天风证券：资金面驱动下银行股估值仍有修复空间

Group 1 - The core viewpoint is that insurance capital has significant potential to increase allocation to bank stocks through two main channels: new premium investments in A-shares and maximizing equity asset allocation limits [1] - It is estimated that by 2025, insurance capital will bring an incremental investment of 1,404 million and 737 million to bank stocks, assuming 25% of new premium income in 2024 is directed towards the A-share market, resulting in a 29% increase in incremental funds for bank stocks compared to 2024 [1] - The theoretical equity asset allocation limit for most companies in the property and life insurance sectors is currently 30% of their total assets at the end of the previous quarter, which could lead to an expansion of at least 2,432 million in insurance capital holdings in bank stocks in the long term [1] Group 2 - The continuous influx of insurance capital, driven by regulatory guidance on new premium investments and an increase in the proportion of equity allocations from existing assets, suggests that bank stocks may experience considerable incremental funding [1] - The funding dynamics indicate that there is still room for valuation recovery in bank stocks due to the influx of capital [1]