2. The financial sector, especially banking stocks, has performed better than the broader market recently. The stock index has been adjusted from 6 100 to 5,000, and the banking stocks have been quite resilient (some have fallen by 30%-50%). It's normal to have a wave of adjustments today.
3. The early rise of banking stocks mainly came from the expectation of stock index futures, so institutions scrambled to grab the chips of heavyweights (before PetroChina went public, the banking sector was the first heavyweight in the two cities), thus pushing the stock index to 6000 points.
4. Today's collective adjustment of the banking sector is related to the release of sensitive data today, and the CPI is still high, so the market speculates that the central bank will raise interest rates again in the near future, which will affect all the way down (technically there are also adjustment requirements).
The adjustment of the banking industry will not be too deep. This is because the chips in the banking sector are mainly concentrated in the hands of institutions. With the expectation of launching stock index futures approaching, institutions will not easily lose this weight plate in order to grab the cake of stock index futures.
6. With the gradual stabilization of PetroChina and the adjustment of the banking sector in place, it is time for the market to bottom out in stages.