20230723-浙商证券-2023Q2末银行持仓数据点评_持仓水平回升_中特估受青睐_3页_593kb

Bank Industry Report Summary (Q2 2023 Holdings and Recommendations)

• Overall Holdings Increase: Bank stock holding levels rose in Q2 2023 compared to Q1 2023, driven by preference for special Chinese governance (zhongte gu) and low-valuation stocks. Specifically, Northern funds increased their holdings by 10%.

• Sub-Sector Performance:

  • State-owned banks saw significant gains in holdings, increasing 109% in number and 0.2 percentage points in weight to 0.4%, attributed to the zhongte gu trend.
  • Subordinated and riskier stocks, such as joint-stock banks and some small neighborhood banks, experienced declines in holdings due to economic weak recovery and risk concerns.
  • Holdings in smaller banks like city and rural commercial banks showed mixed results, with some increases and others decreases.

• Key Recommendations:

  • Buy large state-owned banks (e.g., China Construction, Industrial & Commercial Bank) for their high dividend yields.
  • Consider smaller neighborhood banks like Zhejiang or Suzhou for potential valuation improvements and growth.

• Risks: Economic slowdown, credit risk exposure, or unforeseen adverse events could lead to significant declines.