证券研究报告 银行 把握资金脉络，掘金优质区域 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 把握资金脉络，掘金优质区域 年初以来中信银行指数取得 9.2%绝对收益+11.6%相对收益（截止 5/30）， 排名市场第二，银行板块凭借红利底色与避险属性，投资价值仍持续凸显， 公募基金改革落地、中国资产重估有望进一步推升板块配置热情。银行基本 面逐步筑底回稳，板块内部分化或持续，经济新旧动能转型过程中，预计优 质区域基建、新兴产业有望成为稳信贷重要抓手，当地区域行有望充分受益。 个股推荐：1）经济大省挑大梁政策导向下，发达区域优质银行业绩韧性较 强，如南京、杭州、成都、重庆 AH、渝农 AH 等；2）资金低配、经营稳健 的银行，如兴业、招行等。3）港股大行股息优势突出，如农行 H、工行 H。 资金观察：红利为底，权重为势 多维资金助推板块行情，近一年险资、ETF 持续买入，公募、外资为新增量。 一方面，险资普遍加大红利股配置力度，银行股盈利稳健、股息回报较高， 为增持优选。除享受红利收益、资本利得之外，长股投方式可享受并表收益 与银保合作生态附加值，配置吸引力较强；中央汇金等资金增持以沪深 300 ...

Group 1 - The report highlights the ongoing deepening of capital market reforms in China, with the introduction of the new "National Nine Articles" aimed at investor protection and enhancing the investment financing functions, fostering a market ecosystem conducive to long-term investment [1][15][16] - The total market capitalization of A-shares has surpassed 100 trillion yuan, indicating a significant expansion of the capital market, which is expected to provide broader opportunities for the securities industry [1][22][24] - The report emphasizes the increasing concentration of the securities industry, with the top 10 firms accounting for 74% of industry revenue and 63% of net profit in 2024, reflecting a notable rise in industry concentration since 2010 [2][28][29] Group 2 - The report identifies a structural differentiation in the performance of capital-heavy and light-capital businesses within the securities industry, with capital-heavy businesses driving growth while light-capital businesses are showing signs of recovery [3][45][46] - The international business of major securities firms is entering a growth phase, with significant profit contributions from international subsidiaries, particularly from firms like CICC and Huatai [4][35] - The report forecasts a stable performance for the industry in 2025, with projected ROE under different scenarios ranging from 5.2% to 6.8%, indicating a cautious but optimistic outlook [5][49] Group 3 - The report notes that the securities industry is benefiting from a robust capital market, with various business segments such as brokerage, margin financing, and stock pledges closely aligned with market conditions [24][28] - The report highlights the importance of comprehensive service capabilities among leading securities firms, as competition shifts from single business lines to full-service offerings [28][37] - The report suggests that the ongoing reforms in public funds and the introduction of floating fee structures are expected to enhance the quality of investment products and improve the long-term investment ecosystem in the A-share market [19][21][22]

Core Viewpoint - The public fund industry is experiencing a resurgence in issuance, with 16 out of 26 newly approved floating fee rate funds entering the issuance period, marking the largest collective launch of active equity funds in nearly two years [2][3]. Group 1: Fund Manager Insights - The lineup of fund managers for the new products is impressive, featuring seasoned veterans, experienced mid-career professionals, and emerging talents [2][3]. - Notable fund managers include Wang Junzheng from Huaxia Fund and Yuan Hang from Penghua Fund, both with over 10 years of experience and annualized returns exceeding 10% [3]. - Mid-career managers such as Zhuang Chao from Huaxia Fund and Tian Junwei from Bosera Fund are also prominent, each with over 8 years of industry experience [3][4]. Group 2: Performance Disparities - There are significant performance disparities among fund managers, with some showing negative returns despite similar tenures [5]. - For instance, Huang Ding from Jiao Yin Shi Luo De Fund has a best tenure return rate of -0.89%, contrasting sharply with other managers like Bian Zheng from Huitianfu Fund, who achieved a 38.02% return [5]. - Experienced managers like Meng Jie from Manulife Fund face scrutiny as 11 out of 15 of his managed products have negative returns, including a -22.01% return for a fund managing over 700 million yuan [5][6]. Group 3: New Fee Mechanism - The floating fee rate product design aims to align management fees with investor returns, adjusting fees based on performance relative to benchmarks [7]. - If a fund underperforms by more than 3 percentage points, the management fee drops to 0.6% per year; if it outperforms by more than 6 percentage points, the fee can rise to 1.5% [7]. - This mechanism encourages long-term holding and aims to enhance the investor experience, shifting the standard for evaluating fund manager performance [7][8]. Group 4: Investor Considerations - Investors are advised to carefully assess fund managers' investment philosophies, historical performance stability, and risk control capabilities, especially in relation to the goals of floating fee rate products [8].

