研報掘金|中金:南向資金近期對中行流入較多 北向資金流入招行、浦發
中金髮表報吿指,統計了第二季銀行股公募基金倉位以及估值情況。銀行股基金倉位為2.64%,按季上升0.28個百分點,主要受銀行股表現較好影響。年初至今A股和H股銀行分別升26.3%和19.4%,國有大行及部分區域行表現較好。目前銀行板塊整體仍被基金低配約10.5個百分點,低配程度為歷史較高水平,顯示銀行股仍有加倉空間。報吿指,北向資金流入招行、浦發,南向資金流入國有大行。近3個月北向資金流入招行26.7億元,流入浦發21.5億元。南向資金近期對中行流入較多,近3個月累計流入269.7億港元,同時對其他大行保持流入態勢,匯豐控股南下資金流出較多,近3個月累計流出76.6億港元。中金指,第二季銀行持倉有所提升,但相對銀行板塊市值佔比及歷史持倉水平仍有加倉空間。當前利率下行的背景下銀行高股息具有吸引力,銀行股快速上升後短期波動增加、建議根據估值調整幅度擇機介入基本面較為穩健的個股。建議關注建行、農行、招行、匯豐等經營穩健的高派息銀行,以及業績存在邊際改善潛力和融資訴求的民生銀行等,政策預期下招行等更具彈性。
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