Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights that the pharmaceutical sector is showing resilience, with a focus on capturing opportunities from companies that can deliver on their growth potential. The report suggests that investors should continue to allocate to pharmaceutical bottom assets as fund holdings have returned to a low level [3][10] - The report indicates that the A-share funds' top ten holdings in the pharmaceutical sector account for 9.15%, a decrease of 1.93 percentage points from the previous period. Excluding pharmaceutical funds, the allocation drops to 3.43%, down 1.39 percentage points [3][10] - The report emphasizes the strong performance of certain pharmaceutical companies, particularly in innovative drugs and upstream life sciences, with notable profit growth forecasts for companies like Zhaoyan New Drug and Kangchen Pharmaceutical [3][10] Summary by Sections Market Dynamics - The pharmaceutical sector has outperformed the broader market, with a return of 6.66% compared to the CSI 300's 1.57% since the beginning of 2026, indicating a 5.10 percentage point advantage [14] - Recent performance shows a mixed trend, with pharmaceutical commercial, traditional Chinese medicine, and medical devices showing positive growth, while chemical pharmaceuticals and medical services have declined [10][14] Valuation Metrics - The current valuation of the pharmaceutical sector is at 23.3 times PE based on 2026 earnings forecasts, which is a premium of 11.3% compared to the overall A-share market (excluding financials) at approximately 21.0 times PE [17] - Using the TTM valuation method, the pharmaceutical sector is valued at 30.3 times PE, which is below its historical average of 34.9 times PE, indicating a relative premium of 11.2% over the broader market [17] Recommended Stocks - Key recommended stocks include WuXi Biologics, Sangfor Technologies, Tigermed, and others, with an average increase of 13.41% in January, outperforming the pharmaceutical sector by 6.74 percentage points [26][27] - The report notes that the top ten pharmaceutical stocks held by public funds include companies like Hengrui Medicine and WuXi AppTec, with a strong preference for innovative drugs and leading players in niche markets [3][10]

Group 1: Core Insights - The report highlights the performance of the enhanced strategy for the CSI 300 index, which achieved an excess return of 3.90% this week [1][4][18] - The "Davis Double" strategy has shown a historical annualized return of 26.45% during the backtest period from 2010 to 2017, outperforming the benchmark by 21.08% [4][9] - The "Net Profit Discontinuity" strategy focuses on stocks that show significant upward price gaps following earnings announcements, indicating market approval of earnings reports [10][11] Group 2: Davis Double Strategy - The Davis Double strategy involves buying stocks with low price-to-earnings (PE) ratios that have growth potential, aiming to sell once growth is realized and PE increases, thus achieving a "double hit" effect on earnings per share (EPS) and PE [4][7] - The strategy has generated a cumulative absolute return of 8.47% this year, with an excess return of -6.60% compared to the CSI 500 index [4][9][11] - Historical performance shows that in each of the seven complete years during the backtest, the strategy's excess returns exceeded 11%, demonstrating strong stability [4][9] Group 3: Net Profit Discontinuity Strategy - The Net Profit Discontinuity strategy combines fundamental and technical analysis to select stocks that exceed earnings expectations, focusing on those that show significant price jumps on the first trading day after earnings announcements [10][11] - This strategy has achieved an annualized return of 29.98% since 2010, with an annualized excess return of 25.89% [10][11] - The strategy's performance this year includes a cumulative absolute return of 9.53%, with an excess return of -5.54% against the benchmark [10][11] Group 4: Enhanced CSI 300 Strategy - The Enhanced CSI 300 strategy is constructed based on investor preferences, including GARP (Growth at a Reasonable Price), growth, and value investing styles [13][18] - The strategy has shown a relative excess return of 7.08% against the CSI 300 index this year, with a weekly excess return of 3.90% [18] - Historical backtesting indicates stable excess returns for the Enhanced CSI 300 strategy, reinforcing its effectiveness [18]

