1. The total trading volume of the Shanghai and Shenzhen stock exchanges on July 28th slightly decreased to 2.03 trillion yuan, marking the twelfth consecutive trading day below the 20-day moving average (2.73 trillion yuan).
2. On July 28th, the ratio of margin buying to A-share market capitalization, a measure of leverage, rebounded to 9.1%, continuing to fluctuate significantly around 10%, remaining at the lower end of its fluctuation range over the past year.
-------- 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 a bull market. A leverage ratio above 15% indicates an overheated market risk, requiring caution.
