Zheng Quan Ri Bao·2025-11-03 15:53Core Viewpoint - The active trading in the margin financing and securities lending (referred to as "two financing") market has led to significant growth in net interest income for listed brokerages, prompting many to raise their business scale limits to meet market demand [1][2][3]. Group 1: Business Growth and Market Demand - Several brokerages, including Huatai Securities and China Merchants Securities, have announced increases in their two financing business scale limits, with Huatai's limit set to three times its net capital and China Merchants increasing its limit from 150 billion to 250 billion [2][3]. - The two financing market has seen a substantial increase in balance, reaching 2.49 trillion yuan as of October 31, with a year-on-year growth of 33.34% [3][4]. - The number of new two financing accounts opened in September reached 205,400, marking a record high for the year [3]. Group 2: Revenue Growth for Brokerages - In the first three quarters of the year, 42 listed brokerages achieved a total net interest income of 33.906 billion yuan, reflecting a year-on-year increase of 54.52% [4]. - Among these brokerages, 30 reported a year-on-year increase in net interest income, with notable growth rates from Longcheng Securities (3126.77%) and Guotai Junan (232.31%) [4]. Group 3: Strategic Enhancements and Compliance - Brokerages are enhancing their service capabilities and market share in the two financing sector, with companies like Guoyuan Securities focusing on risk management and Southwest Securities leveraging financial technology to improve service efficiency [5]. - It is emphasized that brokerages must balance growth with compliance and safety, ensuring they meet regulatory requirements while expanding their two financing operations [5].