两融市场显著升温：新开户数创年内新高，投资者参与度持续提升

Core Insights - The financing and securities lending market in China is experiencing significant growth, with a notable increase in new account openings and overall market participation [1][3] - As of September 2025, the total number of financing and securities lending accounts reached 15.29 million, indicating a substantial expansion of the business [1] - The financing balance in the A-share market rose from 1.85 trillion yuan to 2.39 trillion yuan in the third quarter of 2025, reflecting a quarter-on-quarter increase of 29.19% [1] Summary by Category Market Activity - In September 2025, 205,400 new financing and securities lending accounts were opened, marking the highest monthly record for the year and a 12.24% increase from August [1] - Year-on-year, new account openings surged by 288% compared to September 2024, when only 52,900 accounts were opened [1] Investor Participation - The number of individual investors in the financing and securities lending market reached 7.72 million, while institutional investors totaled 50,204 [2] - The average maintenance margin ratio in the market stood at 279.01%, indicating a robust level of risk control [2] Industry Response - Securities firms are actively expanding their financing and securities lending business to meet the growing market demand while also implementing measures to control risks, such as adjusting financing margin ratios [3] - Analysts suggest that the recovery in financing and securities lending data is closely linked to increased market activity and enhanced investor confidence, which reflects the effective utilization of leverage in the capital market [3]