Zheng Quan Shi Bao·2025-11-05 14:30Core Insights - The balance of margin financing and securities lending (two-in-one) has reached a new high, prompting securities firms to increase their business limits to accommodate growing demand [1][5]. Group 1: Business Expansion - Huatai Securities and China Merchants Securities have both announced plans to raise their margin financing and securities lending business limits, following similar moves by other firms earlier this year [1][3]. - China Merchants Securities will increase its business limit from 150 billion to 250 billion yuan, which is approximately three times its net capital of 84.3 billion yuan as of Q3 [3]. - Huatai Securities plans to adjust its business limit to not exceed three times its net capital, estimating a new limit of around 286.5 billion yuan based on its Q3 net capital of 95.5 billion yuan [3]. Group 2: Market Trends - As of October 29, the total balance of margin financing and securities lending in the A-share market reached 2.506648 trillion yuan, marking a historical high [5]. - The proportion of margin financing to the A-share market's circulating market value peaked at 2.59% on October 17, indicating a significant increase in market activity [5]. - The number of new margin financing accounts opened in September reached 205,400, a month-on-month increase of 12.24% and a year-on-year increase of 288%, reflecting a recovery in investor confidence [6]. Group 3: Competitive Landscape - Securities firms are increasing their margin financing limits to meet investor demand and enhance customer service, while also aiming to capture greater market share amid heightened competition [6]. - The overall trading activity in the market has improved significantly, with average daily trading volume increasing year-on-year, which supports the performance certainty of the brokerage sector [6][7]. - The first three quarters of the year saw a substantial increase in revenue and net profit for listed securities firms, with adjusted revenue and net profit growing by 39% and 64% respectively [7].