded 800 million yuan. Among the 10 A-share banking-sector ETFs, it has the largest scale and the best liquidity!

Data source: Shanghai and Shenzhen exchanges, etc.

ETF fee-related notes: When investors apply for subscription or redeem fund shares, the subscription/redemption agent institutions may charge a commission according to a standard not exceeding 0.5%, which includes relevant fees charged by the securities exchange, registration institutions, and so on. Linked fund fee-related notes: The subscription fee rate (front-loaded) for the Huabao CSI Bank ETF linked fund (Class A) is 1,000 yuan per lot when the subscription amount is 2 million yuan (inclusive) or above; 0.6% when it is between 1 million yuan (inclusive) and 2 million yuan; and 1% when it is below 1 million yuan. The redemption fee rate is 1.5% for holding periods below 7 days; 0.5% for holding periods from 7 days (inclusive) to 180 days; 0.25% for holding periods from 180 days (inclusive) to 1 year; and 0% for holding periods of 1 year (inclusive) or above. No sales service fee is charged. The Huabao CSI Bank ETF linked fund (Class C) does not charge a subscription fee; the redemption fee rate is 1.5% for holding periods below 7 days and 0% for holding periods of 7 days (inclusive) or above; the sales service fee is 0.4%.

Risk warning: The Bank ETF passively tracks the CSI Bank Index. The index base date is 2004.12.31, and it was released on 2013.7.15. The composition of the index constituents is adjusted from time to time according to the index compilation rules. Past performance does not indicate future performance. The constituent stocks of the index mentioned in this article are only for display. Descriptions of individual stocks do not constitute any form of investment advice, and do not represent the portfolio information and trading trends of any funds under the management company. The fund manager has assessed the risk level of this fund as R3—medium risk—suitable for investors who are balanced (C3) or above. Any information appearing in this article (including, but not limited to, individual stocks, commentary, forecasts, charts, indicators, theories, and any form of statements) is only for reference. Investors must be responsible for any investment actions decided independently. In addition, any opinions, analyses, and forecasts in this article do not constitute any form of investment advice to the readers, nor do they bear any responsibility for any direct or indirect losses arising from the use of the content of this article. Investing in funds involves risk. A fund’s past performance does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund’s performance. Investors should be cautious when investing in funds.

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