中国券商：解读我们 2 万亿元日均交易额牛市论背后的驱动因素

August 20, 2025 02:40 AM GMT China Brokers | Asia Pacific Mapping the Drivers Behind Our Bull Case of Rmb2tn ADT Household financial assets, northbound flows and modestly higher leverage will be the main sources of liquidity to the A share market and could lift ADT towards our bull case of Rmb2tn. Mutual funds could become a more important channel for retail to allocate back to equities. We estimate Rmb1.5-1.7tn inflows to onshore equity market from institutional and retail investors in 1H25. Major institut ...