CLS(SZ:002945) Di Yi Cai Jing Zi Xun·2025-09-14 10:15Core Viewpoint - The A-share market has experienced fluctuations, yet the enthusiasm among margin traders remains high, with the margin financing balance exceeding 2.3 trillion yuan, prompting securities firms to enhance their related business scales [1][2]. Group 1: Margin Financing and Securities Firms - The margin financing balance reached 2.34 trillion yuan as of September 11, with a financing balance of 2.32 trillion yuan and a securities lending balance of 167.47 billion yuan [2]. - Securities firms are adjusting their credit business scales; Huayin Securities raised its credit business total scale to 80 billion yuan from 62 billion yuan earlier this year [1][3]. - The increase in margin financing is attributed to a rise in the number of individual investors participating in margin trading, which grew by over 160,000 since July [2]. Group 2: Revenue Growth in Margin Financing - Securities firms have seen a recovery in margin financing income, with many reporting significant increases in interest income from margin trading in the first half of the year [4]. - Approximately 40 listed securities firms reported a year-on-year increase in margin financing interest income, with the top three being Guotai Junan, CITIC Securities, and Huatai Securities, earning 3.827 billion yuan, 3.686 billion yuan, and 3.509 billion yuan respectively [4][6]. - The overall margin financing income for the first half of the year showed a notable increase, with Guolian Minsheng Securities reporting a 68.73% year-on-year growth [5][6]. Group 3: Investor Participation and Market Trends - The number of new margin trading accounts has significantly increased, with Guotai Junan reporting a net addition of 26,400 accounts, a 61% increase year-on-year [7]. - The overall market for margin financing is expected to continue growing, with securities firms focusing on customer acquisition and conversion rates [7].