--- title: "Value style prevails! The bank ETF Tianhong (515290) underlying index rises against the trend, with valuations below nearly 70% of historical periods" type: "News" locale: "en" url: "https://longbridge.com/en/news/279711035.md" description: "The Tianhong CSI Bank ETF (515290) saw its underlying index rise against the trend, with an increase of 0.3% and a transaction volume of 16.1459 million yuan. This ETF closely tracks the CSI Bank Index, which has increased by 0.95% over the past year. The current price-to-book ratio is 0.672 times, which is lower than nearly 70% of historical periods, indicating a high margin of safety and allocation value. The banking sector is influenced by multiple factors, with market risk aversion rising, residents shifting savings to wealth management products, and policy levels releasing stability signals, with fiscal policy supporting bank credit issuance" datetime: "2026-03-19T02:48:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279711035.md) - [en](https://longbridge.com/en/news/279711035.md) - [zh-HK](https://longbridge.com/zh-HK/news/279711035.md) --- # Value style prevails! The bank ETF Tianhong (515290) underlying index rises against the trend, with valuations below nearly 70% of historical periods On the market, both stock exchanges opened lower and fluctuated, with the banking sector rising. In terms of related ETFs, the Bank ETF Tianhong (515290) saw its benchmark index rise 0.3% during the day, with a transaction volume of 16.1459 million yuan; the turnover rate reached 0.32%. Among the constituent stocks, Xiamen Bank, Industrial and Commercial Bank of China, and China Construction Bank all rose. The Bank ETF Tianhong (515290) closely tracks the CSI Bank Index, which has increased by 0.95% over the past year. Its industry allocation mainly includes joint-stock commercial banks II (42.1%), large state-owned banks II (26.1%), and city commercial banks II (25.84%). The top five constituent stocks are China Merchants Bank, Industrial Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of Communications. This ETF is also equipped with two off-exchange connection funds (Class A: 001594; Class C: 001595). The current price-to-book ratio of the CSI Bank Index is only 0.672 times, with a valuation at the historical 30.99% percentile level, indicating that the current valuation is below nearly 70% of historical periods. The banking industry currently presents a high safety margin, highlighting its allocation value. In addition, the Dividend Low Volatility ETF Tianhong (159549) closely tracks the Dividend Low Volatility 100 Index, which has increased by 5.89% over the past year. Its industry allocation mainly includes banking (20.21%), pharmaceuticals and biotechnology (11.12%), and utilities (9.58%). The top five constituent stocks are Jizhong Energy, China Resources Jiangzhong, Daqin Railway, Shuanghui Development, and Supor. This ETF is also equipped with three off-exchange connection funds (Class A: 008114; Class C: 008115; Class Y: 022980). On the news front, the performance of the banking sector today was influenced by multiple public information sources. According to Jiemian News, the ongoing geopolitical conflicts in the Middle East have heightened market risk aversion, driving funds towards defensive assets. Meanwhile, data from the NetEase News client shows that by the end of 2025, the scale of bank wealth management will exceed 33 trillion yuan, continuing the trend of residents shifting savings towards wealth management products. Additionally, a recent meeting of the Financial Regulatory Bureau emphasized balancing risk prevention with promoting high-quality development, releasing stable signals at the policy level. According to Tonghuashun Finance, fiscal policies have clearly arranged for ultra-long-term special treasury bonds and special funds of hundreds of billions to promote domestic demand, forming a synergy with monetary policy to provide clear support for bank credit issuance. Galaxy Securities believes that the banking industry's performance elasticity is expected in 2026, with deposit repricing being key to improving interest margins. The probability of interest margin improvement in the first quarter is high, and wealth management distribution is expected to boost performance, with overall asset quality risks being controllable. The low valuation and high dividend attributes continue to attract long-term funds, and under the positive policy guidance, the allocation value of the sector is highlighted. 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