A股成交额突破3.64万亿，再创历史新高

Group 1 - The A-share market continues to show strong trading enthusiasm, with the total transaction amount exceeding 3.64 trillion yuan, setting a new historical record for daily trading volume [1] - As of January 12, 2026, the margin trading balance in the A-share market reached approximately 26,741 billion yuan, marking a historical high with a single-day increase of about 465 billion yuan, the third highest single-day increase on record [1] - Since the beginning of 2026, the cumulative increase in margin trading balance has exceeded 130 billion yuan, and since December 2025, it has increased by over 200 billion yuan [1] Group 2 - On January 12, 2026, the margin trading transaction amount was approximately 4,272 billion yuan, also a historical high [2] - Despite the historical highs in margin trading transaction amounts and balances, the relative scale indicators remain low, with the margin trading balance accounting for 2.56% of the A-share circulating market value, slightly above the average of 2.41% in 2025 but still far from historical peaks [3] - The margin trading transaction amount accounted for 11.72% of the A-share transaction amount on January 12, 2026, which is an increase from the average of 9.85% in 2025, yet still significantly below the historical peak of over 20% in early 2015 [3] Group 3 - The significant trading volume in the A-share market indicates two main market signals: strong market sentiment and considerable divergence between bulls and bears [4] - Analysts suggest that the market is not in a one-sided bullish trend, and while the short-term indicators are at a boiling point, there may be profit-taking actions leading to increased volatility [4] - The current market conditions suggest that as long as the 5-day moving average holds, the trend remains bullish, but caution is advised regarding potential fluctuations [4]