Shanghai and Shenzhen margin balances fall 32.08 billion yuan

The near-even split between Shanghai and Shenzhen deleveraging suggests the pullback is broad rather than concentrated in one market segment, which makes it more a reflection of overall risk appetite than a single-sector story. Margin balances are a real-time gauge of leveraged positioning, so a drop of this size matters most for traders watching whether the earlier build-up in borrowed exposure is unwinding or merely pausing. Whether the decline continues in the sessions ahead, or stabilizes once the immediate selling passes, is the open question.