两融余额站上2.6万亿，券商额度告急监管出手降温

Core Viewpoint - The continuous increase in margin financing and securities lending (two-in-one) balance in the Shanghai and Shenzhen markets has reached a historical high, prompting regulatory adjustments to prevent overheating in the market [1][3]. Group 1: Market Performance - The two-in-one balance has remained above 2.6 trillion yuan for six consecutive trading days, marking a new historical peak [1]. - The market has seen a significant increase in trading volume, with transaction amounts exceeding 3.5 trillion yuan for three consecutive days at the beginning of 2026 [1]. - The number of new accounts opened in the two-in-one market reached 1.542 million in 2025, a substantial increase of 52.9% compared to 2024, continuing a three-year growth trend [1]. Group 2: Regulatory Adjustments - On January 14, the Shanghai and Shenzhen Stock Exchanges announced an increase in the minimum margin ratio for new financing contracts from 80% to 100%, signaling a regulatory intent to guide the market towards a "slow bull" rather than a "crazy bull" [1][3]. - This adjustment is the first reversal since the margin ratio was lowered from 100% to 80% in August 2023 to stimulate market activity [3]. Group 3: Brokerages and Risk Management - Some large and medium-sized brokerages are experiencing a shortage of two-in-one quotas, attributed to the rapid growth of financing scale outpacing the speed of net capital replenishment [1]. - The tightening of quotas may also reflect brokerages' risk control strategies, aiming to manage the release of quotas in line with regulatory efforts to cool the market [1][3]. - Analysts believe that the current leverage risk is manageable, with the proportion of two-in-one balances to the circulating market value remaining stable at 2.59%, significantly lower than the levels seen in 2015 [3][4].