两融余额再创新高 哪些行业受资金青睐？

Core Insights - Since August 2025, the margin trading balance in the A-share market has consistently surpassed significant thresholds, reaching a historical high of 2.4 trillion yuan by September 17, 2025 [1][4]. Group 1: Margin Trading Balance Trends - The margin trading balance has seen rapid growth, breaking through multiple key levels: 2 trillion yuan on August 5, 2.1 trillion yuan on August 18, 2.2 trillion yuan on August 26, 2.3 trillion yuan on September 8, and finally 2.4 trillion yuan on September 17 [4]. - As of September 18, 2025, the margin trading balance accounted for 2.53% of the A-share market's circulating market value, showing a slight increase but remaining stable compared to historical averages [4]. Group 2: Sector Preferences in Margin Trading - Recent data indicates that financing funds have shown a clear preference for high-growth sectors, with electronics, power equipment, telecommunications, non-bank financials, and computers leading in net buying amounts [5]. - The trend suggests that despite the absolute scale of margin trading exceeding previous highs, the proportion of margin trading to circulating market value and trading volume remains at historical mid-levels since 2016 [5]. Group 3: Market Environment and Liquidity - The continuous increase in margin trading balance reflects an elevated risk appetite in the current market, indicating a generally loose liquidity environment in the A-share market [5]. - Since September of the previous year, the overall liquidity in the A-share market has improved, with a significant increase in market transaction levels, supported by various capital market participants through actions like increasing holdings and buybacks [5].