The latest report from China Securities Credit Rating Macro Team points out that the current A-share adjustment is a structural deleveraging, rather than a comprehensive balance sheet contraction caused by tightening macro liquidity. The report believes that the stage of the most significant explicit leverage pressure has passed, off-exchange leverage has not yet shown systemic risks, ETFs are still providing capital support, and stock pledge risks are also at a low level. Data shows that the margin balance dropped to approximately 2.6 trillion yuan on July 17, a decrease of about 238.5 billion yuan within three weeks, a decline of about 8.4%. Risks are mainly concentrated in technology growth sectors that have seen significant gains previously. The report concludes that the end of deleveraging requires attention to whether margin trading stops flowing out and whether overseas AI trading can stabilize again.