【券商聚焦】中国银河:险资继续增持银行板块,未来仍有增量布局空间,银行投资价值持续凸显

金吾财讯
Nov 11, 2025

金吾财讯 | 中国银河证券发研报指,Q3险资加力布局银行板块,银行投资价值凸显:2025Q3,险资对银行持股仓位27.95%,持仓市值占银行流通A股比重3.99%,分别较上季度-0.29pct、-2.52pct,但从持股数量来看,险资对银行板块仍增持83.6亿股。基于上市银行前十大股东,截至9月末险资共配置23家银行,较上季度增加2家,其中10家获增持,同时也出现多家险资新进,包括大行和区域行。在新增保费入市、险资权益投资比例提升、长周期考核强化、IFRS9拓展至非上市险企等因素的推动下,险资对银行板块布局仍有增量空间。一方面,考虑到银行板块分红稳定、业绩波动小,且当前估值仍较低,股息率优势持续凸显,其中H股银行吸引力更高。另一方面,除获取稳健分红外,险资还可通过权益法改善利润表,高ROE的优质中小银行预计受青睐。今年以来获险资新进布局的杭州银行常熟银行南京银行等前三季度年化ROE均高于11%,位于行业前列。两参一控可能成为制约因素,但短期影响有限,截至9月末上市银行前十大股东中仅3家险企达到两参一控上限,与上季度持平。该机构表示,险资继续增持银行板块,未来仍有增量布局空间,银行投资价值持续凸显。十五五规划出台推动银行业转型,银行三季度净利改善延续,关注变革进展及基本面修复机会。银行中期分红力度不减,红利价值持续凸显。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10