交易所对杠杆“点刹”！融资保证金回归100%，A股慢牛要来了？

Group 1 - The core point of the article is the regulatory adjustment of the financing margin ratio, which has been raised from 80% to 100%, aimed at cooling down the overheated A-share market [8][27]. - The timing of this policy change is notable, as it comes after a significant influx of leveraged funds, with net purchases reaching 140 billion yuan and margin trading balances exceeding 2.68 trillion yuan, marking a historical high [4][8]. - The adjustment is expected to impact high-volatility sectors such as AI, semiconductors, and new energy, which have seen significant price increases driven by leveraged trading [13][14]. Group 2 - The increase in the financing margin ratio is likely to lead to a shift in market focus from speculative trading to fundamental-driven investment strategies, emphasizing the importance of company performance [22][24]. - Brokerages that heavily rely on margin trading for income may face challenges, particularly smaller firms, while larger firms with diversified business models may experience limited impact [16][20]. - Low-valuation, high-dividend sectors such as banking, insurance, and utilities may become attractive to investors seeking stability amid increased financing costs [18][20].