低利率及资产荒背景下，银行股重构股市投资逻辑

Core Viewpoint - The banking sector has shown strong performance post the Dragon Boat Festival, with significant gains in both A-shares and H-shares, driven by the inclusion of certain banks in core market indices and a favorable low-interest-rate environment [1][2][3]. Group 1: Market Performance - On June 3, the banking sector saw a collective rise, with the A-share market capitalization of banks exceeding 10 trillion yuan, marking a 630 billion yuan increase from the beginning of the year [6][8]. - The banking index rose by 2.5% on June 3, closing with a 1.98% increase, ranking fourth among 31 Shenwan primary industries [2][3]. - Individual stocks such as Shanghai Rural Commercial Bank and Chongqing Rural Commercial Bank reached new highs, with the former hitting the daily limit up [2][3]. Group 2: Index Inclusion Impact - The strong performance of the banking sector is attributed to the inclusion of Shanghai Rural Commercial Bank and Chongqing Rural Commercial Bank in major indices like the CSI 300 and SSE 180 [3][4]. - The adjustment of index samples is expected to attract significant passive fund inflows, as these indices are closely linked to large-scale ETF products [4][6]. Group 3: Investment Trends - The banking sector has become a favored choice for risk-averse investors, with discussions around the attractiveness of bank stocks compared to traditional savings and investment products intensifying [1][9]. - The sector has seen a nearly 10% increase year-to-date, contrasting with a decline in the broader market [6][9]. - Analysts suggest that the current investment trend is supported by a combination of high dividend yields and a shift in institutional investment strategies towards banking stocks [8][11]. Group 4: Future Outlook - The low-interest-rate environment and ongoing asset scarcity are expected to sustain the appeal of bank stocks, with analysts predicting a potential recovery in price-to-book ratios for quality banks [10][11]. - The anticipated reforms in public funds are likely to further enhance the allocation towards banking stocks, contributing to continued price increases [8][9].