A股“吹哨人”发声！三大信号，闪现！

Core Viewpoint - The A-share market is experiencing changes, with signs indicating structural opportunities despite a weak overall performance. The market is adjusting, and regulatory actions aim to maintain a stable "slow bull" market [1][6]. Group 1: Market Signals - The A-share market shows three significant signals: 1. High-position thematic stocks are retreating while the non-ferrous metal sector is performing strongly, indicating structural opportunities [3]. 2. The bond market is not overly excited, suggesting that risk appetite has not completely diminished, with significant trading volumes in ETFs [3][4]. 3. Early trading volumes indicate a reduction in market enthusiasm, with a drop from over 2 trillion yuan to less than 1.7 trillion yuan in a short period [4]. Group 2: Regulatory Actions - Morgan Stanley reports that the adjustment of the financing margin ratio from 80% to 100% aims to maintain a "slow bull" market, with the increase applying only to new transactions [6]. - The current leverage level in the market is relatively low, with financing balances accounting for about 2.3% of the total market capitalization, lower than the peak of 3.8% in 2015 [6]. Group 3: Long-term Market Outlook - Analysts believe that the long-term trend of a slow bull market remains unchanged, driven by structural recovery in profits, loose liquidity, and limited external risks [7].