Zheng Quan Ri Bao Zhi Sheng·2025-07-24 16:10Core Viewpoint - The recent increase in shareholding by asset management companies (AMCs) in listed banks is seen as a recognition of the value of bank stocks, which can boost market confidence and support stock prices [1][3]. Group 1: Reasons for Increased Holdings - AMCs have increased their holdings in banks for three main reasons: financial synergy, policy alignment, and strategic collaboration [3]. - Financially, bank stocks are characterized by low valuations and high dividends, aligning with AMCs' need for "stable assets" [3]. - Policy-wise, the transfer of AMC shares to the Central Huijin Investment Ltd. aligns their actions with the mission to stabilize the capital market [3]. - Strategically, AMCs and banks can create a closed loop of "bad asset disposal + capital replenishment," enhancing cooperation through supply chain finance [3]. Group 2: Specific Holdings and Transactions - China CITIC Financial Asset Management Co., Ltd. increased its stake in Everbright Bank from 7.08% to 8.00% by acquiring approximately 263.6 million A-shares and 279.1 million H-shares [2]. - The total investment plan announced by CITIC Financial Asset includes 50.3 billion yuan, with allocations for purchasing shares in multiple banks [2]. Group 3: Convertible Bonds as a Method of Investment - AMCs are also utilizing convertible bonds to increase their stakes in banks, as seen with the conversion of 117.85 million convertible bonds into shares of Shanghai Pudong Development Bank [4]. - This method is viewed as an innovative integration of risk mitigation and capital replenishment, benefiting both banks and AMCs [4]. Group 4: Overall Implications - The trend of AMCs increasing their stakes in banks reflects a dual outcome of transformation needs and policy guidance, optimizing asset allocation for AMCs while aiding banks in capital replenishment [5].