两融余额突破2万亿创近十年新高！三大方向值得关注

Core Viewpoint - The market risk appetite is increasing, leading to a rapid influx of leveraged funds, with the margin balance in the Shanghai and Shenzhen markets surpassing 2 trillion yuan for the first time in ten years, indicating potential bullish trends in the non-bank financial sector [1][2] Group 1: Market Data and Trends - As of August 8, the margin balance reached 20,131.30 billion yuan, a 1.68% increase from the previous week, accounting for 2.30% of the A-share circulating market value [1] - The only ETF tracking the CSI Hong Kong Stock Connect Non-Bank Financial Index, the Hong Kong Stock Connect Non-Bank ETF (513750), has seen a year-to-date increase of 40.67%, with its scale surpassing 13 billion yuan, reflecting a growth of over 15 times this year [1] Group 2: Product Structure and Characteristics - The Hong Kong Stock Connect Non-Bank ETF (513750) has a unique structure, with 64.5% of its weight focused on leading insurance companies like China Ping An and AIA, 15.2% allocated to top brokerages, and 13.3% covering the Hong Kong Stock Exchange [1] - The top ten holdings of the ETF account for 78.19% of its total weight, with significant individual weights exceeding 13% for China Ping An, AIA, and the Hong Kong Stock Exchange, indicating a strong leader effect [1] Group 3: Investment Opportunities - The non-bank financial sector is currently experiencing multiple favorable conditions, with the insurance sector benefiting from policy-driven interest rate reductions and the record high margin scale positively impacting brokerage income [2] - The Hong Kong Stock Connect Non-Bank ETF (513750) is positioned as an efficient tool for investors to access leading non-bank financial stocks without QDII quota restrictions, supporting T+0 trading [2]