2024Q4末银行持仓数据点评：银行股机构筹码追踪：筹码向中小行集中

Investment Rating - The industry rating is "Positive" (maintained) [8] Core Viewpoints - The public fund holdings in bank stocks have rebounded in Q4 2024, with institutional chips concentrating towards small and medium-sized banks [1][6] - There are absolute return opportunities in bank stocks for 2025, with a focus on low valuation and high dividend small and medium banks, as well as high dividend large banks [6] Summary by Sections Overall Holdings - As of the end of Q4 2024, the institutional holdings in bank stocks slightly decreased by 0.1% compared to Q3 2024, with public funds rebounding and northbound capital declining [2] - The holdings of active public funds, index public funds, and northbound capital changed by +16.7%, +10.1%, and -5.3% respectively [2] Northbound Capital - Northbound capital saw an overall outflow from bank stocks in Q4 2024, with a decrease of 5.3% in holdings [3] - National banks experienced significant outflows, with respective declines in holdings for state-owned, joint-stock, city commercial, and rural commercial banks [3] Passive Public Funds - Passive holdings increased by 10.1% in Q4 2024, supported by the expansion of index products [4] - Key stocks like Chengdu and Hu Nong saw significant increases in index fund holdings [4] Active Public Funds - Active public fund holdings in bank stocks rose significantly by 16.7% in Q4 2024 [5] - High dividend and fundamentally strong banks saw increased weight in active public fund portfolios [5] Future Outlook - The report maintains a positive outlook on the banking sector, emphasizing the concentration of institutional holdings towards small and medium banks and the potential for absolute returns in 2025 [6]