详解基金3Q24银行持仓：被动和北向资金加仓较多

Investment Rating - The report maintains an "Overweight" rating for the banking sector [1]. Core Insights - The report highlights that passive and northbound funds are the main drivers of the recent rally in bank stocks, with passive funds now holding a larger share than northbound funds for the first time [2][5]. - The banking sector's total market capitalization is approximately 124,740.24 billion, with a circulating market capitalization of 123,553.12 billion [2]. - The report recommends focusing on high-quality city commercial banks with strong fundamentals and low valuations, particularly Jiangsu Bank, Chongqing Rural Commercial Bank, and Shanghai Rural Commercial Bank [3]. Summary by Sections 1. Active Fund Allocation in the Banking Sector - Active funds have increased their holdings in bank stocks for three consecutive quarters, with a slight increase of 0.09 percentage points to 2.93% [4][8]. - The report ranks the banking sector 13th among all industries in terms of fund allocation, reflecting a growing interest [8]. 2. Active Fund Holdings in Individual Bank Stocks - Active funds have notably increased their positions in quality city commercial banks, with Jiangsu, Shanghai, Ningbo, and Chongqing Rural Commercial Banks seeing significant increases in their holding ratios [2][4]. 3. Passive Fund Allocation in the Banking Sector - Passive funds have significantly increased their holdings in the banking sector, with the total market value of bank stocks held by passive funds rising to 1,671.7 billion, a 59.1% increase from the previous quarter [2][4]. - Major banks such as China Merchants Bank, Industrial Bank, and Agricultural Bank have received substantial inflows from passive funds [2][4]. 4. Northbound Fund Allocation in the Banking Sector - Northbound funds continue to increase their holdings in the banking sector, with significant inflows into shareholding banks and large banks [5]. 5. Summary of Fund Flows - The report concludes that passive and northbound funds are the primary forces behind the recent upward trend in bank stocks, with passive funds now holding a higher proportion than northbound funds [2][5].