银行股燃爆红利基金！增配逻辑猛抬头，公募低配或渐成历史

Core Viewpoint - The banking sector is becoming a popular choice for public funds due to favorable changes in funding, policy, sentiment, and fundamentals, with the China Securities Banking Index rising 16.54% this year, marking a ten-year high [1][7]. Group 1: Fund Dynamics and Market Sentiment - The collective rise of dividend assets, represented by bank stocks, reflects a growing value investment atmosphere in the market, with major banks reaching historical highs [2][3]. - The demand for dividend-themed funds has surged, leading to a rapid increase in the launch of various dividend funds by public funds, indicating strong institutional interest [2][9]. - The shift in public fund allocations towards bank stocks is driven by the need for stable returns amid global uncertainties and the increasing appeal of low-valuation, high-dividend assets [8][9]. Group 2: Performance and Investment Strategies - Bank stocks have outperformed expectations, with Chengdu Bank's stock price increasing by 98% since January 2024, contributing significantly to the performance of many funds [3][4]. - The long-standing 工银金融地产基金 has seen substantial returns over the past three years, highlighting the resurgence of traditional funds focusing on bank stocks [3][4]. - Fund managers are increasingly adjusting their portfolios to include more bank stocks, reflecting a strategic shift towards undervalued assets [5][6]. Group 3: Regulatory and Market Conditions - Recent regulatory changes have prompted public funds to reassess their allocations, with a noted underweight in bank stocks compared to major indices [4][9]. - The ongoing asset shortage and low interest rates are driving insurance companies to invest in dividend assets, further supporting the banking sector's appeal [9][10]. - The introduction of policies encouraging insurance funds to invest a significant portion of new premiums in A-shares is expected to inject substantial long-term capital into the market [9][10].