China Merchants Securities released a research report saying that since late September, financing balances have continued to decline, leveraged funds have been cleared at an accelerated pace, and large net inflows of equity ETF funds have formed a hedge, compounded improvements on the demand side of capital and marginal improvements in market capital supply and demand, but the overall stock game is still in a state of stock play. The current financing balance fell to the level of September 2025, and the financing balance in the TMT sector fell to the level of the end of November 2025. The pressure on financing outflows was released to a certain extent, and domestic market stabilization policies were intensively released, compounding the implementation of the US midterm election boots to push for a recovery in market risk appetite. The direction of the overfall in the early period is expected to usher in a rebound window.

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