策略周报：月末超跌修复，银行板块大幅回落

Group 1 - The report indicates that the overseas market's interest rate cut expectations have not further increased, leading to a shift from rebound to a more volatile stance, with ongoing vigilance required for geopolitical risks [4][5] - Domestic market demand remains insufficient, and weak expectations persist, suggesting an increased likelihood of additional policy measures to alleviate pessimistic sentiment [4][5] - A-share market activity remains low, with average daily trading volume slightly recovering to 606.4 billion yuan, an increase of 63.9 billion yuan from the previous week, but still in a generally subdued state [4][12] Group 2 - The report notes a reversal in market style, with previously strong-performing bank stocks adjusting, while most other sectors are experiencing a rebound from oversold conditions [4][5] - The report highlights that only the technology sector, particularly electronics, has shown better mid-term performance, suggesting that its rebound may be more sustainable than other sectors [4] - There is a potential short-term disturbance for the banking sector due to expected adjustments in existing mortgage rates, as reported by Bloomberg [4] Group 3 - The report tracks the valuation levels of major indices, indicating a notable decline in the valuation percentiles of the Shanghai Composite Index, Shanghai 50, and CSI 300, while the valuation of small-cap indices has seen some recovery [6][7] - A-share risk premium has risen again, reaching a new high for the year, reflecting the weak equity market conditions [8][9] - The turnover rates of various indices have generally increased, with significant recoveries noted in the Wind Micro-Cap Index and the ChiNext Index [10][11]