1. The total trading volume of the Shanghai and Shenzhen stock exchanges on August 21st was 1.88 trillion yuan, a significant decrease from the previous day, hitting a new low since April this year, and falling below the 20-day moving average (2.32 trillion yuan, which has been fluctuating around since August).
2. On August 21st, the ratio of margin buying to A-share market capitalization, a measure of leverage, slightly decreased to 10.03%, fluctuating around 10% throughout the year, but with significantly increased volatility since May.
-------- 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.
