非银金融行业点评报告：25Q1非银板块公募持仓分析：公募持仓观察：非银各子行业持仓均有所下降

东吴证券2025-04-24

（以下内容从东吴证券《非银金融行业点评报告：25Q1非银板块公募持仓分析：公募持仓观察：非银各子行业持仓均有所下降》研报附件原文摘录）投资要点事件：2025年公募基金一季报发布完毕，2025年一季度末公募基金股票投资中非银金融行业总持仓0.83%（含同花顺），环比2024年末下降0.39pct。相比沪深300行业流通市值占比低配9.43pct，环比2024年末低配幅度扩大0.22pct。个股方面，...

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PEV，较年初下降0.09pct。公司方面，从持股数量上看，除平安外均有所减持，其中太保、人保减持较多，分别为2436万股、1901万股，平安则增持894万股；从持仓比例上看，太保、国寿、人保分别较年初-0.06pct、-0.01pct、-0.01pct，平安则较年初提高了0.04pct，新华基本持平。2025年Q1末国寿、平安、太保、新华、人保的持仓分别为0.02%、0.34%、0.17%、0.04%、0.01%。券商及互金板块普遍遭减持，板块估值环比24年末有所下降：1）券商及互金板块整体：截至2025年一季度末，公募基金股票投资中券商及互金板块持仓0.21%，较2024年末减少0.31个百分点，同比减少0.35个百分点。其中传统券商持仓占比0.14%，较2024年末减少0.27个百分点，同比减少0.18个百分点；2025年一季度末券商行业（中信II指数）估值为1.4xP/B（静态），2024年末为1.49xP/B。2）互金标的：东方财富持仓占比0.03%，较2024年末减少0.03个百分点，同比减少0.11个百分点；同花顺持仓占比0.04%，较2024年四季度末减少0.01个百分点，同比减少0.06个百分点。3）传统大中型券商：截至2025年一季度末，公募基金大中型券商持仓为0.13%，较2024年末减少0.25个百分点，同比减少0.16个百分点。传统券商中，机构持仓仍集中在大中型券商。大中型券商中，光大证券、招商证券获机构增持较多，华泰证券、国泰海通、中信证券遭减持较多。非银板块持仓估值均处于低位，后续预计持续受益于市场环境改善：我们认为，目前非银金融行业持仓占比和估值分位仍处于历史低位。自2024年9月24日以来，增量政策持续推出，市场交投情绪大幅回升，25Q1日均股基成交额达到15248亿元，同比提升70%。非银金融行业作为资本市场的重要参与者，后续有望持续受益于市场环境改善。重点推荐中国人保、新华保险、中国平安、中信证券、中金公司、同花顺等。风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场竞争加剧风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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