时隔10年，A股再现“双2万亿”

Core Insights - A-shares experienced a significant surge on August 15, 2025, with the Shanghai Composite Index rising by 0.83%, the Shenzhen Component Index by 1.60%, and the ChiNext Index by 2.61, marking a historical trading day with a turnover exceeding 2.2 trillion yuan [1][2] - The dual breakthrough of A-share turnover and margin trading balance exceeding 2 trillion yuan is a notable event, reminiscent of the last occurrence in mid-2015, but this time driven primarily by institutional investors [1][4] Trading Volume and Margin Data - On August 14, 2025, A-share turnover reached 23,062.83 billion yuan, ranking 11th in historical daily turnover, while the margin trading balance was 20,552.08 billion yuan, with a financing balance of 20,410.40 billion yuan [2] - The financing trading volume on August 14 was 2,433.54 billion yuan, the highest since November 13, 2024, with 54.77 million investors participating in margin trading, reflecting a 4.65% increase from the previous day [2] Historical Context - August 14, 2025, marked the 7th instance in history where both A-share turnover and margin trading balance surpassed 2 trillion yuan, with previous occurrences primarily during the 2015 leverage bull market [3] Institutional Investor Trends - The current market is characterized by a significant increase in institutional investor accounts, with new institutional accounts reaching historical highs, contrasting with slower growth in retail investor accounts [4][5] - In July 2025, new A-share accounts totaled 1.9636 million, a 71% increase year-on-year, indicating a robust interest from institutional investors [4] Fund Performance and Market Drivers - The current market rally is identified as an "institutional bull," with active public funds seeing a doubling in net value for the first time in three years, outperforming major indices [5] - Key sectors driving this rally include electronics, pharmaceuticals, power equipment, military, non-ferrous metals, and communications, which have shown strong performance in the current market environment [5]