Report Industry Investment Rating - No information provided in the report Core Viewpoints of the Report - This week, the performance of broad - based indexes was differentiated. The science and technology sector generally rose, with more declines on Monday and Tuesday and most sectors rising with heavy trading volume from Wednesday to Friday. The main line of science and technology is more focused and clear, and it is the sector where the consensus of funds on the liability side is concentrated and the best elastic offensive variety [4][11]. - Although broad - based ETFs continued to have net outflows this week, industry ETFs were in a net - buying state. The science and technology sector still had substantial net buying, and the inflow of funds into the non - ferrous sector was significant [5]. - The margin trading and short - selling transaction volume decreased significantly, and the margin trading and short - selling balance first decreased and then increased. The demand for hedging reflected by stock index futures weakened after Wednesday [6][9]. - Foreign capital actively participated as a right - side force in the New Year's opening market, and its participation degree even exceeded that of margin trading and short - selling. It has become a more active incremental force in the short - term market [10]. Summary by Relevant Catalogs A - share Market - **Index Performance**: This week, the performance of broad - based indexes was differentiated. The CSI 300 fell by 0.6%, while the Shanghai and Shenzhen indexes rose by 0.8% and 1.1% respectively. The CSI 500 and the micro - cap index performed well, rising by 4.3% and 5.2% respectively. The performance of technology stocks was also differentiated, with the ChiNext Index falling by 0.3%, the STAR 50 rising by 2.6%, and the CSI 1000 rising by 2.9% [14]. - **Trading Volume**: The trading volume of broad - based indexes decreased significantly. The average daily trading volume decreased from 3.5 trillion to 2.8 trillion. Specifically, the trading volume of the entire A - share market decreased from over 3 trillion from Monday to Thursday to about 2.7 trillion, and rebounded to over 3 trillion on Friday [19]. A - share Industry - **Industry Performance**: This week, the top five rising industries were building materials (8.82%), basic chemicals (6.76%), steel (5.78%), petroleum and petrochemicals (5.76%), and non - ferrous metals (4.92%). The top five falling industries were banks (- 4.07%), media (- 2.96%), communications (- 2.77%), non - bank finance (- 2.57%), and computers (- 2.52%) [26]. - **Science and Technology Sub - sectors**: Since 2026, areas such as storage, semiconductors, and HBM have had relatively large excess returns compared to the Wind All - A Index. The excess returns of commercial aerospace and optical modules, which performed well in December, have declined or even turned negative. This week, the science and technology sector generally rose, with more declines on Monday and Tuesday and most sectors rising with heavy trading volume from Wednesday to Friday [28][32]. ETF Funds - **Broad - based ETFs**: Index ETF funds continued to have large - scale net outflows, with large - cap index ETFs having more outflows. The average daily net outflow of the CSI 300 ETF was over 14 billion, the average daily net outflow of the SSE 50 ETF was 7.3 billion, and the average daily net outflow of the CSI 1000 ETF was 6.2 billion. The SSE Composite Index ETF had a slight net inflow [37]. - **Industry ETFs**: Although broad - based ETFs still had net outflows this week, industry ETFs were in a net - buying state. The non - ferrous sector had a significant pulsed inflow of funds, and the science and technology sector still had substantial net buying. Science and technology sub - sectors represented by software and satellites continued to rank high in terms of net inflow [44]. Leveraged Funds - **Margin Trading and Short - Selling Transaction Volume and Balance**: After the implementation of the new margin trading and short - selling regulations on January 19, the proportion of margin trading and short - selling transactions decreased from 11.2% to 9.9%. The margin trading and short - selling balance first decreased and then increased, with the average balance this week being about 2.72 trillion, slightly higher than last week's 2.70 trillion [49]. - **Broad - based Index Margin Trading and Short - Selling**: From Monday to Tuesday this week, except for the SSE 50 and the STAR 50, the leveraged funds of most broad - based index components had net outflows; from Wednesday to Thursday, the leveraged funds of the CSI 300, SSE Composite Index, SSE 50, and CSI 1000 index components turned into net inflows. Overall, the net inflow of index margin trading and short - selling this week was less than that of last week [54]. - **Industry Margin Trading and Short - Selling**: On Monday and Tuesday this week, most industries de - leveraged, while on