According to the Huatai Securities Research Report, the performance of active equity fund positions in 26Q3 financial stocks was divided month-on-month, bank positions rebounded, securities positions declined, and insurance positions rebounded slightly. Banking sector positions rebounded 1.06pct to 2.16% from the end of 26q2. ICBC, China Merchants, Jiangsu, etc. increased their holdings a lot. Active biased fund positions in the brokerage sector fell 0.13pct to 0.33% month-on-month at the end of 26q3, and are still at a historically low level. Fund positions in the insurance sector rose 0.04pct month-on-month to 0.46%. Recently, the market style has been rebalanced, dividends in the banking sector still have a comparative advantage, and the price-performance ratio of brokerage valuations is prominent. Focus on strategic allocation opportunities for high-quality financial stocks, 1. Securities: Individual stocks focus on leading brokerage firms with comprehensive strength and international business leadership; structural opportunities for regional mergers, acquisitions and restructuring. 2. Banks: As of October 28, the A/H share banking sector had a dividend rate of 4.64%/4.62% in December, and the yield on 10-year treasury bonds was 1.63%. The bank's dividend ratio had a significant comparative advantage, making it highly attractive to institutional investors seeking high dividends and high stability, such as insurance capital and foreign capital.

According to the Huatai Securities Research Report, the performance of active equity fund positions in 26Q3 financial stocks was divided month-on-month, bank positions rebounded, securities positions declined, and insurance positions rebounded slightly. Banking sector positions rebounded 1.06pct to 2.16% from the end of 26q2. ICBC, China Merchants, Jiangsu, etc. increased their holdings a lot. Active biased fund positions in the brokerage sector fell 0.13pct to 0.33% month-on-month at the end of 26q3, and are still at a historically low level. Fund positions in the insurance sector rose 0.04pct month-on-month to 0.46%. Recently, the market style has been rebalanced, dividends in the banking sector still have a comparative advantage, and the price-performance ratio of brokerage valuations is prominent. Focus on strategic allocation opportunities for high-quality financial stocks, 1. Securities: Individual stocks focus on leading brokerage firms with comprehensive strength and international business leadership; structural opportunities for regional mergers, acquisitions and restructuring. 2. Banks: As of October 28, the A/H share banking sector had a dividend rate of 4.64%/4.62% in December, and the yield on 10-year treasury bonds was 1.63%. The bank's dividend ratio had a significant comparative advantage, making it highly attractive to institutional investors seeking high dividends and high stability, such as insurance capital and foreign capital.