面对"基金赚钱、基民不赚钱"的困境，此次改革方案提出，公募基金考核机制要进行力度空前的改革，强调优化基金 运营模式，并围绕基金公司收入报酬与投资者回报的绑定提出了具体要求。 资管行业的本质是"受人之托，代客理财"。本次《方案》中明确提出，建立浮动管理费收取制度、强化业绩比较基准 约束作用、修订主动管理权益类基金信息披露模板、以及稳步降低基金投资者成本等。 其中，在浮动管理费方面，方案要求对新设立的主动管理权益类基金大力推行基于业绩比较基准的浮动管理费收取模 式；在降低基金投资者成本方面，方案提出引导行业机构适时下调大规模指数基金、货币市场基金的管理费率与托管 费率。 实际上，公募基金的降费已经在路上。为降低投资者的理财成本，根据相关要求，中银基金自2025年3月21日起旗下 部分指数基金指数使用费调整为由基金管理人承担，调整后公司旗下全部指数基金的指数使用费均由基金管理人承 担。 此外，分红一直是与投资者分享投资收益的方式。2024年公司共分红90次、累计分红超36亿元，未来公司还将继续努 力持续维持分红力度，切实提升投资者的投资获得感。（数据来源：iFind） 证监会于5月7日印发《推动公募基金高质量发展行 ...

首批26只新型浮动费率基金获批 最近，事关8亿多基民的公募基金改革正在落地。5月23日，首批26只新型浮动费率产品拿到了证监会的 上市"许可证"。这意味着，最快下周就有产品将上架开售。 除了浮动费率，本轮公募基金改革关键点还在于全面升级对基金公司和基金经理的考核"指挥棒"，引导 他们真正和基民"同甘共苦"。 浮动费率之后，管理费就要和每个基民的持有期限、持有期间基金有没有跑赢业绩比较基准、有没有给 基民挣到钱挂钩了。比如基民买了"小牛基金"，如果拿了不满一年就卖了，管理费还是1.2%。 如果拿满一年想卖，那管理费就要分三种情况了。先假设"小牛基金"锚定的业绩比较基准是沪深300。 情况一："小牛基金"赚钱了，年化收益率还比沪深300跑赢6%以上，相当于每年帮基民挣到了6%以上 的超额收益。基金公司最多可以收每年1.5%的管理费。 情况二："小牛基金"年化收益率比沪深300跑输3%或更多，基金公司最多只可以收每年0.6%的管理费。 基金表现明显跑输了市场，业绩差只能少收费。 情况三：除了以上情况，基金仍按每年1.2%收管理费。 在这种浮动费率下，基民同样买1000元基金，表现好的基金每年管理费可以收到15元，表 ...

Macro News - The People's Bank of China and the State Administration of Foreign Exchange have proposed a unified foreign currency management policy for funds raised by domestic companies through overseas listings, allowing for the repatriation of funds in either foreign currency or RMB [1] - Major state-owned banks have collectively lowered deposit rates, with one-year fixed deposit rates falling below 1% for the first time, prompting a shift in savings behavior among younger generations towards alternative investment options like money market funds, bond funds, and gold [1] Financial Sector - The China Securities Regulatory Commission has approved the first batch of 26 new floating-rate funds, reflecting a commitment to reform public funds and align fund company income with investor returns [5] - Hong Kong's new stock fundraising has exceeded HKD 76 billion this year, marking a more than sevenfold increase compared to the same period last year, indicating a robust IPO market [6] Company News - The "Fujian Times Zeyuan Equity Investment Fund Partnership" has completed its establishment with a total scale of CNY 10.128 billion, with the investment focus on new energy and high-end manufacturing sectors [12] - The State Administration for Market Regulation has drafted a guideline to regulate the charging behaviors of online trading platforms, aiming to protect the rights of platform operators and ensure fair practices [9] Regulatory Actions - The National Internet Information Office has closed several accounts and websites that disseminated false information about the capital market and engaged in illegal stock recommendations, highlighting ongoing efforts to maintain market integrity [10][11]

