中信證券:預計短期市場風格仍偏好防禦配置 銀行板塊機構持倉有望繼續修復
中信證券研報認為,2024年二季度以來,銀行板塊整體股價表現保持上行趨勢,顯著跑贏大盤。板塊高景氣表現下,銀行股佔主動型基金重倉股比例延續小幅提升趨勢,但2.45%的持倉比例仍處歷史相對低位(2010年以來22%分位數)。展望後續,基於經濟復甦的節奏和宏觀金融的表現,預計短期市場風格仍偏好防禦配置,銀行板塊機構持倉有望繼續修復。個股方面,推薦兩條主線:1)穩健打底,產品邏輯下高分紅、估值波動小的大行更具配置價值;2)成長進攻:增長邏輯下,具備持續阿爾法的公司更有估值提升空間。
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