24Q4银行板块持仓数据点评：主动基金仓位明显提升，高股息品种仍受青睐，顺周期及优质中小行亦获明显增配

Investment Rating - The report maintains a "Positive" outlook for the banking sector [6]. Core Insights - Active equity funds have significantly increased their holdings in the banking sector, with a total of 5.293 billion shares as of Q4 2024, an increase of 748 million shares from Q3, and a market value of 56.086 billion yuan, up by 10.373 billion yuan [1][2]. - High-dividend stocks and quality small and medium-sized banks have received substantial allocation increases, with Jiangsu, China Merchants, Chengdu, and Industrial and Commercial Bank of China seeing over 0.1 percentage point increases in their market value proportions [2]. - The report highlights a trend of increasing preference for cyclical stocks and quality small and medium-sized banks amid a declining expected return rate across society [2]. Summary by Sections Active Equity Funds - As of Q4 2024, active equity funds have a total of 5.293 billion shares in the banking sector, with a market value of 56.086 billion yuan, marking a significant increase [1]. - The proportion of heavy holdings in state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks has increased, with respective increases of 0.31, 0.23, 0.53, and 0.10 percentage points [1]. Key Heavy Holdings - The top five banks by heavy holdings are China Merchants Bank (0.83%), Jiangsu Bank (0.43%), Industrial and Commercial Bank of China (0.39%), Chengdu Bank (0.38%), and Ningbo Bank (0.38%) [1]. - Jiangsu Bank has replaced Agricultural Bank of China in the top five, with the concentration ratio (CR5) declining by 1.22 percentage points to 60.44% [1]. Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-dividend stocks, particularly state-owned banks like Agricultural Bank of China and Industrial and Commercial Bank of China [8]. 2. Cyclical stocks and quality city commercial banks, recommending China Merchants Bank, Ningbo Bank, Nanjing Bank, Hangzhou Bank, and Chengdu Bank [8]. 3. Stocks with improving risk expectations, particularly recommending Chongqing Rural Commercial Bank and Ping An Bank [8].