银行：银行仓位和估值到哪了？

中金公司2025-07-21

事件我们统计了2Q25 银行股公募基金仓位以及估值情况。评论我们的主要结论包括：银行仓位环比上升。2Q25 银行股基金仓位为4.33%，为2021 年二季度以来最高水平，环比1Q25 上升0.86ppt，主要源于银行板块表现较好，基金持仓偏好提升。相对于银行市值占比，基金低配程度仍然较深，2Q25 银行板块整体被基金低配11.1 个百分点，较1Q25 低配程度加深1.1ppt。从股价表现看，...

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