China Merchants Securities research center says the current correction is structural deleveraging after overcrowding in a single tech theme, not a systemic leverage crisis, and the mid‑term repair foundation is gradually consolidating. Market risk clearing is concentrated: no large‑scale off‑exchange high‑leverage financing; risks are focused on AI and semiconductors, while value sectors are providing strong support, producing a differentiated bottoming pattern described as "growth purges bubbles, value stabilizes the base." The cleanup is in its latter phase: on‑exchange margin financing balances have declined for 11 consecutive trading days and marginal selling pressure is easing; equity ETFs saw record weekly net inflows; previously strong tracks such as optical modules have experienced catch‑down falls, a pattern consistent with late‑stage panic liquidation, limiting systemic scope for further index declines.(金十数据)