券商两融额度告急？中小券商利率优惠不再，有大券商已低于4%

Core Viewpoint - The A-share market is strengthening with increased enthusiasm from margin traders, but brokerage firms are not engaging in a "price war" this time, leading to a tightening of margin financing quotas [1]. Group 1: Margin Financing Quotas - Some brokerage firms are experiencing tight margin financing quotas, although many large firms report that margin funds remain sufficient [1]. - If brokerage firms face insufficient margin quotas, it may impact individual investors' trading, particularly if specific stocks are restricted by exchanges [1][4]. - The tightening of margin quotas is not currently affecting investor operations, but it could lead to limitations in borrowing funds for certain stocks [4]. Group 2: Margin Financing Rates - There is a significant disparity in margin financing rates among brokerages, with some large firms offering rates as low as 4% to 5%, while smaller firms may exceed 5% and reach up to 8% [1][3]. - New accounts for margin financing are being offered rates around 5% by some smaller brokerages, while larger firms can provide rates below 5% depending on the account size [2][3]. - The financing rates are influenced by the liquidity and operational costs of smaller brokerages, which tend to have higher rates due to limited funding [5]. Group 3: Regulatory Changes and Market Impact - On January 14, major exchanges raised the minimum margin requirement for financing purchases from 80% to 100%, which is expected to cool down the margin financing market [5][6]. - This adjustment is only applicable to new financing contracts, allowing existing contracts to continue under previous terms, thereby minimizing immediate market disruption [5][6]. - Historical data indicates that similar regulatory changes have previously led to a decrease in margin financing balances, suggesting a controlled impact on market activity [6][7]. Group 4: Market Activity and Future Outlook - The margin financing market has seen increased activity, with balances rising from approximately 1.7 trillion to 2.6982 trillion yuan as of January 14, 2026, marking a new historical high [7]. - The number of new margin financing accounts opened in 2025 reached 1.5421 million, a 52.91% increase from the previous year, indicating strong market engagement [7]. - Despite the tightening measures, large brokerages report that their margin financing operations remain stable and unaffected, focusing on risk management and investor qualification [7].