Wednesday and Thursday, most industries re - leveraged. Non - bank finance, communications, transportation, and comprehensive industries had relatively large increases in the proportion of margin trading net buying to trading volume [59]. - **Stock Market Value and Margin Trading and Short - Selling**: This week, stocks of all market - value gradients added leverage, with stocks with a market value of over 500 billion adding leverage to a greater extent [61]. - **Popular Stocks and Margin Trading and Short - Selling**: Popular stocks in electronics, power equipment, national defense and military industry, and non - ferrous metals mostly added leverage, while popular stocks in the media mostly de - leveraged. The proportion of leveraged funds in the trading volume of the top 35 popular stocks decreased this week [64][68]. Quantitative Funds - **Quantitative Index Enhancement Excess Returns**: Since January, the excess returns of the CSI 500 and CSI 1000 quantitative index enhancement have fallen to negative values, with the medians being - 1.14% and - 0.07% respectively [72]. - **Stock Index Futures Basis**: This week, the basis of stock index futures declined compared to last week but still remained at a relatively high level. From Wednesday to Friday, the basis of near - month stock index futures turned into a premium, indicating a weakening of hedging demand after Wednesday [78]. Main Funds - **Broad - based Index Main Funds**: The main funds of the CSI 300, ChiNext, and STAR Market continued to have net outflows this week, but the outflow slowed down significantly compared to last week. The CSI 300 had a large - scale net outflow from Monday to Tuesday and then turned into a net inflow on Wednesday and Thursday [83]. - **Industry Main Funds**: This week, the main funds flowed out of most industries, with the largest outflows in electronics, followed by computers, communications, and power equipment. The outflows were relatively large on Monday and Tuesday. The main funds flowed into banks, building materials, and coal [91]. North - bound Funds - **Participation Degree**: Foreign capital actively participated as a right - side force in the New Year's opening market, and its participation degree even exceeded that of margin trading and short - selling. The trading volume proportion of north - bound funds increased from 11.0% before the New Year's Day to 11.8%, an increase of 0.8 percentage points, while the proportion of margin trading and short - selling only increased from 10.6% to 11.0%, an increase of 0.4 percentage points [93]. - **Trading Volume and Proportion**: This week, the total trading volume of north - bound funds decreased, with the average daily trading volume decreasing from 401.1 billion to 338.5 billion, and the proportion of A - share trading volume increasing from 11.61% to 12.10%. Since late December, the trading activity of north - bound funds has significantly rebounded [102].

Report Industry Investment Rating - The industry rating is "Overweight", expecting a gain of more than 10% relative to the benchmark index in the next 6 - 12 months [19] Core Viewpoints of the Report - Since the beginning of 2026, the A - share market style has changed from unilateral upward movement to high - frequency rotation. It is better to hold the core main line firmly than to chase the market in high - frequency rotation. The AI industry chain remains the market consensus, and the current market cooling is a "slope adjustment" rather than a "trend end" [3] - The acceleration of industry rotation is a benign spread of funds from "point" to "surface". The market is seeking a pricing balance between technology and prosperous industries [3] - The net inflow of industry ETFs has increased, showing a configuration pattern of "cycles as shields and technology as spears". It is recommended to adopt a "dumbbell - shaped" configuration strategy [3] Summary by Directory Market Focus Always on the Main Line, AI Industry Chain Remains the Consensus - From the perspective of trading volume proportion, industries such as electronics, computers, and national defense and military industry have always been at the core of the market. Even with short - term disturbances, the electronics sector's trading volume proportion remains at a high level of 17% - 20%, and that of national defense and military industry has gradually recovered, indicating strong capital stickiness [3][8] - The current market cooling is a "slope adjustment" rather than a "trend end". The high concentration of the chip structure proves that the AI industry chain is an investment main line with in - depth consensus, and high activity provides strong resilience and upward elasticity [3][8] Liquidity Spillover, the Advantage of "Technology + Prosperity" Portfolio Highlights - As the market enters the adjustment period, liquidity begins to spread from high - consensus varieties to prosperous industries with catch - up logic. When the technology main line adjusts, funds flow to industries such as chemicals, non - ferrous metals, and banks [10] - This shows that it is not the ebb of the main line but the natural spread of liquidity from "point" to "surface". The market is seeking a pricing balance between technology and prosperous industries [11] - Since the beginning of the year, some sectors have shown high weekly and year - to - date excess returns. The strategy of holding the AI bottom position and combining bull - market varieties has a higher winning rate than blind rotation [12] ETF Fund Flows: Driven by the Resilience of Prosperity and Technology - Although the broad - based ETFs are still experiencing net outflows (the weekly outflow of CSI 300ETF is 724.2 billion yuan), the industry ETFs are in a state of net buying, with a cumulative net inflow of 78.82 billion yuan [13] - There has been a significant pulsed inflow of funds into the non - ferrous sector without siphoning other sectors. The technology sector also has a large net inflow, especially software and satellite sub - industries, showing a configuration pattern of "cycles as shields and technology as spears" [14] It's Better to Be Part of the Wind Than to Chase It - The main line of this bull market is clear, with technology being the best offensive variety. It is recommended to adopt a "dumbbell - shaped" configuration and hold firmly [3][17] - One end of the "dumbbell" is the technology main line, including storage, equipment, advanced packaging, AI applications, commercial aerospace, and robots. The other end is the prosperous cyclical sectors such as non - ferrous metals and chemicals, and also pay attention to stable sectors like home appliances and transportation [3][17]

Investment Rating - Maintain "Buy" rating for the industry [6] Core Viewpoints - The commercial aerospace sector is experiencing strong momentum, with short-term fluctuations providing investment opportunities. The industry is expected to enter a period of explosive growth over the next two years, driven by technological advancements and increasing demand for launch services, satellite networking, and space computing [9][30] - The domestic large aircraft industry is expected to see a dual increase in delivery and localization rates, with key milestones in certification and international cooperation becoming critical in 2026 [15][34] Summary by Sections 1. Policy Developments - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries, including aerospace, and the establishment of a dedicated regulatory body for commercial aerospace [10][28] - New measures have been introduced to promote the development and utilization of satellite remote sensing data, encouraging mergers and acquisitions in the satellite data industry [10][28] 2. Technological Advancements - The successful maiden flight of the "Zhuque-3" rocket and the Long March 12 rocket marks significant progress in China's launch capabilities, with the latter achieving its mission of placing 19 low-orbit satellites into orbit [11][29][50] - The CJ-1000A engine is nearing certification, with expectations for small-scale production to begin soon [18][36] 3. Market Dynamics - The commercial aerospace sector is projected to grow significantly, with the integration of artificial intelligence and space computing driving demand for satellite manufacturing and launch services [12][32] - The upcoming Beijing International Commercial Aerospace Exhibition is expected to generate substantial procurement demand, showcasing advancements across the aerospace industry [13][32] 4. Key Companies to Watch - In the missile and military electronics sector, companies such as Hongyuan Electronics, Torch Electronics, and Huada Electronics are highlighted [24][37] - For aircraft manufacturing, focus on domestic large aircraft manufacturers like AVIC Xi'an Aircraft Industry Group and Guanglian Aviation [38][39] 5. International Competition - The global competition for space resources is intensifying, with significant developments from both China and the U.S. in satellite constellations and launch capabilities [14][33]

政策持续放松，二手房环比回暖 ——20260116 房地产行业周报 房地产 证券研究报告/行业定期报告 2026 年 01 月 25 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：由子沛 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523020005 | | 保利发展 | 6.71 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 6.6 | 16.0 | 14.6 | 13.2 | 12.4 | 买入 | | Email：youzp@zts.com.cn | | 招商 ...

