详解基金2Q25银行持仓：各类资金均有增持，主动基金比例至5.78%

简称江苏银行渝农商行沪农商行招商银行农业银行报告摘要 2027E5.255.827.007.256.81 银行评级：分析师：戴志锋执业证书编号：S0740517030004Email: daizf@zts.com.cn分析师：邓美君执业证书编号：S0740519050002Email: dengmj@zts.com.cn分析师：马志豪执业证书编号：S0740523110002Email:mazh@zts.com.cn基本状况上市公司数行业总市值(亿元)行业流通市值(亿元)行业-市场走势对比40%30%20%10%0%10%相关报告1、《前瞻1上市银行2025年中报：营收与利润增速环比小幅向上，资产质量稳健》2025-07-212、《银行业最新经营如何？「半年跟踪：对公信贷支撑，息差降幅收窄，非息改善》2025-07-203、《银行角度看6月社融：信贷增长有所恢复，政府债仍是主要支撑项》2025-07-15 增持（维持）154,521.75148,629.32沪深300 42 内容目录一、主动基金配置银行板块情况：市场风格回归红利与避险、叠加公募高质量发展方案，主动资金流入银行板块、环比+1.77pcts至5.78%.二、主动基金持仓银行个股情况：普涨行情下多数银行均获得资金流入三、被动基金配置银行板块及个股情况：规模扩张叠加股价上涨带来权重提升，被动基金持有银行股的市值及其占银行板块流通市值的比例均有提升.四、北向资金配置银行板块及个股情况：继续增持银行板块.五、总结：二季度市场风格回归红利与避险，各类资金对银行板块均有流入...六、投资建议与风险提示图表目录图表1：主动基金分行业持仓比例..图表2：主动基金持仓银行股的比例.图表3：主动基金持仓银行股环比变动情况，图表4：主动基金持仓银行股标配差..图表5：主动银行股持仓比例标配差，银行仍处于明显低配状态图表6：主动基金持仓银行股占总持仓情况....图表7：主动基金持仓银行股占总持仓环比变动情况.图表8：主动基金持有银行股市值占银行流通股总市值比重图表9：基金持仓银行股持仓市值占比流通股市值环比变动..图表10:主动基金流入银行个股规模（亿元）图表11:被动基金持仓银行股的市值和占比...图表12：ETF基金指数跟踪指数规模变化（亿元）图表13:被动基金持仓银行股持仓市值占比自由流通股市值，图表14：被动基金流入银行个股规模（亿元）图表15：北向资金持仓银行股的市值和占比..图表16：北向资金持仓银行股持仓市值占比流通股市值图表17：北向资金流入银行个股规模（亿元）：图表18：各机构资金银行股持仓市值、占比及变动情况汇总。图表19：各机构资金流入银行股的资金规模、占比与银行涨跌幅汇总..….图表20：2Q25各类机构持仓银行股持仓市值占比流通股市值... 10.1319101113151617.17- 2 -请务必阅读正文之后的重要声明部分 一、主动基金配置银行板块情况：市场风格回归红利与避险、叠加公募高质量发展方案，主动资金流入银行板块、环比+1.77pcts 至 5.78%2Q25主动基金持仓情况：我们统计了截止到2025年6月底普通股票型基金、偏股混合型基金、灵活配置型基金的重仓股配置情况，从行业持仓比例（重仓持有A股银行市值－重仓持有的A股总市值）来看，2Q25银行持仓5.78%，在所有行业中排名第8、排名较4Q25提升了3名。二季度市场风格回归红利与避险：4月“对等关税”问题演绎，汇金等资金进场，银行作为宽基指数权重股获得资金流入。5月市场转向防御，另公募基金高质量发展行动方案，引发市场对欠配板块抢筹，银行板块继续获得资金流入。6月，防御逻辑和欠配抢筹逻辑在均得到延续。2Q25主动基金持仓银行环比1Q25提升1.77个百分点，变动幅度在28个行业中排名第2。主动基金持仓变动情况拆解：仓位变化是主要贡献因子；银行板块上涨贡献0.45%，仓位变化贡献1.32%。图表1：主动基金分行业持仓比例1H233Q234Q231Q241H243Q244Q241Q252Q2513.14%14.91%14.13%14.52%17.30%19.12%23.92%32.11%28.01%9.53%9.98%12.31%10.72%14.37%13.49%15.80%16.42%16.00%12.41%9.70%8.65%9.69%9.07%10.89%11.31%9.76%8.83%12.25%13.20%14.61%11.75%11.08%10.98%9.90%10.41%8.72%3.94%4.48%4.36%4.56%4.86%5.41%6.23%7.87%7.31%4.14%4.55%4.71%6.28%6.36%5.72%3.79%5.07%6.27%13.22%14.80%13.58%13.66%9.83%9.39%8.83%9.37%5.84%2.12%2.56%1.99%2.53%2.84%2.93%4.21%4.00%5.78%4.79%4.90%5.46%5.32%5.41%4.83%5.30%6.27%5.49%4.19%3.45%2.96%4.14%5.28%5.32%4.53%2.91%5.36%5.86%5.93%5.79%5.37%5.17%5.01%4.90%4.63%4.67%2.97%3.04%3.30%4.29%4.88%5.71%5.84%5.66%4.53%2.71%2.55%2.66%2.20%2.93%3.11%3.05%2.17%3.03%0.84%1.65%1.13%0.70%0.76%1.82%1.24%1.10%2.37%1.65%1.32%0.96%1.09%0.77%0.82%0.97%1.53%2.19%1.52%1.38%1.76%2.61%3.25%2.07%1.74%1.35%2.18%7.32%5.14%4.41%2.89%1.84%2.04%2.18%2.