银行行业投资策略报告:预期破冰 徐徐图之

华西证券
12 Jun

2023年以来银行股行情:持续上涨,轮动有序。2023年国有大行领涨,2024年各类银行齐涨,2025年以来非国有大行领涨。国资是本轮行情的发动机。2023年国有大行行情由中央汇金直接增持四大行,以及中央汇金增持宽基ETF驱动;另外中特估行情加持下部分融出资金(代表聪明个人投资者)也增持银行股,国资资金持续增持银行股,但此时外资与保险资金是资金净流出方。2024年中央汇金大幅增持宽基ETF,国资...

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