A股“点刹”引爆震荡！三大交易所突提融资保证金，慢牛信号拉满

Group 1 - The core message of the news is that the Chinese stock market is experiencing a significant regulatory intervention aimed at cooling down an overheated market, with a specific focus on reducing leverage in margin trading [1][3] - The margin financing ratio was raised from 80% to 100%, which directly reduces the leverage available to investors, indicating a clear shift in policy from a "crazy bull" market to a "slow bull" market [1] - The regulatory measures are designed to prevent a repeat of the 2015 market crash, with a focus on ensuring that market growth is driven by company performance rather than excessive speculation [3] Group 2 - High valuation and high leverage stocks, such as Cambrian and robotics, faced significant sell-offs, while established tech manufacturers and high-dividend sectors like banks and utilities became safe havens [3] - Approximately 70% of new retail investors who bought at high prices were trapped, highlighting the vulnerability of retail behavior in the current market environment [3] - The policy aims to transition the market from being driven by capital inflows to being driven by earnings, as evidenced by the recent performance of quality companies [3]