The bank sector fell in the afternoon, possibly due to the market sentiment reaching a temporary high point.

On July 11th, the banking sector, which had been continuously hitting new highs earlier, saw a pullback in the afternoon. Nearly 20 stocks including Shanghai Pudong Development Bank, Changsha Bank, Zhejiang Merchants Bank, Huaxia Bank, and Zhangjiagang Bank, dropped by more than 2%. Industrial and Commercial Bank of China turned green, while Agricultural Bank of China erased a 3% intraday gain. So why did the banking sector suddenly fall back? It may be related to the market sentiment reaching a temporary peak. On July 10th, major investment groups as well as social media were discussing the continuously rising banking sector, with some even issuing "warning letters" and making jokes comparing Industrial and Commercial Bank of China to NVIDIA. Some analysts pointed out that once a "warning letter" is issued, the sector will quickly cool down, as this has become a "rule" in the A-share market! Looking at the overall market situation, on July 11th, the market rose and fell throughout the day, with the three major indexes slightly up. By the close, the Shanghai Composite Index rose by 0.01%, the Shenzhen Component Index rose by 0.61%, and the ChiNext Index rose by 0.8%. A total of 2960 stocks in the market rose, with 68 stocks hitting the daily limit up, and 2206 stocks falling.