CCTV financial evaluation: adhere to the principle of stability, A shares need not a "crazy bull" but a "long bull".

On the 17th, CNR website released a financial commentary article, stating that since the beginning of 2026, the margin financing balance of A-shares has repeatedly reached new highs, and market trading activity has continued to rise. At the same time, hot concepts such as commercial aerospace, brain-machine interfaces, AI applications, and GEO have taken turns to heat up the market, continuously igniting a "strong opening" market. Massive trading volume, coupled with faster rotation of hot spots, has led to an overheated market atmosphere, prompting regulatory vigilance. Shanghai and Shenzhen Stock Exchanges simultaneously raised the financing margin ratio to 100% to effectively cool down the market by reducing leverage; many popular stocks with excessive short-term gains have been successively suspended for verification, and another batch of popular concept companies have cautioned on abnormal stock price movements, reminding of speculation risks. This cooling "combination punch" is precisely the precise measures taken by the securities regulatory department to "resolutely prevent major market fluctuations". Subsequently, the three major A-share indexes adjusted, and theme stocks driven by high leverage came under pressure, with the previously popular commercial aerospace index falling by 4.39% in five trading days. However, it must be recognized that the essence of regulatory "cooling" is not "extinguishing the fire", nor suppressing the market, but squeezing out bubbles, eliminating speculation, and truly directing funds to high-quality assets. Hot concepts such as commercial aerospace and AI applications represent the future direction of the industry, and their popularity reflects the market's recognition and confidence in technological development. However, some companies "join the craze", either vaguely associating with hot topics on interactive platforms, triggering market speculation; or only signing cooperation frameworks, without core patents, research and development investment, and product implementation. These companies overlook the long road of technological innovation from technical "concepts" to "performance" that must be walked solidly by enterprises. The regulatory inquiries and regulatory work letters from the regulatory authorities clearly indicate the regulatory position: what is being targeted is not the hot race track itself, but the "fake leader" that rides on the hot trend without fundamental support. This is not to "dampen" technological innovation, but to guide the market to truly explore the "true value" with core patents. When the hot emotions subside, what the market needs more is calm reflection: instead of riding on hot trends and speculating on stock prices, listed companies should solidly cultivate their internal strength, continuously improve their operational quality and disclosure level. Only by truly becoming market entities that meet the requirements of high-quality development can they traverse the cycles, achieve a win-win situation between companies and investors, and enable A-shares to achieve healthy development characterized by "slow bull" and "long bull", sharing the dividends of high-quality development of the Chinese economy.