详解基金4Q24银行持仓：主动资金加速增持核心优质标的

Investment Rating - The industry rating is "Overweight (Maintain)" [4] Core Insights - In Q4 2024, active funds accelerated their investment in core quality stocks, particularly in Jiangsu Bank and China Merchants Bank, while passive fund inflows slowed down and northbound funds turned to outflows [6][37] - The total market capitalization of the industry is approximately 131,535.68 billion yuan, with a circulating market capitalization of 130,412.74 billion yuan [2] - Active funds increased their holdings in bank stocks, with a quarter-on-quarter increase of 1.28 percentage points to 4.21%, marking the second-highest increase among 28 industries [8][37] - The low allocation difference for bank stocks remains the highest across all industries, indicating a continued underweight position [6][37] Summary by Sections Active Fund Allocation - Active funds increased their holdings in bank stocks significantly, with a net inflow of 68.6 billion yuan in Q4 2024 [6][18] - The top five banks by active fund holdings are China Merchants Bank, Jiangsu Bank, Industrial and Commercial Bank of China, Ningbo Bank, and Chengdu Bank, with respective holdings of 0.88%, 0.46%, 0.42%, 0.40%, and 0.39% of total fund holdings [15][18] Passive Fund Allocation - Passive funds continued to increase their holdings in bank stocks, with a total market value of 1850.35 billion yuan, reflecting a 9.62% increase from the previous quarter [24][37] - The largest net inflows among passive funds were seen in China Merchants Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Jiangsu Bank, and Industrial Bank, with inflows of 43.3, 32.9, 22.5, 21.2, and 14.9 billion yuan respectively [24][37] Northbound Fund Allocation - Northbound funds reduced their holdings in bank stocks, with a total market value of 2175.7 billion yuan, a decrease of 0.6% from Q3 [30][37] - The largest outflows were from Industrial Bank, Industrial and Commercial Bank of China, China Merchants Bank, Ping An Bank, and Bank of China, with outflows of 30.3, 24.9, 20.9, 12.3, and 11.3 billion yuan respectively [30][37] Investment Recommendations - The report suggests focusing on high-dividend banks such as large state-owned banks, China Merchants Bank, and regional banks with strong location advantages like Jiangsu Bank and Nanjing Bank [6][43]