A股，两融数据又“爆”了

Core Insights - The financing and securities lending market in A-shares is experiencing a significant surge, with new accounts reaching a record high in September 2025, indicating increased investor enthusiasm [1][3]. Group 1: Account Growth - In September 2025, 205,395 new financing and securities lending accounts were opened, marking a month-on-month increase of 12.24% and a year-on-year increase of 288% [1][2]. - The total number of financing and securities lending accounts in A-shares reached approximately 15.29 million by the end of September 2025 [1][2]. Group 2: Market Activity - Monthly data shows a steady increase in new accounts, with a notable spike in August and September, reflecting heightened investor participation [3]. - Despite the increase in account numbers, the overall financing balance remains at a decade-low level relative to A-share market capitalization [5][6]. Group 3: Financing Rates and Broker Responses - Financing rates have dropped below 3%, with major brokers offering competitive rates to attract clients, indicating a shift in market dynamics [7][8]. - Brokers are actively raising capital through bond issuance, with a total of 1.26 trillion yuan raised by the end of September 2025, a 75.42% increase year-on-year, to support their financing activities [9].