1. Total trading volume in the Shanghai and Shenzhen stock markets rebounded to 2.91 trillion yuan on July 9th, below the 20-day moving average of 3.2 trillion yuan, indicating a recovery in market sentiment.
2. On July 9th, the ratio of margin buying to A-share market capitalization, a measure of leverage, further decreased to 7.8%, approaching the low point of June 12th and the lower limit of the past year's fluctuation range, suggesting a decline in risk appetite.
-------- Note: 1. Trading volume in the two markets reflects the views of major institutions, speculative funds, and retail investors on A-shares. Volume above the moving average indicates increased total trading volume and a more optimistic market sentiment, while volume below the moving average indicates decreased total trading volume and a cooling market sentiment.
2. Since 2015, A-share leverage levels have mostly remained between 6% and 10%. A leverage ratio exceeding 10% indicates high market activity, potentially approaching or in a bull market. A leverage ratio exceeding 15% indicates an overheated market risk, requiring caution.
