中泰证券【中泰研究丨晨会聚焦】银行戴志锋：详解基金1Q24银行持仓:持仓占比升至2.53%，增配大行和优质中小银行

Core Insights - The report highlights that the proportion of bank holdings in equity-oriented active funds has increased to 2.53% in Q1 2024, up from 1.99% in Q4 2023, marking a rise of 0.54 percentage points [7] - Despite the increase, the overall bank holdings remain below historical averages, with the median level since 2018 being 3.29% and the average at 3.83% [7] - The banking sector ranked 7th in terms of increased allocation among 28 industries, indicating a significant interest in this sector [7] Fund Holdings Analysis - In Q1 2024, the low allocation difference for bank stocks was 8.62%, which is the largest among all sectors, indicating a continued underweight position [7] - The market capitalization of bank stocks increased by 12.5% to 7.4 trillion yuan compared to Q4 2023, leading to a rise in the industry benchmark allocation to 11.14% [7] - Major banks like Huaxia Bank and CITIC Bank saw significant unlocks of shares, exceeding 2 billion shares, contributing to 5.3% of the increase in the sector's market capitalization [7] Individual Bank Holdings - The top five banks held by active funds remained unchanged from Q4 2023, with China Merchants Bank, Chengdu Bank, Ningbo Bank, Industrial and Commercial Bank of China, and Jiangsu Bank leading the holdings [7] - There is a tendency for funds to cluster around large banks and high-quality banks that have seen significant valuation declines, with notable increases in holdings for China Merchants Bank, Chengdu Bank, and others [7] - The report notes that the proportion of holdings in quality city commercial banks has increased, with significant rises for banks like Ruifeng and Suzhou [7] Active vs Passive Fund Dynamics - Active funds have notably increased their holdings in banks such as Ruifeng, Suzhou, and Chengdu Bank, with increases of 1.30%, 0.68%, and 0.60% respectively [7] - Conversely, reductions were observed in Jiangsu Bank, Suzhou Bank, and Ningbo Bank, with decreases of 0.69%, 0.30%, and 0.29% respectively [7] - Northbound capital has reversed its trend of continuous reduction in bank stocks since Q2 2023, with an increase of 25.197 billion yuan in Q1 2024 [7]