A股，新纪录！

Core Viewpoint - The A-share market's margin trading balance has reached a historic high, surpassing 2.5 trillion yuan for the first time, indicating a significant increase in investor activity and confidence in the market [1][3]. Group 1: Margin Trading Balance Growth - As of October 29, 2025, the margin trading balance reached 25,066 billion yuan, marking a single-day increase of approximately 11.9 billion yuan and continuing a growth trend for the fourth consecutive trading day [3]. - Since August 2025, the margin trading balance has rapidly increased, crossing several key thresholds, including 20 trillion yuan on August 5, 21 trillion yuan on August 18, 22 trillion yuan on August 26, 23 trillion yuan on September 8, and 24 trillion yuan on September 17 [3]. - From early October to October 29, the margin trading balance has cumulatively increased by over 100 billion yuan, totaling 112.5 billion yuan, and has grown by more than 600 billion yuan since the beginning of 2025, representing an increase of over 30% compared to the end of 2024 [3]. Group 2: Trading Volume and Proportions - The financing balance, which contributes significantly to the margin trading balance, reached approximately 24,886 billion yuan, also a historic high, with a single-day increase of about 11.6 billion yuan [6]. - The daily margin trading volume remained high, reaching 281.7 billion yuan on October 29, with trading volumes exceeding 200 billion yuan for four consecutive days [6]. - The proportion of margin trading volume to total A-share trading volume was stable at 12.30% as of October 29, 2025, reflecting a consistent relationship between margin trading and overall market activity [6]. Group 3: Margin Trading as a Percentage of Market Capitalization - The margin trading balance accounted for 2.53% of the A-share market's circulating market capitalization as of October 29, 2025, showing slight growth compared to previous months but still significantly lower than historical peaks [7]. - Historical data indicates that the margin trading balance once exceeded 4% of the circulating market capitalization during the peak period from May to July 2015 [7]. Group 4: Securities Lending Balance - The securities lending balance has also seen a slight increase, surpassing 18 billion yuan for the first time in the year, reaching 18.07 billion yuan, with a cumulative increase of over 7 billion yuan [9]. - Despite this growth, the current securities lending balance remains far below historical highs, which reached 173.9 billion yuan on September 10, 2021 [9].