银行行业：公募业绩基准改革引导配置均衡化，银行板块较受益

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The recent reform of public fund performance benchmarks is expected to guide balanced allocation, benefiting the banking sector [1][9] - The reform aims to enhance the stability of fund investment styles and improve the decision-making process for benchmark selection [2][3] - The banking sector is currently underweighted in active equity fund holdings, presenting a potential opportunity for reallocation as the new benchmarks are implemented [9] Summary by Sections Benchmark Selection and Management - The new guidelines require benchmarks to accurately reflect the investment style of funds, with a focus on compliance with investment objectives and strategies [2] - A comprehensive control mechanism for benchmark selection and monitoring is mandated, with accountability placed on management [2] - An independent department must monitor deviations from benchmarks, ensuring timely adjustments and oversight of fund managers [2] Impact Outlook - The selection and adjustment of benchmarks will become more precise, reflecting the true investment styles and strategies of funds [4] - The effective use of benchmarks is expected to stabilize fund investment behaviors and prevent style drift, correcting short-term investment tendencies [4] - The banking sector is currently underrepresented in active fund portfolios, with only 1.82% allocation compared to 12.5% in the CSI 300 index, indicating a potential for increased investment following the benchmark reforms [9] Market Dynamics - The banking sector is anticipated to benefit from the reform, as it encourages a more balanced allocation of funds, particularly in a low-interest-rate environment where high dividends remain attractive [9] - The fundamental resilience of banks is supported by stabilizing net interest margins and improving asset quality, suggesting a favorable outlook for valuation recovery in the banking sector [9]