ZHONGTAI SECURITIES·2026-01-25 06:28Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The overall funding situation in the banking sector is stable, with a slight increase in the proportion of active funds by 0.04 percentage points to 2.08% [3][4] - The report indicates that the banking sector is expected to continue its positive trend into 2026, supported by improved credit issuance and stable deposit growth [2][3] Summary by Sections Active Fund Allocation in the Banking Sector - The proportion of active funds holding bank stocks increased to 2.08%, but the underweight ratio slightly expanded [6][11] - The top five banks held by active funds are China Merchants Bank, Ningbo Bank, Chongqing Rural Commercial Bank, Industrial and Commercial Bank of China, and Jiangsu Bank, accounting for 0.48%, 0.36%, 0.12%, 0.12%, and 0.12% of the total active fund holdings respectively [14][16] Passive Fund Allocation in the Banking Sector - There was a total net inflow of 62.03 billion yuan into the banking sector from passive funds in Q4 2025 [20][25] - The total market value of bank stocks held by passive funds reached 2015.56 billion yuan, a 3.18% increase from the previous quarter [20][21] Northbound Capital Allocation in the Banking Sector - Northbound capital experienced a net outflow from the banking sector, with a reduction of 53 billion yuan [26][29] - The total market value of bank stocks held by northbound capital was 1772.60 billion yuan, reflecting a 2.06% increase from the previous quarter [26][28] Summary of Fund Flows - Overall, the funding situation showed minor fluctuations, with passive funds holding a relatively high proportion of the circulating market value [31] - The net inflow and outflow figures for Q4 2025 were 62.0 billion yuan for passive funds, -12.6 billion yuan for active funds, and -53.0 billion yuan for northbound funds, indicating a stable overall performance [31]