[ETF Margin Balance Continues to Grow, Leveraged Funds 'Balancing Offense and Defense'] According to a report by Jinse Finance, on July 6, since June, the trading activity in the A-share market has continued to increase, with financing funds accelerating their participation in the market through ETFs. Wind data shows that as of June 30, the margin balance of ETFs in the Shanghai and Shenzhen markets reached 116.088 billion yuan, an increase of 5.258 billion yuan compared to the end of May. Among them, thematic ETFs such as semiconductors and communications have become key areas for leveraged funds to increase positions. However, the financing balance of gold ETFs remains the highest, indicating that while leveraged funds are actively positioning for growth opportunities, they are still maintaining a certain level of hedging positions.