Huatai Securities: Counter-cyclical funds providing increased support.

Huatai Securities released a research report stating that last week the market's main theme experienced some adjustments, with the main increase in market switching to ETFs and industrial capital. The trading fund heat showed clear signs of a significant decline, with the outflow of margin funds and trading activity hitting the lowest level since "9.24". The market is concerned about the extent of the spread of the tail risk in the funding situation, believing that the current risk is relatively controllable. 1) The market's average guarantee ratio has dropped significantly to 261%, still some distance from the levels in January and February 2024; 2) Margin funds have flowed significantly into the A-share mainstream since June 2025, with relatively low cost lines, and current funds may have relatively thick floating profits; 3) There may be some margin call risks at the individual stock level, but the scope is relatively limited.