1. The total trading volume of the Shanghai and Shenzhen stock exchanges fell to 2.2 trillion yuan on July 23, remaining below the declining 20-day moving average of 2.94 trillion yuan, indicating a decrease in trading activity.
2. On July 23, the ratio of margin buying to the total market capitalization of A-shares, a measure of leverage, rebounded to 11.23%, entering a relatively high range, indicating increased leverage and heightened investor sentiment.
Note: 1. Trading volume 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 the midst of a bull market. A leverage ratio exceeding 15% indicates an overheated market risk, requiring caution.
