GuoTou Securities' Lin Rongxiong: "Cooling down" is not the same as "stalling", slowing down is the way to get out of the "long bull market" and "slow bull market".

On January 15, the China Securities Regulatory Commission held a meeting on the 2026 systemic work. The meeting emphasized the need to strictly investigate and punish illegal activities such as excessive speculation and market manipulation, and resolutely prevent market volatility. In the context of the A-share market's simultaneous rise in trading volume and price since the beginning of the year, on January 14, the Shanghai and Shenzhen stock exchanges also issued a notice to increase the minimum ratio of margin required for investors' margin trading from 80% to 100%. This move has attracted widespread attention in the market. In response, Lin Rongxiong, chief strategist analyst at Guotou Securities, told Caiwen that this adjustment is not a "fire-extinguishing" attempt to forcibly deleverage, but a regulatory measure aimed at controlling the irrational rise caused by leveraged funds in the current market, with the aim of guiding A-shares towards a healthy and sustainable market evolution characterized by a "long bull market" or "slow bull market" pattern.