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 a surge in leveraged funds, with financing balances reaching a new high, indicating increased investor optimism and risk appetite [1][3][4]. Group 1: Market Activity - As of July 29, the financing balance of A-shares 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 significant increase in market risk appetite [4][6]. - The trading volume in the A-share market has been consistently high, with average daily turnover maintaining above 3%, reflecting an active trading environment [6][8]. Group 2: Institutional and Retail Investor Behavior - Institutional funds are showing positive signals, with a notable increase in the issuance of equity public funds since June, particularly in mixed public funds [5][6]. - The reduction in the scale of share reductions by industrial capital has decreased by approximately 40% compared to the previous month, alleviating market pressure [5][6]. - Retail investor activity is also on the rise, as indicated by the sustained high proportion of financing purchases, which reflects a strong internal consensus among individual investors [4][6]. Group 3: Future Market Outlook - Analysts suggest that the core index may challenge its yearly high, although the process may face challenges due to policy implementation speed and external environment changes [2][8]. - The market is expected to maintain a long-term upward trend, driven by factors such as lower risk-free interest rates and improved economic structure [8][9]. - The ongoing policies aimed at stabilizing growth and expanding domestic demand are likely to support the market, with a greater probability of macroeconomic data stabilizing in the second half of the year [9].