黄金白银继续暴跌，轮到银行股机会了？

Core Viewpoint - The A-share market is experiencing significant volatility, particularly in the precious metals and banking sectors, with a notable shift in investor focus towards regional banks amid a backdrop of fluctuating gold and silver prices [1][2]. Group 1: Market Performance - On February 2, the A-share market faced downward pressure, with the Shanghai Composite Index dropping by 2.48%, the Shenzhen Component by 2.69%, and the ChiNext Index by 2.46% [2]. - The precious metals sector led the decline with a 7.62% drop, while other resource sectors like steel, chemicals, and coal also saw declines exceeding 5% [2]. - Despite the overall market downturn, bank stocks showed resilience, with 17 banks recording gains, led by CITIC Bank with a 2.64% increase [5]. Group 2: Banking Sector Dynamics - The banking sector has been characterized by a significant outflow of funds, with the China Securities Index reporting a cumulative decline of 6.76% in the banking index as of January 30 [5][6]. - Regional banks have outperformed national banks, with several local banks announcing share buyback plans, signaling potential recovery and investor confidence [1][9]. - Analysts suggest that the peak of fund outflows from the banking sector has passed, with the price-to-book ratio for bank stocks currently around 0.57, indicating potential value for investors [6][7]. Group 3: Investment Sentiment - There is a growing optimism regarding the banking sector's fundamentals, with expectations for a strong start to credit growth in 2026 and stable asset quality [9]. - Recent announcements of share purchases by bank executives and shareholders have bolstered market confidence, particularly among regional banks like Qilu Bank and Nanjing Bank [9]. - The shift in focus from passive to active fund management in the banking sector may lead to increased buying interest, especially if the selling pressure from passive funds diminishes [7][8].