2.5万亿！A股融资余额创新高，6700亿杠杆资金最爱这些赛道

Core Insights - The electronic industry leads with a net buying amount exceeding 160 billion yuan, indicating a significant shift from a leader in optical modules to a powerhouse in computing capabilities [1] - By the end of 2025, the financing balance in the A-share market reached a historical high of 2.52 trillion yuan, reflecting a net increase of 670 billion yuan, a growth rate of over 36% [3][5] Financing Growth - The financing balance in the A-share market has shown unprecedented expansion throughout 2025, reaching 2.52 trillion yuan by December 25, with a net increase of 670 billion yuan compared to the end of 2024 [3] - The growth of leveraged funds reflects market participants' confidence, remaining within a controllable range compared to the peak levels of 2015 [3] Industry Preferences - Among 31 primary industries, 28 experienced net buying, with the electronic, power equipment, and communication sectors being the biggest beneficiaries [5] - The electronic industry led with a net buying amount of 160.6 billion yuan, accounting for 24% of the total net buying for the year [5] Leading Stocks - Six stocks had net buying exceeding 10 billion yuan, with Xinyi Technology leading at 18.6 billion yuan, making it the most favored stock among investors [7] - Other notable stocks with significant net buying include Zhongji Xuchuang, Shenghong Technology, CATL, Han's Laser, and Sunshine Power [7] Star Stocks - Xinyi Technology emerged as a star stock in the financing market for 2025, with a financing balance of 20.7 billion yuan, representing 4.5% of its market capitalization [9] - The company's strong performance is linked to its fundamentals, with a revenue of 16.5 billion yuan and a net profit of 6.3 billion yuan, showing year-on-year growth of 221.7% and 284.4% respectively [9] Market Dynamics - The growth of the financing balance correlates with market trends, particularly between June 20 and September 25, when the financing balance increased by 623.5 billion yuan alongside a 14.6% rise in the Shanghai Composite Index [11] - There are variations in the distribution of financing funds across different exchanges, with the Shanghai Stock Exchange seeing an increase while the Shenzhen Stock Exchange experienced a decrease [11] Growth Drivers - Multiple factors support the significant growth in financing balance, including policy support from the China Securities Regulatory Commission and brokerage firms expanding margin financing business [13] - By November 6, the average maintenance guarantee ratio in the margin financing market was 281.62%, well above the 130% warning line, indicating manageable risk levels [13] Continued Preference for Electronics - The preference for the electronic industry persisted throughout the year, with Xinyi Technology's financing balance surpassing 20.7 billion yuan [15] - The overall financing transaction volume accounted for 10.59% of the A-share trading volume, indicating a strong influx of leveraged funds into the market [15]