20231026-国盛证券-银行行业Q3基金持仓_招商银行_宁波银行等优质城农商行和国有大行均获增持_5页_463kb

Banking Industry Q3 Fund Holdings Summary

Overall Market Position

Bank fund holdings rose to 24.7% in Q3 2023, an increase of 0.41 percentage points from the previous quarter, making it the 13th best performer among 24 sectors in terms of fund weight. Non-bank financials also saw gains, reaching 16.3% with a 0.81 percentage point increase.

Key Bank Holdings Increases

• Top gains observed in:
  • ICBC Card/Comm Bank: +0.10pc
  • Ningbo Bank: +0.07pc
  • Chengdu Bank: +0.07pc
  • Jiangsu Bank: +0.05pc
  • Post Bank: +0.05pc
• State-owned banks saw moderate increases, with Industrial and Commercial Bank (+0.003pc) and Agricultural Bank (+0.001pc) leading.

Economic and Policy Drivers

• Improved due to post-Political Bureau meeting "stabilization policies," with positive economic indicators like improved industrial profit and social financing data.
• Modest valuation (0.46x PB) reflects market concerns over macroeconomic risks, but policy support is expected to boost confidence.

Recommendations for Investment

• Dividend-Focused Strategies: Prioritize high-dividend, low-valuation banks like Bank of China, Agricultural Bank, and Post Bank, which offer attractive yields and potential for market recovery.
• Growth Opportunities: Suggest exposure to banks like Ningbo Bank with low loan exposure to mortgages, benefiting from export recovery and flexible asset allocation. Also recommend institutions like Ningbo and Changshu Banks for stable performance.
• Non-Bank Insights: Securities and insurance sectors gained, with top brokers such as Huatai and CITIC Securities receiving attention due to market reforms and potential long-term gains.

Risks

• Economic slowdown remains a risk, along with delayed policy effects and uncertainties in consumption recovery. Valuation persistence at lows could limit upside if fundamentals do not improve sufficiently.