A股上3700点创十年新高 资金跑步入场“股债跷跷板”再现

Market Performance - On August 18, the A-share market's trading volume surged to 2.76 trillion yuan, with margin financing and securities lending (two融) balance exceeding 2 trillion yuan, marking the fourth consecutive trading day of both metrics surpassing 2 trillion yuan since August 13 [2] - The Shanghai Composite Index reached 3,700 points, achieving a nearly 10-year high, with a year-to-date increase of 11.23% [2] Investor Activity - In July, 1.9636 million new A-share accounts were opened, a month-on-month increase of 317,200 accounts, representing a nearly 20% growth compared to June [2] - As of July 31, the total number of new A-share accounts opened this year reached 14.5613 million, a year-on-year increase of 36.88% compared to 10.6379 million accounts opened in the first seven months of 2024 [2] Bond Market Reaction - On August 18, the bond market experienced a significant decline, with all government bond futures closing lower [2] - The 30-year main contract fell by 1.33%, closing at 116.090 yuan, marking the largest single-day drop since March 17, 2025, and the lowest closing price since March 24, 2025 [2] - The 10-year main contract decreased by 0.29% to 108.015 yuan, while the 5-year and 2-year contracts fell by 0.21% and 0.04%, closing at 105.455 yuan and 102.304 yuan respectively [2] - The 30-year government bond ETF dropped over 1%, closing down 1.26%, continuing a three-day decline [2]