中信证券：银行板块估值仍有明确上行空间

Core Viewpoint - The report from CITIC Securities indicates a significant increase in fund holdings in the banking sector for Q4 2024, driven by the continuation of absolute return logic and a shift towards stable allocation styles after key meetings in December 2024 [1] Group 1: Market Performance - The banking sector's absolute and relative returns are expected to perform well, with the CITIC Bank stock index rising by 4.9% from December 16 to December 31, 2024, while the Wind All A index fell by 4.0% during the same period [1] - The proportion of banking stocks in actively managed funds has increased by nearly 1 percentage point compared to the end of the previous quarter, reflecting strong sector performance [1] Group 2: Future Outlook - The re-evaluation of risk and growth expectations for banking business models is likely to sustain demand for bank stocks, given their net asset safety and stable ROE advantages [1] - There remains clear upward potential for the valuation of the banking sector [1]