A-Share Market Insights - The A-share market saw an overall increase, with the CSI 500 and CSI 2000 leading gains at 4.34% and 4.04% respectively, while the Shanghai Composite Index rose by 0.84% and the Shenzhen Component Index by 1.11%[6] - Small-cap value and mid-cap value indices performed well, increasing by 4.43% and 4.36% respectively, while the average daily trading volume was 2.8 trillion yuan, down 19.22% week-on-week[6] - The People's Bank of China announced a 0.25 percentage point cut in relending and rediscount rates effective January 19, 2026, injecting liquidity and lowering financing costs, boosting investor confidence[6] - The first batch of 936 billion yuan in special long-term bonds for equipment upgrades has been allocated, supporting total investments exceeding 460 billion yuan, which is expected to enhance the manufacturing and emerging industries[6] Market Outlook - Despite high market activity, indications of "cooling" suggest a potential for short-term fluctuations, with sectors that have seen significant gains likely facing correction pressures[7] - Industries with improved performance and policy support, such as electricity and equipment upgrades, are expected to continue to outperform[7] Hong Kong Market Insights - The Hong Kong market experienced a downward trend, with the Hang Seng Index falling by 0.36%, the Hang Seng Tech Index by 0.42%, and the Hang Seng China Enterprises Index by 0.65%[8] - The materials, energy, and conglomerates sectors recorded gains of 4.1%, 2.85%, and 2.32% respectively, while the information technology and healthcare sectors faced declines of 2.84% and 2.56%[8] - The market's weakness was influenced by cautious reactions to U.S. tech stocks and profit-taking pressures, alongside geopolitical risks impacting sentiment[8] Future Expectations - The Hong Kong market is expected to experience structural growth supported by expectations of U.S. interest rate cuts and a recovery in A-share sentiment, with AI demand driving tech sector performance[9] - A barbell strategy is recommended for investors, focusing on high-dividend assets to hedge against market volatility while also targeting growth-oriented tech and new consumption sectors[9] Risk Considerations - Risks include potential tightening of global liquidity beyond expectations, increased complexity in market dynamics, and unpredictable policy changes[10]

1. Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% in the industry index relative to the benchmark index over the next 6 - 12 months [25] 2. Core View of the Report - The bond market is currently in a technical buying window. Based on refined observation, trading opportunities can be grasped through the repair of term spreads and short - covering in bond - type portfolio strategies. When the trading price approaches the key point, further breakthrough requires an increase in trading volume, and attention should also be paid to changes in equity sentiment and institutional liability ends [1][21] 3. Summary by Relevant Catalogs 3.1 Bond Market May Be in a Technical Buying Window - This week, the bond market showed a recovery. As of January 23, the yields of 10Y and 30Y treasury bonds decreased by 1.26BP and 1.65BP respectively compared to last Friday. The 30Y treasury bond yield showed a greater decline on Wednesday and Friday, which was a supplementary repair lagging behind the 10Y treasury bond yield [1][5] - There may be technical trading opportunities: 1) "Short - sellers are exhausted", and there is a valuation repair due to short - covering of ultra - long treasury bonds. For example, on Tuesday (1/20), the borrowing concentration of 25 Te Guo 06 reached a record high of 31.92%, and after 25 Te Guo 02's borrowing concentration rose to a recent high, it declined on Wednesday, with securities firms leading the short - covering, driving the valuation of two 30 - year treasury bond active bonds to repair by over 2BP [7] - The "short local bonds" strategy based on supply concerns has increased recently. For example, the borrowing volume of 30 - year local bonds such as 25 Henan Bond 111 has significantly increased, and securities firms have contributed the main increase [9] - In terms of institutional behavior, large banks had a net purchase guidance for long - term bonds last week. From January 12 - 16, large banks had a cumulative net purchase of about 65 billion yuan of 7 - 10Y interest - rate bonds, and continued to increase their holdings this week, with a total net purchase of over 120 billion yuan in two weeks [11] - The duration of pure - bond funds has dropped to a low level, and there is a repair of the duration strategy space this week. On January 15, the duration of pure - bond funds dropped to the 12% historical quantile level since last year and showed a rebound near the 75% quantile (2.76 years) in the past five years [11] - The recent change in bond market trading strategies is that the bond - type portfolio strategy of "short local bonds + long treasury bonds" has replaced the term spread strategy of "short 30 - year + long 10 - year". The 30 - year treasury bond short - selling strategy is already crowded, and there is not a strong logic for further short - selling in the short term [14] 3.2 Possible "Flaws" in Local Bond Borrowing - It is uncertain whether shorting local bonds can become a common strategy in the bond market. Currently, the