A股，两融降温！结束10连增

Core Insights - The implementation of new margin requirements has led to a decline in the margin trading market, with a notable drop in both margin balance and trading volume on the first day of the new regulations [2][3][4]. Group 1: Market Overview - On January 19, 2026, the margin trading balance in the A-share market was approximately 27,232 billion yuan, a decrease of about 84 billion yuan from the previous trading day, ending a streak of 10 consecutive increases [3]. - The financing balance on the same day was around 27,059 billion yuan, down by approximately 85 billion yuan, also marking the end of a 10-day growth trend [3]. - The total margin trading volume on January 19 was about 2,684 billion yuan, the first time it fell below 3,000 billion yuan since January 6, 2026, and the lowest single-day figure for the year [3]. Group 2: Regulatory Changes - The new regulation, which increased the minimum margin requirement for investors from 80% to 100%, took effect on January 19, 2026, and applies only to new financing contracts [4]. - Existing financing contracts and their extensions are still governed by the previous margin requirements [4]. Group 3: Stock Performance - Despite the overall decline in margin trading balance, many stocks still maintain high margin balances, with 17 stocks having margin balances exceeding 10 billion yuan as of January 19 [5]. - Notably, stocks such as China Ping An, Dongfang Wealth, and Ningde Times have margin balances exceeding 20 billion yuan [5].