21世纪经济报道·2025-11-14 05:21Core Viewpoint - The A-share market experienced a significant decline in new financing and securities lending accounts in October, with 130,200 new accounts opened, a decrease of 36.61% compared to September's 205,400 accounts. Despite this, the total number of financing and securities lending accounts reached 15.39 million, and the balance of financing and securities lending increased to 2.49 trillion yuan, indicating a robust long-term demand for credit trading in the market [1][4][8]. Summary by Sections New Account Openings - In October, the number of new financing and securities lending accounts fell to 130,200, down from 205,400 in September, marking a 36.61% decrease. This decline is attributed to the National Day holiday and market volatility, which compressed the time available for investors to open accounts [3][4][6]. - The total number of financing and securities lending accounts reached 15.39 million by the end of October, with 96 securities companies and 11,600 business outlets engaged in these activities [4]. Market Dynamics - The financing and securities lending balance has risen from less than 1.9 trillion yuan at the beginning of the year to 2.49 trillion yuan, reflecting a strong demand for credit trading [1][8]. - The market sentiment has shown volatility, impacting both ordinary trading and credit trading accounts, with a noticeable decrease in new account openings for both categories in October [4][6]. Brokerages' Response - Major brokerages are actively expanding their financing and securities lending business. For instance, China Merchants Securities raised its business limit from 150 billion yuan to 250 billion yuan, while Huatai Securities set its limit at approximately 286.5 billion yuan [2][8][9]. - At least six securities companies have announced increases in their financing and securities lending business limits this year, including Huatai Securities, China Merchants Securities, and others [7][9]. Future Outlook - Industry experts predict that the demand for financing and securities lending will remain strong in the long term, despite short-term fluctuations. The current market leverage level is stabilizing, and brokerages are maintaining risk control while expanding their business [1][10].