2.3万亿元！A股两融余额再创新高 超越2015年牛市峰值！

Core Insights - The A-share margin trading balance reached a historical high of 23,197.18 billion yuan as of September 9, 2025, surpassing the peak in 2015, indicating a significant increase in leverage in the market [1][6][7]. Group 1: Margin Trading Data Comparison - The number of margin trading stocks increased from 912 in 2015 to 4,239 in 2025, reflecting a broader market participation [5]. - The margin trading balance as a percentage of A-share circulating market value is currently lower than it was ten years ago, with recent figures showing 2.5% compared to over 4% in 2015 [6][8]. - 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 around 11% [9][11]. Group 2: Investor Participation and Debt Levels - The number of individual margin trading investors exceeded 7.6 million in 2025, compared to approximately 3.8 million in 2015, indicating increased market engagement [12]. - The average debt per margin trading investor decreased from approximately 163.91 million yuan in 2015 to 128.4 million yuan in 2025, suggesting a reduction in individual leverage [13]. Group 3: Sector-Specific Trends - The margin trading balance for the ChiNext board reached 4,845.23 billion yuan in 2025, a 367% increase from 1,038.30 billion yuan in 2015, while the balance for the CSI 300 index decreased by 39.8% [15][18]. - The current leverage ratios across various industries are significantly lower than the peaks seen in 2015, with some sectors like banking and real estate experiencing declines of over 70% [19][23]. Group 4: Market Dynamics and Investment Logic - The current market shows a preference for growth sectors such as technology and innovation, contrasting with the previous focus on traditional sectors like finance and real estate in 2015 [25]. - The recent surge in margin trading is characterized by a more stable increase in investor participation, indicating a shift towards long-term investment strategies rather than short-term speculative behavior [31][32].