Shanghai, Shenzhen margin financing balances fall 25.99B yuan

The twin declines split almost evenly between the two exchanges, suggesting the deleveraging is broad rather than concentrated in one venue's large-cap or small-cap complex. Margin balances are a proxy for leveraged conviction, so a pullback of this size points to risk appetite cooling into the period's close. Whether the retreat continues or stabilizes is the open question, and the next balance reading is the cleanest signal to watch.