Group 1 - The strong upward trend of state-owned banks may not have ended, as there is potential for multiple phases of market performance driven by macro narratives and industry prosperity [1][2][15] - Historical trends show that macro-driven industries, such as liquor and white goods, can experience multiple significant price increases over time, while industry prosperity-driven trends typically exhibit a single strong upward movement followed by a consolidation phase [1][14] Group 2 - Currently, state-owned banks do not show signs of overheating, with transaction volume deviation from historical norms at a maximum of 63.59% for 2025, compared to over 100% for other industries during their strong upward trends [3][29] - Forward valuation metrics indicate that the price-to-earnings ratio (PE) for state-owned banks is only 28.72%, significantly lower than the peaks seen in liquor and white goods sectors [3][33] - Institutional holdings in state-owned banks remain low, fluctuating between 1% and 2%, which suggests a lower risk of counterparties compared to other sectors [3][35] Group 3 - Recent market fluctuations, including significant downward movements in state-owned banks on June 27 and July 11, are not uncommon in strong upward trends and do not necessarily indicate a trend reversal [4][36] - The overall market sentiment remains positive, with A-shares showing resilience against external shocks, and the upward trend in indices is expected to continue [5][39]