AI Data Insight
In the third quarter of 2026, the ratio of China's M2 to the circulating market capitalization of domestic listed companies fell to 3.5391, a significant decrease from the previous value of 3.6943. As M2 growth slowed to 7.5% in August and the proportion of direct financing, such as stocks and bonds, surpassed traditional credit for the first time, market funds are gradually tilting towards the real capital market, providing structural support for A-shares.