2.3万亿元！A股两融余额再创新高，超越2015年牛市峰值

Core Viewpoint - The A-share margin trading balance has reached a historical high, surpassing the peak of 2015, indicating a significant increase in leverage in the market, but with different characteristics compared to the previous peak [1][5][30]. Margin Trading Data Comparison - The number of margin trading stocks has increased from 912 in 2015 to 4239 in 2025, reflecting a broader market participation [5]. - As of September 9, 2025, the margin trading balance accounted for 2.5% of the A-share market capitalization, which is significantly lower than the over 4% seen in 2015 [6][7]. - The absolute amount of margin trading is higher now, but its proportion of total trading volume is slightly lower than in 2015, indicating a more active market with a higher participation of self-funding [8][9]. Investor Participation and Debt Levels - The number of individual investors participating in margin trading has exceeded 7.6 million, with a notable increase in participation during certain trading days, although it has fluctuated recently [10][11]. - The average debt per margin trader has decreased from approximately 163.91 million in 2015 to 128.4 million in 2025, suggesting a reduction in individual leverage [12]. Sectoral Analysis of Margin Trading - The margin trading balance for the ChiNext board has significantly increased by 367% from 2015, while the balance for the CSI 300 has decreased by 39.8% [14][17]. - The current margin trading balance across various industries is notably lower than the peaks seen in 2015, with traditional sectors like finance and real estate experiencing substantial declines in margin trading balances [22][23]. Market Dynamics and Investment Logic - The current market shows a more diversified funding structure compared to 2015, with various funding sources including public and private funds, and foreign investments contributing to market dynamics [30]. - The investment logic has shifted towards a focus on performance and fundamentals, with margin funds being directed more towards growth sectors such as technology and innovation [30][31].