银行板块年内普涨机构看好中长期配置价值

Group 1 - The banking sector has shown strong performance in 2023, with 40 out of 42 A-share listed banks experiencing stock price increases by July 2 [1] - The average dividend yield of the Shenwan Banking Index exceeds 5%, making it attractive for capital inflow, second only to the coal industry [1] - Major state-owned banks are expected to distribute over 420 billion yuan in cash dividends in 2024, contributing significantly to the total cash dividends of 631.96 billion yuan across A-share listed banks [2] Group 2 - Insurance capital is increasingly allocating funds to high-dividend banking stocks, driven by policy guidance and the need to balance liabilities and assets [2] - The trend of increasing allocation to banking stocks is expected to continue, with institutional investors benefiting from the stability and high market capitalization of these stocks [2] - The outlook for the second half of the year suggests that insurance capital will maintain its interest in high-dividend banking stocks, while public fund reforms may lead to increased holdings in banking stocks [3] Group 3 - The banking sector is supported by stable performance and low valuations, indicating ongoing investment potential [3] - Credit demand is expected to recover, with regional disparities, and city commercial banks in quality areas likely to maintain high activity levels [3] - The asset quality of listed banks is projected to remain stable, with attention needed on the marginal changes in asset quality for small and micro enterprises [3]