2700亿元增量资金驰援银行股？机构：银行是良好中长期配置品种，AH轮动策略捕捉更多超额

Core Viewpoint - The recent surge in Hong Kong bank stocks is driven by multiple factors including new public fund regulations, insurance capital acquisitions, and significant inflows from southbound funds [1][3][6] Group 1: Market Performance - Several Hong Kong bank stocks, including CITIC Bank, Agricultural Bank, and Industrial and Commercial Bank, reached historical highs on June 6 [1] - The Bank ETF Preferred (517900) saw a rise of over 0.9%, indicating strong market interest and capital inflow [1] Group 2: Capital Inflows - Recent analysis indicates that bank stocks are receiving support from three main sources of capital: new public fund regulations, insurance capital acquisitions, and southbound fund inflows [3][6] - In the past five trading days, the Bank ETF Preferred attracted a net inflow of 13.54 million yuan, with a year-to-date increase in shares exceeding 100%, totaling 120 million yuan [3] Group 3: Insurance Capital Activity - As of the end of May, insurance companies have made 15 acquisitions in bank stocks this year, surpassing the total for the first nine months of 2024 [6] - The preference for high-dividend bank stocks has increased among insurance capital, with notable acquisitions in Postal Savings Bank, China Merchants Bank, Agricultural Bank, and CITIC Bank [6] Group 4: Southbound Fund Inflows - Southbound funds have significantly increased their holdings in bank stocks, with net purchases of 27.7 billion yuan in the last month, 71.7 billion yuan in the last three months, and 209.9 billion yuan over the past year [7] - By the end of May, southbound funds held 685.8 billion yuan in 14 Hong Kong bank stocks, with a total market value increase of over 182 billion yuan this year [7] Group 5: Long-term Investment Perspective - Banks are viewed as good long-term investment options due to stable ROE, high dividends, and potential economic recovery [8] - Historical performance shows that holding bank indices has yielded returns of 170%, 92.9%, and 39.6% since 2010, 2015, and 2020 respectively, outperforming the CSI 300 index [8] Group 6: Fund Allocation Trends - The new public fund regulations are expected to correct the under-allocation of bank stocks in active equity funds, potentially leading to increased capital inflows [9] - The trend of insurance capital and foreign investment returning to bank stocks is anticipated to continue, driven by the reallocation of global funds [9] Group 7: Performance of Bank AH Index - The Bank AH Index has risen by 14.31% year-to-date, outperforming the CSI Bank Index by over 5% [11] - Since its inception, the Bank AH Total Return Index has increased by 81.44%, significantly outperforming the CSI Bank Total Return Index, which rose by 59.17% [16]