中信证券：机构持仓回落 银行股配置空间乐观

Core Viewpoint - Citic Securities reports a slight decline in the proportion of bank stocks among actively managed funds, indicating a more diversified market investment style in Q1 2025, while maintaining an optimistic outlook for bank stock allocation [1] Group 1: Market Trends - In Q1 2025, the proportion of bank stocks in actively managed funds decreased by 0.37 percentage points from the previous quarter's peak [1] - The market investment style is becoming increasingly diversified, reflecting changing investor preferences [1] Group 2: Short-term and Mid-term Outlook - In the short term, trade frictions continue to impact market expectations, suggesting that low-volatility sectors hold allocation value [1] - In the mid-term, under the two macro scenarios of "prudent" and "weakening," the banking sector demonstrates relatively stable fundamentals compared to most industries, highlighting significant relative value [1] - The recommendation is to actively increase allocation to bank stocks due to their robust characteristics [1]