Group 1 - The current margin financing balance in A-shares has reached 2 trillion yuan, marking a significant increase compared to the previous peak in May 2015, but the context and implications are different this time [1][2] - The proportion of margin financing balance to the circulating market value of A-shares is currently 2.31%, which is lower than the 4.16% recorded in May 2015, indicating that the growth of margin financing is more aligned with the overall market value increase [1] - The financing buy-in amount as a percentage of A-share trading volume is 10.23% as of August 5, compared to 14% in 2015, suggesting that while leveraged trading is active, it has not reached excessive speculative levels [1] Group 2 - The current rolling price-to-earnings (P/E) ratio of the Shanghai Composite Index is between 15 and 16, significantly lower than the 19 to 20 range in May 2015, with the peak exceeding 23 [2] - The market valuation has not experienced rapid increases; the P/E ratio has only risen from 14 to 16 this year, contrasting with the rise from 15 to 23 during the same period in 2015 [2] - The recent China Securities Regulatory Commission meeting emphasized the need to consolidate the market's recovery and improve market monitoring and risk response capabilities, indicating a more robust regulatory environment [2]
时报观察丨两融余额重上两万亿 这次有何不同？
Zheng Quan Shi Bao·2025-08-07 00:17