帮主郑重：两融余额十年后再破2.2万亿，这波杠杆资金在赌什么？

Group 1 - The core point of the article highlights that the margin financing balance in A-shares has reached 2.2 trillion, indicating a significant influx of leveraged funds into the market, but this is not a repeat of the 2015 scenario as the current market dynamics involve a combination of policy, technology, and capital [1][3] - The current margin financing balance accounts for only 2.3% of the circulating market value, which is less than half of the level seen in 2015, suggesting that leveraged funds are being deployed strategically rather than through blind speculation [3] - The focus of leveraged funds is on "new productive forces," with over 40% of financing in the electronic, computer, and communication sectors, particularly in semiconductor equipment, AI computing, and robotics [3][4] Group 2 - The article notes a shift in the behavior of leveraged funds, with institutional investors now accounting for over 60% of the market, indicating a more calculated approach to buying during market corrections [3][4] - Policy signals are crucial, as the margin financing market is being guided by measures that lower entry barriers and expand eligible stocks, leading to increased financing for high-liquidity stocks on the Sci-Tech Innovation Board [4] - Key sectors to watch include semiconductor equipment and AI chips, driven by policy support and domestic substitution, as well as innovative drugs and medical devices in the biopharmaceutical sector, and energy storage and smart grids in the renewable energy sector [4][5]