A股 两融数据又“爆”了

Core Viewpoint - The financing and securities lending (margin trading) market in A-shares is experiencing a significant surge, with new account openings reaching a record high in September 2025, indicating heightened investor enthusiasm [1][3]. Group 1: Account Growth - In September 2025, A-shares saw the opening of 205,400 new margin trading accounts, marking a month-on-month increase of 12.24% and a year-on-year increase of 288%, reaching a total of approximately 15.29 million accounts [1][2]. - Monthly data shows a steady increase in new account openings, with a notable spike in August and September, reflecting a growing investor interest [3]. Group 2: Margin Requirements and Broker Adjustments - Huayin Securities announced an adjustment to the margin requirement for securities on the Shanghai and Shenzhen exchanges, increasing it to 100%, effective from October 13, 2025 [4]. - Other brokers, such as Guojin Securities, have also adjusted their margin requirements, while most brokers still maintain an 80% margin requirement [5]. Group 3: Margin Trading Activity Levels - Despite the increase in new accounts, the overall margin trading balance remains at a low level compared to historical data, with the balance recently surpassing 2.4 trillion yuan [6]. - As of October 16, 2025, the margin trading balance accounted for only 2.56% of the A-share market's circulating market value, significantly lower than the historical peak of 4.37% in June 2015 [7]. Group 4: Financing Rates and Broker Financing - The financing rates for margin trading have decreased, with reports indicating rates dropping below 3% in October 2025 [8][9]. - Brokers are actively seeking to replenish capital through bond issuance, with a total issuance of 1.26 trillion yuan in 2025, a year-on-year increase of 75.42% [10].