2.3万亿元！A股两融余额再创新高，超越2015年牛市峰值！十年数据对比，这几个风险点必须警惕

Core Insights - The A-share margin trading market has reached a historic milestone, with the margin balance exceeding 22,969.91 billion yuan as of September 1, 2025, marking a new high since 2015 [1] - As of September 9, 2025, the margin balance further increased to 23,197.18 billion yuan, indicating sustained high levels of trading activity [1] Margin Trading Data Comparison - The number of margin trading stocks has increased significantly from 912 in June 2015 to 4,239 by September 2025 [5] - The margin balance as a percentage of A-share circulating market value is currently at 2.496%, which is significantly lower than the over 4% observed in June 2015 [6][7] Trading Activity and Investor Participation - The absolute amount of margin trading is higher now, but its proportion of total trading volume is slightly lower than in 2015, with recent trading volumes fluctuating between 2,600 billion and 3,000 billion yuan [8][9] - The number of individual investors participating in margin trading has increased to over 7.6 million, while the average debt per margin trader has decreased from approximately 163.91 million yuan in 2015 to 128.4 million yuan in 2025 [10][12] Sector-Specific Trends - The margin balance for the ChiNext index has surged to 4,845.23 billion yuan, a 367% increase from 1,038.30 billion yuan in June 2015, while the margin balance for the CSI 300 index has decreased by 39.8% [14][16][17] - The current margin balance across various industries is significantly lower than the peaks seen in 2015, with traditional sectors like finance and real estate experiencing substantial declines in margin trading activity [22][23] Market Dynamics and Investor Behavior - The current market shows a more rational approach to margin trading, with funds being directed towards sectors with solid performance and growth potential, such as technology and innovation [30] - The overall market structure has become more diversified, with various funding sources including public and private funds, as well as foreign investments, contributing to a more sustainable market environment compared to the reliance on margin trading in 2015 [30] Conclusion - The A-share margin trading landscape has evolved significantly over the past decade, with increased participation and a shift in focus towards growth-oriented sectors, while maintaining a lower overall leverage ratio compared to the previous peak in 2015 [24][30]