图说金融：A股融资余额创十年新高

Report Summary 1. Core View - On July 29, the margin trading balance of A-shares reached 1.9684 trillion yuan, hitting a ten-year high since July 2015, much higher than the 1.5 - 1.7 trillion yuan during the bull market in 2021 [2] - Leveraged funds actively increased their positions in July, with the market risk appetite at a relatively high level. Since the September 24, 2024 market rally, the central level of margin trading balance has risen from 1.5 trillion yuan to 1.8 trillion yuan, and the oscillation range was finally broken through after half a year [2] - The continuous momentum of optimistic sentiment is strong. Firstly, the "anti - involution" trading is recognized by leveraged funds, betting on the expectation of policy intensification. Secondly, the interim reports catalyze the trading of high - growth sectors. High - growth industries such as pharmaceuticals and technology meet the stock - selection preferences of leveraged funds [2] 2. No Report Industry Investment Rating is Mentioned