两融余额创新高，杠杆资金流入了哪些行业？

• The report highlights that the total margin trading balance reached a record high of 25,552.84 billion yuan as of December 30, 2025, with the financing balance accounting for 25,385.25 billion yuan and the securities lending balance at 167.59 billion yuan [5][13][15] - Over the past 5 days, the electronics sector saw the highest net financing purchase, totaling 78.7 billion yuan, followed by the power equipment sector with 74.6 billion yuan, and the defense, machinery, and non-ferrous metals sectors ranked third to fifth [6][23][26] - Financing balance distribution by industry shows that the electronics sector leads with 3,820 billion yuan, followed by power equipment (2,269 billion yuan), non-bank finance (1,853 billion yuan), computers (1,768 billion yuan), and pharmaceuticals (1,624 billion yuan) [19][20][24] - The average daily growth rate of financing balance over the past 20 days was highest in the defense sector at 0.64%, corresponding to a 13.36% increase in the sector index during the same period [21][22][23] - Financing purchase activity, measured by the proportion of financing purchase to transaction volume over the past 5 days, was most active in non-bank finance, electronics, communication, home appliances, and power equipment sectors [6][27][29]