In The Second Quarter, 3.172 Billion Shares Were Reduced, And The Proportion Of Bank Shares Held By Funds Reached A Record Low

Although the performance soared, Zhangjiagang bank was "abandoned" by shareholders. On the evening of September 1, Zhangjiagang bank announced that the shareholder Shagang Group planned to reduce its holding of no more than 29 million shares of Zhangjiagang bank, accounting for no more than 1.61% of the bank's latest total share capital.

The recent reduction of bank shares is no exception. According to the data of flush, among the 41 listed banks, 24 banks' shares were reduced by funds in the second quarter, and a total of 3.172 billion shares of bank shares were reduced by funds in the second quarter. Among them, postal savings bank has the largest number of shares reduced, with 1.179 billion shares reduced by 60 funds.

From the industry perspective, the fund's shareholding ratio in the financial industry was 7.67% in the second quarter, 1.84 percentage points lower than the 9.51% in the first quarter. Compared with the data of the past 10 years, this shareholding ratio is at the lowest in history.

Shares of 24 banks were reduced in the second quarter

On September 1, Zhangjiagang bank issued the pre disclosure announcement on the plan of reducing shares held by shareholders holding more than 5% of the company's shares. According to the announcement, the bank received the notification letter of share reduction plan from the shareholder shagang group after the market closed on the same day. Based on the reason of its own investment structure adjustment, Shagang Group intends to reduce the shares of Zhangjiagang bank by no more than 29 million shares, accounting for no more than 1.61% of the bank's latest total share capital. It is reported that the share source of the reduction of Shagang Group is the shares before IPO, and Shagang Group intends to reduce its holding through block trading within 3 months after 3 trading days from the date of announcement disclosure.

In the first half of this year, the operating revenue of Zhangjiagang bank was 2.225 billion yuan, up 4.93% year on year; The net profit attributable to shareholders of the bank was 596 million yuan, with a year-on-year increase of 20.90%. By the end of June, the bank's total assets were 155.928 billion yuan, an increase of 8.42% over the end of 2020.

In terms of asset quality, as of the end of June, the non-performing loan ratio of the bank was 0.98%, down 0.19 percentage points from the beginning of the year; The provision coverage rate was 417.02%, up 109.19 percentage points over the beginning of the year.

The reduction of Zhangjiagang bank's holding is just a microcosm of bank shares. Since this year, the bank shares have been sold off by various funds. Not only major shareholders and insurance assets have been reduced, but also funds have been continuously reducing their holdings. According to the data of flush, among the 41 listed banks, 24 bank stocks were reduced by funds in the second quarter. Among them, there are not only city commercial banks such as Bank of Beijing, Bank of Shanghai, Bank of Wuxi, Bank of Ningbo, Changshu bank, but also large state-owned banks such as industrial and Commercial Bank of China, Bank of China and postal savings bank. And in the first quarter of this year's fund positions in the change of positions, only postal savings bank and Zheshang Bank were reduced.

Up to now, in the second quarter, the fund has reduced its holdings of 3.172 billion shares of bank stocks. Among them, postal savings bank has the largest number of shares reduced, with 1.179 billion shares reduced by 60 funds. From the industry perspective, the fund's shareholding ratio in the financial industry fell to 7.67% in the second quarter, 1.84 percentage points lower than the 9.51% in the first quarter. Compared with the data of the past 10 years, this shareholding ratio is at the lowest in history.

According to Qiu Guanhua, an analyst at Zheshang securities, in the second quarter, all types of bank stocks except agricultural commercial bank were reduced. The proportion of bank stocks held by public funds (excluding passive and bond types, the same below) was about 3.9%, down 1.2 percentage points from the end of the first quarter of 2021. In the sub industry, the proportion of state-owned banks and joint-stock banks in the market value of heavy positions of public funds decreased significantly. In the second quarter, the market value ratios of public funds held by state-owned banks, joint-stock banks, urban commercial banks and agricultural commercial banks were - 0.5%, 0.6% and - 0.1% month on month, respectively.

Once "fans" also left to wait and see

Some former supporters also chose to leave the market and wait-and-see attitude towards bank stocks.

On August 18, the four funds of Zhonggeng Fund announced the 2021 interim report, with a total assets under management of about 10.85 billion. In the first half of the year, the fund managers successively cleared the large-scale banks and chemical stocks, and then concentrated on the undervalued technology track. From the perspective of Zhonggeng value, the flagship product of Zhonggeng fund, in the second quarter, its top ten heavy positions had disappeared. In the first quarter report, the fund held 15.228 million shares of ICBC and 20.479 million shares of Everbright Bank, ranking the seventh and eighth largest heavy positions respectively, with positions exceeding 80 million yuan. The fund manager led by Zhonggeng value is Qiu Dongrong. He prefers undervalued stocks. Bank stocks were once the focus of his allocation. Last year, due to the reallocation of bank stocks, the overall return of the fund was below the average level.

Why are bank shares abandoned? Some netizens described the investment style of fund managers of different ages: the three piece set of "insurance, bank and real estate" for the elderly Buddha department; The middle-aged greasy three piece set "electronics, liquor and medicine"; The three piece "lithium battery, photovoltaic, tax-free treasure" for young people has become a conventional insurance option.

Industry insiders believe that since this year, the main reason why the market no longer favors bank shares is that they are worried about bank profits and asset quality. In the macro field, a securities analyst in Beijing believes that the recent market transmission of worries about the economic downturn and interest rate cut in the second half of the year will also make the capital market pessimistic about bank earnings expectations.

However, Qiu Guanhua believes that the market is too pessimistic. At present, the value of the banking sector is highly cost-effective, and the price to book ratio of the bank index is only 0.66 times, which is at the low point of nearly a decade. In the context of broad currency + broad credit + new "wealth", we are firmly optimistic about the market of bank stocks. At present, the proportion of bank shares held by the fund has been at a new low in history, and there is little motivation for further reduction. With the completion of the disclosure of the interim report, the banking sector is expected to usher in performance catalysis.