上圖黃線代表A股融資槓桿率，即：A股融資餘額/中證800指數市值。2015年A股短暫的牛市行情被媒體稱為「槓桿牛」，從數據上看正是這個比率不斷攀高導致。此後政府強行去槓桿導致股市崩盤。這些都是故事，數據告訴你真相。
有趣的是，年初至今的「牛抬頭」並未伴隨著槓桿率的提高，相反，這個比率在市場大漲的前提下居然是大幅下降的。江湖上有很多陰謀論的段子，我不喜歡傳播那些東西。市場數據，真實客觀地告訴我們：
A股正在經歷「牛市去槓桿」的偉大歷史階段！
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