【财经分析】两融余额连续突破2万亿元 A股区间震荡格局未改

Group 1 - The balance of margin trading has exceeded 2 trillion yuan for multiple consecutive trading days since August 5, marking the first time since July 2015 that it has returned to this level, indicating a strong market sentiment and leverage level [1][2] - Despite a slight market adjustment on August 8, the overall market remains resilient with a positive outlook, supported by ample liquidity and a recovering risk appetite [2][3] - The A-share market has shown a trend of oscillating upward this year, driven by improved liquidity and long-term policy expectations, with a notable "deposit migration" phenomenon due to declining risk-free interest rates [3][4] Group 2 - The A-share market is expected to maintain a high-level oscillation due to good liquidity, although fundamental pressures continue to create a range-bound market [4][5] - There is a significant focus on sectors with clear policy and industry trends, with a preference for high-performance technology growth and core assets in advanced manufacturing, such as AI and robotics [4][5] - New consumption trends are emerging, with a shift in consumer preferences observed in retail environments, indicating that new consumption will be a dominant force in the market cycle from 2023 to 2027 [5]