23日傍晚，首批新型浮动费率基金获得中国证监会批准注册，很快将向投资者发售。这批新型基金有哪些特点？将给基金投资者带来哪些新的体验？央视记 者专访了中国证监会相关部门负责人。 这次公募基金改革的总体目标和方向是什么？ 中国证监会证券基金机构监管司司长 申兵：公募基金行业这些年发展的情况来看，总体上还是保持一个稳定发展、稳健运营的态势。但是近些年也暴露出 来它的功能发挥不够，投资者回报不足。大家对公募基金未来的发展有更高的期待。这次改革的主要的目的还是要更加注重投资者回报，坚定地树立以投资 者为本的这种发展理念。它围绕进一步强化基金公司、基金经理和投资者回报的这种绑定机制，通过完善基金公司的绩效考核体系，优化产品运作的模式， 通过加强监管和执法等一系列的举措，来进一步体现这个行业和投资者利益的一致性。 浮动费率产品出来以后，会给基金投资者带来什么影响？ 中国证监会证券基金机构监管司司长 申兵：这次推出的新的浮动费率产品，对于持有一定周期的投资者采取分档收费的模式。对投资者持有期间的基金回 报比较高的、比较好的，可以适当多收费，但对于表现比较差的必须少收费。通过这种方式，从理念上进一步加强基金公司和投资者的共情。 ...

Core Viewpoint - The recent reform of public funds in China, affecting over 800 million investors, introduces new floating fee rate products and upgrades the assessment criteria for fund companies and managers, aiming to align their interests with those of investors [1][7]. Floating Fee Rate Structure - The first batch of 26 new floating fee rate products has received approval from the China Securities Regulatory Commission, with products expected to be available for sale soon [1]. - Under the new floating fee structure, management fees will be linked to the fund's performance relative to a benchmark, with fees varying based on the holding period and performance outcomes [2][4]. - For example, if a fund outperforms its benchmark by over 6%, the management fee can be as high as 1.5%, while underperformance by 3% or more can reduce the fee to 0.6% [2][3]. Assessment Criteria Upgrade - The reform includes a comprehensive upgrade of the assessment criteria for all actively managed equity funds, shifting focus from management scale and profit to investment returns [5][6]. - The new assessment framework emphasizes long-term performance, with at least 80% of the evaluation weight on returns over three years [5]. - Fund managers will face stricter penalties for underperformance, with significant reductions in performance-based compensation for those whose funds lag behind benchmarks by over 10 percentage points [5][6]. Industry Trust Restoration - The public fund industry has faced challenges, with actively managed funds underperforming compared to passive index funds, leading to a shift in investor preference [7]. - The reform aims to restore trust by ensuring that fund managers are incentivized to generate excess returns for investors, thereby justifying management fees [7][8]. - The introduction of floating fee rates is seen as a significant innovation in fee structures, allowing for a more personalized fee arrangement based on individual fund performance [8].

中国证监会批复首批26只新型浮动费率基金 金十数据5月23日讯，今天，中国证监会批复首批26只新型浮动费率基金，这批基金产品预计很快就会 向投资者发售。首批26只新型浮动费率基金5月16日申报后，5月19日均获受理，5月23日迅速获批。这 距离中国证监会印发《推动公募基金高质量发展行动方案》只有16天，体现了监管部门对落实公募基金 改革方案、构建基金公司收入报酬与投资者利益回报绑定机制的重视。首批产品均为全市场选股的基 金，业绩比较基准主要对标沪深300、中证A500、中证500或者中证800等主流宽基指数，并部分参与港 股和债券投资。 ...

Group 1 - The core viewpoint of the article emphasizes the transformation of the public fund industry in China, focusing on a reform plan that prioritizes investor interests and aims to reshape the industry's core profit distribution mechanisms [2] - The China Securities Regulatory Commission (CSRC) issued the "Public Fund High-Quality Development Action Plan," which includes 25 reform measures targeting various aspects such as fee structures, assessment systems, equity investment, and compliance management [2] - This reform marks a significant shift towards a system that emphasizes fiduciary responsibility, aiming to return to the essence of "entrusted management" in the public fund sector [2] Group 2 - The article discusses the potential impact of the reform on the investment experience for retail investors, suggesting that the changes may lead to a more equitable distribution of benefits between fund managers and investors [2] - The reform is seen as a response to the growing demand for transparency and accountability in the public fund industry, reflecting a broader trend towards investor-centric practices [2] - The article highlights that the implementation of these reforms could significantly alter the competitive landscape of the public fund industry, potentially benefiting those funds that align closely with investor interests [2]