Chief Economist of Qianhai Open Source Fund: The adjustment may not last too long, and the "Golden September and Silver October" market is worth looking forward to.

Jin10 Data reported on September 6th that Yang Delong, chief economist of Qianhai Open Source Fund, believes this market trend is not a short-term situation but rather a long-term upward trend. It is reasonable for some fluctuations and adjustments to occur during this rise. From the perspective of trading volume, the market's trading volume remains quite large. Recently, the daily trading volume of A-shares has consistently maintained above 2 trillion yuan, with some trading days even exceeding 3 trillion yuan, approaching historical highs. Additionally, according to calculations, the total market capitalization of the A-share market has already surpassed 100 trillion yuan, and the circulating market capitalization has also significantly increased. The margin balance of 2.27 trillion yuan in February 2015 accounted for 4.27% of the circulating market capitalization; whereas now, the margin balance of 2.3 trillion yuan accounts for less than 3% of the circulating market capitalization. Therefore, from the perspective of leverage, the current leverage ratio is significantly different from ten years ago, and with no off-site financing currently available, it suggests that the market may not have reached the mid-to-late phase of the trend, but rather could be in the early stage of the trend. Thus, this adjustment could be a normal adjustment during the rise and may not last too long, and the “golden September and silver October” market remains worth looking forward to.