2 1 Shi Ji Jing Ji Bao Dao·2025-09-25 12:08Core Viewpoint - The recent increase in financing business limits by several securities firms, including Zheshang Securities, reflects the booming demand for margin trading in the A-share market, with the total margin trading balance reaching a historical high of 24,310.59 billion yuan as of September 24 [3][9]. Financing Business Expansion - Zheshang Securities announced an increase in its financing business limit from 40 billion yuan to 50 billion yuan to promote the development of credit business and manage financing business scale [5][6]. - Other securities firms, such as Huayin Securities and Xingye Securities, have also raised their financing business limits, indicating a trend among brokers to expand their credit business in response to market demand [7][9]. Market Dynamics - As of September 24, the A-share market's margin trading balance reached 24,310.59 billion yuan, with a financing balance of 24,140.84 billion yuan and a securities lending balance of 169.75 billion yuan, marking the third trading day this year where the financing balance exceeded 24 trillion yuan [3][9]. - The proportion of margin trading transactions to total A-share trading volume reached 12.25%, the highest since July 14, 2020, indicating increased investor participation [10]. Investor Engagement - In August, 180,000 new margin trading accounts were opened, a year-on-year increase of 381%, bringing the total number of margin trading accounts to 15.11 million by the end of August [4][11]. - The average maintenance guarantee ratio for clients with margin trading is 280.87%, suggesting a controlled risk environment despite the increased trading activity [6][11]. Future Outlook - Industry experts believe that the increase in financing business limits will not be a short-term trend but rather a regular occurrence driven by market demand and regulatory conditions, with expectations that 10 to 15 more securities firms may follow suit by the end of 2026 [12].