A股两融余额处历史高位 有券商转向“降杠杆”

Core Viewpoint - The A-share margin financing scale has reached a historical high, exceeding 2.4 trillion yuan, but recent adjustments in margin requirements by some brokerages have raised concerns about potential risks in the market [1][11]. Group 1: Margin Financing Scale - As of October 13, the margin financing balance reached 2.4444 trillion yuan, with a financing balance of 2.4279 trillion yuan, marking a slight increase of 25.94 billion yuan from the previous day [2][3]. - The margin financing balance has been on an upward trend throughout the year, surpassing 2 trillion yuan for the first time in ten years on August 5, and reaching 2.4455 trillion yuan on October 9 [4][11]. - The number of new margin financing accounts opened in September was the highest for the year, totaling 20.54 million [4]. Group 2: Brokerages' Adjustments - Huayin Securities raised the margin requirement for financing securities from 80% to 100% on October 13, citing rapid growth in financing balances as a reason for this risk management measure [1][8]. - Other brokerages, such as Zheshang Securities and Xingye Securities, have also adjusted their credit business scale upwards to meet market demand [7][8]. - Analysts suggest that the increase in margin requirements may be a response to high financing demand and a strategy to balance business growth with risk control [8][11]. Group 3: Market Trends and Risks - The current margin financing balance is at a historical high, but the overall collateral ratio remains at a median level, indicating that risks are manageable compared to the peak levels seen in 2015 [11][12]. - The proportion of margin financing balance to A-share circulating market value is 2.55%, which is lower than the peak of 4.27% in June 2015 [11][12]. - Market analysts predict a shift in market style towards defensive sectors amid recent adjustments and uncertainties in international relations [13].