2025Q1基金重仓金融板块分析：低配，是支持银行股的长期逻辑吗？

Investment Rating - The report maintains an "Outperform" rating for the banking sector [4] Core Insights - The report identifies three key characteristics for the 1Q25 public fund report: (1) overall underweight in financial stocks, (2) increased allocation to bank stocks by passive funds, and (3) passive fund sizes remaining high since 3Q24. The report questions whether this underweight can support bank stocks as a long-term logic [12][13] - The report suggests that passive funds have significant future potential, as they are increasingly favored by investors considering both returns and volatility, indicated by rising Sharpe ratios for passive funds post-pandemic [12][13] - The report highlights that as of 1Q25, the total market value of bank stocks held by passive funds (A+H) reached 1139.28 billion, a notable increase of 11.83% from 3Q23 [13][14] Summary by Sections 1. Public Fund Holdings - The report notes that the A-share bank underweight ratio is 8.06%, while the H-share bank underweight ratio is 9.93%, both showing slight increases [24] - The report indicates that the A-share bank holding value for active equity funds decreased by 9.8% to 522.55 billion, while H-share bank holdings increased by 12.3% to 78.43 billion [26][27] 2. Passive Fund Holdings - The report states that passive funds increased their A-share bank holdings by 10.4% to 1044.3 billion, while H-share bank holdings rose by 30.5% to 95.0 billion [33][36] - The A-share bank underweight ratio for passive funds decreased to 2.77%, while the H-share ratio increased to 4.06% [33] 3. Individual Bank Stocks - The report highlights that active equity funds increased their holdings in specific A-share banks such as China Merchants Bank and Ningbo Bank, while H-share holdings increased in China Construction Bank and Bank of China [52][56] - The report provides detailed changes in holdings for various banks, indicating significant movements in market values for several key banks [55][56]