持股过节，应验！

Core Viewpoint - The article discusses the recent performance of the stock market, particularly focusing on the rise of bank stocks and the implications of U.S. trade policies under Trump, highlighting the gathering opposition against him and the investment behavior in the banking sector [1][4][6]. Market Performance - On the first trading day of June, the market experienced a broad increase, with 3,390 stocks rising and an average price increase of 0.76%, although trading volume remained at 1.14 billion [2]. - The technical judgment for the Shanghai Composite Index remains focused on a target of 3,600 [3]. U.S. Trade Policies - A U.S. court ruling deemed Trump's tariff policies illegal, marking a significant moment for the opposition against him [4][5]. - This ruling signals a potential shift in political dynamics, as it highlights the growing discontent regarding Trump's policies, particularly as they affect various industries and consumer welfare [6][7]. Banking Sector Insights - Bank stocks have shown strong performance, particularly influenced by significant capital inflows from Hong Kong, with net purchases exceeding 23 billion HKD for major banks like CCB and BOC [8]. - The investment logic behind the rise of bank stocks is complex, as traditional views suggest that strong economic performance leads to better bank earnings, yet current economic conditions do not fully support this [9][10]. Investment Behavior - The surge in bank stocks is primarily driven by institutional investors, particularly insurance funds, which are attracted to the high dividend yields offered by banks [11][12]. - Insurance companies have launched significant investment products focused on stable, high-dividend blue-chip stocks, indicating a strategic shift towards long-term holdings in the banking sector [13]. - Index funds and public funds have also contributed to the rise, although public funds have historically underweighted bank stocks [14][15]. Market Outlook - Despite the recent gains, there are concerns about the sustainability of bank stock prices, as the dividend yield has decreased to just over 4%, making them less attractive compared to other sectors like liquor [16]. - The article warns that if market sentiment shifts, the concentrated investments in bank stocks could lead to a rapid decline in their prices, echoing past market behaviors [17].