Galaxy Securities: The foundation of the A-share market's long bull and slow bull is further solidified.

Galaxy Securities research report pointed out that since the beginning of 2026, investors' sentiment has been highly active, margin trading balances have continued to rise, and this week the financing margin ratio has been adjusted upwards, reflecting a policy signal to guide rational investment and maintain market stability. Since 2026, industries such as electronics, computers, and non-ferrous metals, which have had a high net margin buying volume, may be affected by some cooling of leverage sentiment, but it is worth noting that this adjustment is limited to new financing contracts, which helps to mitigate short-term market impact. At the same time, this week, the central bank has implemented a series of measures, including lowering interest rates on various structural monetary policy tools, improving structural tools, and increasing support, to support economic structural transformation and optimization, and has clearly stated that there is still room for reserve ratio cuts and interest rate reductions this year, which is conducive to boosting market confidence. The China Securities Regulatory Commission's 2026 systematic work conference emphasized "stability first" and deployed five key tasks, which will help to consolidate the foundation for a long and slow market trend, and the short-term consolidation will not change the long-term positive trend.