#牛市季来临 currently shows several signs that the A-shares may be in a bull market season.

Leading brokers like Xinda Securities believe that under the impetus of policies and funds, the main wave of the bull market has already arrived. From a technical perspective, the Shanghai Composite Index's full-cycle moving averages are in a bullish arrangement, with consecutive volume-increasing bullish candles in June and July breaking through the 3500-point level. The monthly KDJ golden cross slope is greater than 60°, marking the strongest offensive signal since 2019, and the trading volume has exceeded one trillion for 41 consecutive trading days, indicating ample liquidity.

The fiscal deficit rate may exceed 3.5%, releasing over 4 trillion in liquidity, and the positioning of the capital market has further improved, with “stabilizing the real estate and stock markets” included in central government documents. The funding situation also shows a trend of incremental capital inflow, with foreign investment net increasing by 10.1 billion USD in A-shares in the first half of the year, a significant surge in insurance capital stock investments, and a trend of residents shifting their savings to the stock market against the backdrop of declining deposit rates, with the margin balance of the two markets exceeding 1.93 trillion yuan.