融资余额逼近2万亿关口，资金端暖意绵绵

Core Viewpoint - The A-share market is experiencing increased activity with a significant rise in leveraged funds and institutional investments, indicating a positive sentiment among investors towards future market performance [1][2][3]. Group 1: Market Activity and Fund Flows - As of July 29, the A-share financing balance reached 1.97 trillion yuan, marking the highest level since July 3, 2015 [1][3]. - The proportion of daily financing purchases to total A-share trading volume has exceeded 10% for seven consecutive trading days, signaling a notable increase in market risk appetite [4][6]. - Institutional funds are showing positive trends, with a significant decrease in the scale of capital reduction by approximately 40% compared to the previous month, alleviating market pressure [2][6]. Group 2: Investor Sentiment and Future Outlook - The continuous growth in financing balance reflects investors' willingness to leverage their positions, indicating an optimistic outlook for the market [3][7]. - The issuance of equity public funds has increased significantly since June, with mixed public fund issuance reaching a new high of 29.2 billion units in June 2024 [5][6]. - Analysts suggest that while the core index may challenge its yearly high, the path may not be smooth, necessitating close attention to policy implementation, economic data validation, and external environmental changes [2][8][9]. Group 3: Economic and Policy Context - The ongoing policies aimed at stabilizing growth and expanding domestic demand are expected to positively influence the macroeconomic landscape, with a higher probability of economic data stabilizing in the second half of the year [9]. - The recent statements from the Central Political Bureau regarding the consolidation of the capital market's positive momentum further support the optimistic outlook for the A-share market [9].