participation ranking is securities firms > small and medium - sized banks > large banks. Due to the lower liquidity, smaller single - bond scale, and more frequent bond - swapping operations of local bonds compared to treasury bonds, the trading is more difficult [15] - Some one - sided short positions in local bonds may lead to losses when the entire bond market rises. For example, during this week's bond market recovery, the yield of Shandong bonds decreased, although the decline of 26 Shandong 02 (5BP) was less than that of 2602 (9BP) [15] - The short - term ultra - long bond underwriting capacity is acceptable, and the supply concern at the beginning of the year may be overestimated. The issuance of ultra - long local bonds this week was stable, and the underwriting capacity mainly comes from banks with sufficient underwriting quotas at the beginning of the year and insurance companies as the current interest rate of local bonds (2.4% - 2.5%) has reached their acceptable allocation point [17] 3.3 China's Bond Market Supply - Demand Issue May Not Be Isolated - The current price repair may not mean an increase in trading volume. The bond market supply - demand contradiction remains unresolved in the medium term. In the short term, it is difficult to see a reduction in the supply of ultra - long bonds or an adjustment in the term structure. The supply of ultra - long bonds in Q1 is expected to be about 2.4 trillion yuan, not significantly less than last year [18] - If the primary issuance remains unchanged, banks may face greater pressure in underwriting. Insurance companies may find it more cost - effective to purchase ultra - long bonds from the secondary market. The incremental funds from insurance companies for ultra - long bond allocation may be insufficient [19] - The supply - demand issue has been discussed for a long time, and the bond market has taken a long time to digest it. The yield of Japanese and US bonds has also significantly adjusted this week, indicating that the supply - demand contradiction may not be a problem unique to China [21] 3.4 Specific Strategies - In the short term, attention can be paid to the change in the borrowing concentration of active bonds. The risk of one - sided shorting of local bonds is relatively high. A strategy combination can be made by combining the short - covering repair of 30 - year treasury bonds, and opportunities for the repair of term spreads that have moved quickly in the early stage can be grasped. Small - position trading can be used to maintain a competitive state. This week, funds significantly increased their holdings of Tier 2 and perpetual bonds, and short - term Tier 2 and perpetual bonds may benefit from the establishment of various fixed - income + strategies [22] - For the TL contract, the price has support at 111.5 - 112.0 yuan and a first - level pressure zone at around 112.8 yuan. If the bullish sentiment breaks through the resistance level, the next repair target may be 113.55 yuan. According to the modified duration of 25 Te Guo 06, the lower limit of the corresponding valuation yield of the 30 - year treasury bond active bond may be 2.20%. If the term spread narrows to 40BP, the lower limit of the 10 - year treasury bond yield may be around 1.80% [2][22]

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][5] Core Views - The company is focusing on optimizing its asset structure by divesting non-core businesses, specifically the landscaping subsidiary, to enhance its core mineral water operations [3] - The mineral water business is expected to see significant growth, with projected sales increasing by 33.84% to 1.5034 million tons by 2025 [3] - The divestiture of non-core assets is anticipated to improve the overall financial health of the company and allow for more resources to be allocated to the mineral water segment [3] Financial Forecasts - Revenue projections for the company are as follows: 1,198 million yuan in 2024, 1,274 million yuan in 2025, 1,450 million yuan in 2026, and 1,722 million yuan in 2027, reflecting growth rates of 7%, 6%, 14%, and 19% respectively [2][4] - The net profit is expected to turn positive in 2024 with 6 million yuan, reaching 15 million yuan in 2025, 20 million yuan in 2026, and 30 million yuan in 2027, with growth rates of 101%, 137%, 40%, and 47% respectively [2][4] - Earnings per share (EPS) are projected to be 0.01 yuan in 2024, 0.02 yuan in 2025, 0.03 yuan in 2026, and 0.04 yuan in 2027 [2][4] Company Overview - The company is transitioning to focus solely on its mineral water business, which aligns with the growing consumer health consciousness and the trend towards packaged water [3] - The divestiture of the landscaping subsidiary is part of a broader strategy to streamline operations and enhance profitability in the core business [3] - The company’s market capitalization is approximately 5,986.21 million yuan, with a share price of 8.37 yuan [2]

详解基金 4Q25 银行持仓： 板块资金面整体稳健，主动基金比例小幅提升 0.04pcts 至 2.08% 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：陈程 执业证书编号：S0740525110001 Email：chencheng07@zts.com.cn 基本状况 上市公司数 42 行业总市值(亿元) 143,909.38 行业流通市值(亿元) 137,804.25 行业-市场走势对比 官信贷投放改善、存款总量稳增；预 计开门红趋势延续》2026-01-16 2、《12 月金融数据前瞻： 预计新增 8.3%》2026-01-08 | 一、主动基金配置银行板块情况：主动基金持仓银行市值占比升至 2.08%，但低配比例小 | | --- | | 幅扩大 | | 二、主动基金持仓银行个股情况： 共 21 家上市银行持仓比例环比提升 . | | 三、被动基金配置银行板块及个股情况：资金整体流入银行板块，合计净流入规模 ...