市场点评报告：退热促均衡

Group 1 - The report highlights that the regulatory authority has raised the margin requirement for financing from 80% to 100%, effective January 19, 2026, as a measure to stabilize market volatility and reduce leverage growth rate [3][4]. - This adjustment is part of a "counter-cyclical adjustment" mechanism aimed at addressing recent overheated market sentiments, and it applies only to new financing contracts, leaving existing contracts unaffected [4]. - Historical context shows that similar adjustments in the past have led to significant market shifts, with the current adjustment expected to create short-term pressure on high-beta sectors while promoting a healthier market environment in the long run [4]. Group 2 - The report indicates that active funds typically favor high-volatility technology and thematic stocks, but the increase in leverage costs may slow down new capital inflows into these sectors [4]. - Conversely, undervalued blue-chip stocks and core assets with strong earnings certainty are expected to be less affected by financing pressures and may gain relative attention as market risk appetite declines [4]. - The report suggests that investors should manage leverage proactively and focus on sectors with expected earnings surprises and sustainable profit improvement, aligning with the policy direction of "de-leveraging" [4].