Combined Margin Balance of Shanghai and Shenzhen Exchanges Falls 1.384 Billion Yuan

The headline decline masks a divergence: Shanghai leverage was cut while Shenzhen added margin exposure on the same day, suggesting the aggregate figure understates a rotation in risk appetite rather than a uniform retreat. With the combined balance still above 2.2 trillion yuan, this is a marginal adjustment, not a deleveraging event. The split between the two venues is the more informative signal, and whether Shanghai's decline persists alongside Shenzhen's gains is the open question worth tracking.