沪指3600点拉锯战正酣，杠杆资金加速进场。 Wind数据显示，截至7月29日，A股融资余额达到1.97万亿元，续创2015年7月3日以来新高。同时，自7 月21日以来，A股单日融资买入额占A股成交额的比例连续7个交易日突破10%。 事实上，不只是杠杆资金，机构资金也释放出积极信号。 受访人士向21世纪经济报道记者指出，近期A股资金面呈现多元积极变化。 一方面，6—7月以来市场成 交量持续走高、被动产品新发不断发力、主动权益类基金发行量也在增长；同时，产业资本层面，减持 规模较上月大幅下降约四成，市场面临的减持压力明显减轻。另一方面，财政部针对保险资金推出一系 列长周期考核举措，有望强化险资权益资产配置的稳定性，并进一步加速险资入市的进度。 展望后市，有机构人士指出，核心指数有望挑战年内高点，但过程可能并非一帆风顺，短期需密切关注 政策细节的落地速度、经济数据的实际验证情况以及外部环境变化。 多路资金入市 另一方面，7月初，财政部发布《关于引导保险资金长期稳健投资进一步加强国有商业保险公司长周期 考核的通知》，提出的一系列长周期考核举措有望强化保险资金权益资产配置的稳定性，并进一步加速 险资入市的进度，有望为 ...

Core Insights - The report indicates a decline in the average annualized yield of selected bank wealth management products, with a one-year investment yield of 0.92% and a six-month investment yield of 0.59% over the past three months [1][2] - The comprehensive yield index for low-risk six-month investment cycle products increased slightly, while the one-year investment cycle products also saw a minor rise, indicating a slowdown in growth [2] - The weighted average yield of collective trust products decreased, with short-term and long-term products showing declines as well [2][3] Banking Wealth Management Market - The average annualized yield of selected cash management products was 1.42%, down 4 basis points from June 1, 2025, and down 185 basis points from the baseline period of April 4, 2021 [1] - The yield for low-risk six-month investment cycle products was 0.59%, up 1 basis point month-on-month, but down 21 basis points over the past six months [1] Trust Market - The weighted average yield of collective trust products fell by 11 basis points to 5.40%, with short-term products at 5.06% (down 9 basis points) and long-term products at 5.55% (down 13 basis points) [2] Public Fund Market - The average seven-day annualized yield of money market funds was 1.33%, down 2 basis points month-on-month and down 115 basis points from the peak in December 2020 [2] - Bond funds increased by 1.13%, mixed funds by 3.64%, and stock funds by 3.14% over the past six months [2] Private Fund Market - The composite strategy private funds saw a six-month increase of 4.69%, while stock strategy private funds increased by 4.17% over the same period [3]

Group 1 - The core viewpoint of the report indicates that the average annualized yield of selected cash management products in the national bank wealth management market has increased to 1.55% as of April 27, 2025, compared to a decrease of 172 basis points from the baseline period [1] - The comprehensive yield index for medium and low-risk six-month investment cycle products in the national bank wealth management market reached 115.45 points in April, reflecting a month-on-month increase of 0.21% and a growth of 15.45% from the baseline period [2] - The weighted average yield of collective trust products in the trust market decreased by 6 basis points to 5.61% in April, with short-term products dropping to 5.27% and long-term products to 5.78% [2] Group 2 - The average seven-day annualized yield of money market funds was 1.41% in April, down 3 basis points from the previous month and 107 basis points from the peak in December 2020 [2] - The bond fund yield index fell to 76.89 points in April, a decrease of 2.65 points from the previous month and a decline of 23.11 points from the December 2020 baseline [3] - The composite strategy private equity fund saw a six-month increase of 0.53%, while the stock strategy private equity fund had a six-month increase of 0.22% [3]