银行股强势上涨创新高，高股息板块或有持续轮动｜市场观察

Group 1 - The core viewpoint is that the banking sector is experiencing a rally driven by multiple factors, including improved economic recovery expectations and liquidity support from institutional investors, despite a backdrop of negative earnings growth [1][2] - The anticipated decline in bank interest margins is expected to be slower than the decrease in risk-free interest rates, indicating a shift in the banking operating model towards a "weak cycle" characteristic [3] - The market's concerns regarding the asset quality of banks are easing, with expectations that the non-performing loan ratio may stabilize or even decline [1][3] Group 2 - High dividend stocks are becoming increasingly attractive in a low-interest-rate environment, with banks benefiting from their relatively high dividend yields [2] - The influx of long-term funds, such as insurance capital, is providing strong support for bank stocks, while public fund reforms are increasing the allocation to banks [1][2] - The current banking sector rally is characterized by a combination of "low valuation + certainty," suggesting continued investment value in the sector amid an ongoing asset shortage [2][3]