During the initial three trading days following the Spring Festival holiday, the combined balance of margin trading and short selling across the Shanghai, Shenzhen, and Beijing stock exchanges continued its upward trajectory, registering a cumulative increase of RMB 78.915 billion. By February 26, the total balance for margin trading and short selling at these three bourses had reached RMB 2,667.04 billion, marking a daily increase of RMB 20.414 billion and accounting for 2.54% of the A-share free-float market capitalization. The movement of funds suggests that leveraged investors, who had previously adopted a defensive stance ahead of the Spring Festival, are now shifting their focus away from defensive sectors and reallocating towards the technology sector. From February 24 to 26, among the 31 primary industries classified by Shenwan, 29 witnessed net buying through financing. The electronics industry led the way in net purchases, while sectors such as non-ferrous metals also saw net buying exceed RMB 5 billion. Conversely, sectors like conglomerates and coal experienced a reduction in holdings.