Industry Notes / August–December allocation / Chapter 1 of 3 · Bar
July: margin left by about 408 bn, ETFs took in about 478 bn
Leverage stepped back; stabilization money stepped in
Margin outflow
4080 bn RMB
ETF inflow
4778 bn RMB
In July margin balances fell by about RMB 408 bn while equity ETFs took in about RMB 478 bn. That looks more like a crowded-trade reset than a full deleveraging crash. Before reading August’s shifts, see money moving from leverage into ETFs.
Source：Wind / 交易所与基金业协会公开数据：融资余额变化、股票型 ETF 净流入（2026-07）
Research notes, not investment advice.