Huatai Securities released a research report saying that there was a certain adjustment in the main market line last week. The main incremental increase in the market was switched to ETFs and industrial capital. The popularity of transactional capital showed clear signs of decline. The scale of financing capital outflows and trading activity hit the lowest value since “9.24.” The market is concerned about the spread of underside risks and believes that the current risk is relatively manageable: 1) The average guarantee ratio of the market has dropped sharply to 261%, which is still a certain distance from January to February 2024; 2) Currently, financing capital has flowed into the main A-share line since June 2025, and its cost line is relatively low. Capital surpluses or are relatively high; 3) There may be certain follow-up risks at the individual stock level, but the scope may be relatively limited.

Huatai Securities released a research report saying that there was a certain adjustment in the main market line last week. The main incremental increase in the market was switched to ETFs and industrial capital. The popularity of transactional capital showed clear signs of decline. The scale of financing capital outflows and trading activity hit the lowest value since “9.24.” The market is concerned about the spread of underside risks and believes that the current risk is relatively manageable: 1) The average guarantee ratio of the market has dropped sharply to 261%, which is still a certain distance from January to February 2024; 2) Currently, financing capital has flowed into the main A-share line since June 2025, and its cost line is relatively low. Capital surpluses or are relatively high; 3) There may be certain follow-up risks at the individual stock level, but the scope may be relatively limited.