Margin financing balance across Shanghai and Shenzhen falls 3.19B yuan to 2.61 trillion

The pullback is modest against a 2.61 trillion yuan base, but it is broad, with both exchanges shedding leverage in the same session rather than one offsetting the other. That matters because margin balances are a real-time read on risk appetite, and a synchronized decline suggests traders are trimming exposure rather than rotating between venues. Whether this is a one-session pause or the start of a sustained deleveraging trend is the open question, particularly for sectors that have leaned on borrowed money for momentum.