约2.3万亿元，A股新纪录

Core Viewpoint - The margin trading balance in the A-share market has reached a historical high, indicating increased market activity and investor engagement [2][4][6]. Group 1: Margin Trading Balance Growth - As of September 1, 2025, the margin trading balance is approximately 22,970 billion yuan, surpassing previous highs and setting a new record [2][4]. - Since August 2025, the margin trading balance has consistently broken through key thresholds, reaching over 20,000 billion yuan, 21,000 billion yuan, and 22,000 billion yuan [3][6]. - The growth in margin trading balance is primarily driven by the increase in financing balance, which reached about 22,808 billion yuan as of September 1, 2025, also a historical high [3][7]. Group 2: Trading Activity and Volume - The daily margin trading volume has remained high, with September 1, 2025, recording a trading volume of 3,239 billion yuan, marking the sixth consecutive day above 3,000 billion yuan [7]. - From August 13, 2025, the margin trading volume has exceeded 2,000 billion yuan for 14 consecutive trading days, contrasting sharply with the previous year's low of under 500 billion yuan [7]. - The proportion of margin trading volume to total A-share trading volume was 11.66% on September 1, 2025, compared to over 20% during the peak in 2015 [7]. Group 3: Market Capitalization Impact - The margin trading balance accounts for 2.42% of the A-share market's circulating market value as of September 1, 2025, which is significantly lower than the historical peak of over 4% observed between May and July 2015 [8].