Trading activity on China’s onshore equity bourses remained robust on Monday, with combined turnover on the Shanghai and Shenzhen stock exchanges exceeding 1 trillion yuan for the 48th straight session. Persistent heavy volume underscores the heightened retail and institutional engagement that has characterised the summer rally in A-shares. Despite the strong domestic turnover, mainland investors continued to pare their Hong Kong exposure. Net southbound outflows through the Stock Connect programme widened to about HK$15 billion during the session, up from roughly HK$10 billion reported earlier in the day. The selling pressure contrasted with a late-morning rebound that pulled all three major onshore benchmarks into positive territory. Separately, appetite for fixed-income assets is also building. Industry data show spot bond trading by China’s small and mid-sized banks hit a 2025 peak in July, reflecting a shift toward balance-sheet management amid volatile credit conditions.