55%2.02%1.89%2.03%1.86%2.40%2.42%2.22%2.14%1.80%1.98%1.47%1.56%2.20%1.97%2.00%1.62%1.50%1.41%1.96%0.95%0.92%0.97%1.39%1.05%1.01%1.17%1.01%1.10%0.87%1.32%1.56%2.03%2.08%1.57%1.15%0.67%0.71%1.52%1.56%1.24%1.02%0.93%1.45%0.93%0.84%0.70%0.24%0.30%0.23%0.24%0.18%0.17%0.43%0.58%0.64%0.81%0.80%0.61%0.52%0.58%0.49%0.66%0.57%0.63%0.52%0.54%0.53%0.44%0.57%0.49%0.59%0.56%0.59%0.84%0.89%0.61%0.58%0.44%0.47%0.52%0.48%0.42%0.67%0.68%0.56%0.58%0.37%0.41%0.46%0.40%0.40%0.45%0.47%0.72%0.78%0.57%0.48%0.56%0.48%0.33%0.30%0.31%0.20%0.16%0.12%0.14%0.12%0.11%0.06%- 3 -请务必阅读正文之后的重要声明部分 来源：WIND，中泰证券研究所图表3：主动基金持仓银行股环比变动情况1Q231H23通信0.83%2.17%银行-1.03%0.14%非银金融-0.38%-0.08%有色金属-0.14%-0.40%国防军工-0.38%0.39%公用事业0.04%0.42%传媒0.51%0.14%农林牧渔-0.08%-0.25%交通运输-0.12%-0.80%轻工制造-0.20%0.17%商业贸易-0.01%0.07%建筑装饰0.22%0.06%化工0.01%0.67%采掘0.05%-0.02%休闲服务-0.65%-0.58%综合0.00%0.03%建筑材料0.07%-0.06%钢铁-0.09%0.11%房地产-0.65%-0.14%纺织服装0.06%0.11%电子0.57%0.61%计算机2.88%-0.17%汽车-0.40%0.88%机械设备0.28%0.70%电气设备-2.39%-0.38%家用电器0.32%0.93%医药生物-0.04%-0.06%食品饮料0.91%-3.35%来源：WIND，中泰证券研究所 2Q25基金持仓银行股标配差为-2.52%，仍处于明显低配状态。根据Wind披露的各板块自由流通市值计算，2Q25末银行标配为8.3%，标配差为-2.52%，仍处明显低配状态；不过，随着二季度主动基金流入银行板块，标配差较上季度收窄1.06pct。-2.52%3.58%银行仍处于明显低配状态4Q231Q241H243Q244Q241Q252Q25-4.97%-5.30%-5.30%-5.49%-6.04%-5.78%-4.64%-0.79%-1.86%-2.38%2.60%-3.01%-2.93%-3.46%-4.01%-4.19%-4.70%-4.17%-3.22%-3.58%-2.52%-1.89%-1.40%-1.17%-1.89%-2.09%-2.28%-1.49%-0.94%-1.13%-1.32%1.25%-1.07%-1.37%-1.32%-1.45%-1.58%-1.51%-1.48%-1.38%-1.32%-1.28%-0.40%-0.25%-0.34%-0.49%-0.72%-1.02%-0.95%-0.99%-0.66%-0.85%-0.99%-0.97%-1.13%-0.94%0.45%-0.55%-0.58%0.24%-0.63%-0.62%-0.71%-1.68%-1.52%-1.44%1.51%-1.50%-1.02%-0.50%-0.39%-0.39%-0.46%0.41%-0.31%-0.33%-0.34%-0.67%-0.61%-0.61%0.67%-0.62%-0.36%-0.33%-0.26%-0.34%-0.27%-0.36%-0.21%-0.20%-0.25%-0.17%-0.17%-0.17%-0.16%-0.18%-0.18%-0.23%0.05%0.14%-0.02%0.06%0.01%-0.07%0.21%-0.12%-0.13%0.04%-0.41%-0.18%0.40%-0.20%-0.36%0.09%-0.12%-0.13%0.03%-0.09%-0.05%0.00%0.01%0.10%0.01%-0.11%-0.04%-0.02%0.32%0.14%0.19%-0.09%-0.09%-0.14%0.31%0.34%-0.05%0.53%0.78%0.75%-0.02%0.58%6.68%6.68%3.46%2.95%3.02%3.74%0.76%5.10%3.07%2.78%2.63%2.32%2.88%1.09%0.53%1.68%1.73%1.30%-0.23%0.69%1.78%0.99%1.70%2.20%2.99%3.15%2.93%2.03%0.32%1.32%2.28%2.40%1.43%-0.10%2.08%1.90%2.86%2.62%4.04%4.53%3.05%2.40%0.37%0.42%0.62%1.17%1.71%2.96%2.65%4.88%4.23%5.54%2.94%2.01%5.92%5.75%- 5 -请务必阅读正文之后的重要声明部分 来源：WIND，中泰证券研究所图表5：主动银行股持仓比例标配差，1Q232Q23非银金融-4.79%计算机1.73%银行-3.56%公用事业-2.14%化工-0.72%建筑装饰-1.32%采掘-0.79%交通运输-0.25%房地产-0.30%传媒-1.14%建筑材料-0.24%商业贸易-0.76%钢铁-0.43%综合-0.11%纺织服装-0.28%机械设备-1.18%轻工制造-0.50%休闲服