CITIC Securities: Institutional Holdings Decline, Optimistic Space for Bank Stock Allocation

The research report of CITIC Securities pointed out that in the first quarter of 2025, the market investment style is becoming more diverse, with the proportion of bank stocks in the heavy positions of active funds slightly decreasing by 0.37 percentage points compared to the end of the previous quarter. Looking ahead, in the short term, trade frictions still have an impact on market expectations, and in this context, low-volatility sectors have allocation value; in the medium term, under the two assumptions of macro "caution" and "weakness", the banking sector has relatively stable fundamentals compared to most industries, significant relative value, and it is recommended to actively increase allocation.