开源证券刘呈祥：推动本轮银行股行情的核心因素有三点

Core Viewpoint - The main factors driving the current bank stock market rally are identified as low interest rates, long-term undervaluation of the banking sector, and a shift in market style towards long-term institutional investments [1] Group 1 - The primary logic behind the bank stock rally is that in a low interest rate environment, investors who prefer stable returns will lead to a revaluation of stable dividend assets [1] - Prior to this rally, the banking sector was in a long-term undervalued state, and the current rally also has a repair logic [1] - Changes in market style and the influence of long-term funds, represented by insurance capital, are driving the trend; the proportion of public funds allocated to the banking sector has been low in recent years, but policy guidance is encouraging long-term capital to enter the market [1]