A股，两融数据又“爆”了

Core Viewpoint - The financing and securities lending (margin trading) market in China is experiencing a significant surge, with new account openings reaching a record high in September 2025, indicating heightened investor enthusiasm [2][3]. Group 1: Account Growth - In September 2025, 205,395 new margin trading accounts were opened, marking a month-on-month increase of 12.24% and a year-on-year increase of 288%, bringing the total number of accounts to approximately 15.29 million [2][3]. - Monthly data shows that new account openings were relatively low in January (74,075 accounts) but surged to 144,542 in March, with a notable increase in August (182,996 accounts) and September [3]. Group 2: Margin Requirements and Broker Adjustments - Huayin Securities announced an adjustment to the margin requirement for securities financing, increasing it to 100% effective October 13, 2025, to manage business risks [5]. - Guojin Securities also adjusted its margin requirements to 100% for new contracts, while most brokers maintain a margin requirement of 80% [6]. Group 3: Margin Trading Activity Levels - Despite the increase in new accounts, the overall margin trading balance remains at a ten-year low, with the balance surpassing 2.4 trillion yuan but only accounting for 2.56% of the A-share market's circulating market value as of October 16, 2025 [8][10]. - The proportion of investors participating in margin trading has decreased slightly from 6.17% on September 30 to 5.64% by mid-October [10]. Group 4: Financing Rates and Broker Capital - Financing rates for margin trading have decreased, with reports indicating rates dropping below 3% in October, which is close to the funding costs for most brokers [12][13]. - Brokers have been actively issuing bonds to replenish capital, with a total bond issuance of 1.26 trillion yuan in 2025, a year-on-year increase of 75.42% [13][14]. - The capital-driven growth era in the securities industry emphasizes the importance of capital scale for business qualifications and market competitiveness [14].