银行板块资金流向跟踪报告：24Q2板块市值提升带动银行股仓位提高

Investment Rating - The report maintains an "Overweight" rating for the banking sector, consistent with the previous rating [1]. Core Insights - In Q2 2024, the allocation of active funds in banking stocks increased by 21 basis points to 2.61%, primarily driven by the rise in market capitalization of banks, particularly large state-owned and city commercial banks [1][9]. - The report highlights that the performance of banking stocks is expected to be influenced significantly by upcoming mid-year earnings reports, with a focus on high-dividend strategies and stable earnings [21][23]. Summary by Sections 1. Public Funds - The report notes a rapid expansion of passive index funds, particularly ETFs, which have grown from 1 trillion to 2.1 trillion yuan since 2021, now accounting for 33.5% of equity funds [4]. - In Q1 2024, the inflow of funds into banking stocks was substantial, with an estimated 450 billion yuan flowing into the sector, representing 3.8% of the total trading volume [5]. 2. Northbound and Southbound Capital - Northbound capital saw a continuous increase in banking stocks from January to May, with a net inflow of approximately 36 billion yuan, particularly notable in February with a net inflow of 12.8 billion yuan [13][15]. - Southbound capital significantly flowed into Hong Kong's major banks in Q2, with China Bank alone receiving a net inflow of about 40 billion HKD [17][18]. 3. Investment Recommendations - The report suggests focusing on high-quality city commercial banks with stable performance, such as Hangzhou Bank, Changshu Bank, Chengdu Bank, and Jiangsu Bank [21][23]. - It also recommends state-owned banks' H-shares based on their premium rates and dividend yields, indicating potential for significant price appreciation [20][21].