3.6万亿！A股再次见证历史，沪深两市成交额刷新历史新高！杠杆资金密集进场，两融余额也创历史新高，2025年两融账户新开户突破154万

Core Viewpoint - A-shares have witnessed a historic surge, with trading volumes reaching unprecedented levels, indicating strong market momentum and investor confidence in various sectors, particularly in commercial aerospace and AI applications [1][3]. Group 1: Market Performance - On January 12, the Shanghai Composite Index broke through 4150 points, with trading volumes exceeding 3.6 trillion yuan, marking a significant increase of 478.7 billion yuan from the previous trading day [1]. - The trading volume surpassed 2 trillion yuan for the second consecutive day and exceeded 3 trillion yuan for the first time since October 8, 2024 [1]. Group 2: Leverage and Fund Inflows - In the first week of January, net inflows of leveraged funds reached 85.779 billion yuan, ranking fifth in A-share history for weekly inflows [3]. - The margin trading balance hit a record high of 26,276.01 billion yuan, accounting for 2.55% of the A-share market's circulating market value [3][5]. Group 3: Sector Analysis - All sectors except utilities and food and beverage saw significant net inflows of leveraged funds, with the electronics sector leading at 15.812 billion yuan, followed by non-ferrous metals at 9.562 billion yuan, and defense and military at 9.173 billion yuan [5]. - The number of margin trading accounts reached a decade-high, with 1.5421 million new accounts opened in 2025, reflecting a 52% increase from 2024 [5]. Group 4: Future Market Outlook - According to CITIC Securities, the current market excitement is driven by pent-up demand from investors, with expectations of continued momentum in thematic sectors until the National People's Congress [6]. - Huatai Securities suggests that while the spring market may still have room for growth, the concentration of trading structures indicates a potential shift towards rotation among hot sectors [6][7]. - The potential new marginal drivers for A-shares include abnormal inflows into A500 ETF, the appreciation of the yuan reflecting international confidence, and active themes such as AI and commercial aerospace [7].