Margin financing balance across Shanghai and Shenzhen exchanges falls 6.26 billion yuan

The divergence is the story: Shanghai margin balances edged up while Shenzhen absorbed the entire decline, pointing to a rotation in leveraged positioning between the two boards rather than a uniform pullback in risk appetite. Because margin data captures only the leveraged slice of activity, it is a sentiment signal rather than a market-wide verdict. Whether the Shenzhen outflow continues or reverses in the next session is the open question worth tracking.