同比激增157%！1月两融新开户数出炉，券商这项业务迎“开门红”

Core Viewpoint - The brokerage margin financing and securities lending (two-in-one) business has seen a strong start in 2026, with significant increases in new account openings and total margin balance, indicating a positive outlook for brokerage performance [1][10]. Group 1: New Account Openings - In January 2026, the number of new margin financing and securities lending accounts reached 190,500, representing a month-on-month increase of 29.5% and a year-on-year increase of 157% [2][3]. - The total number of new accounts opened in the A-share market in January 2026 was 4.9158 million, with a month-on-month growth of 89% and a year-on-year growth of 213% [12]. Group 2: Margin Balance and Market Activity - As of the end of January 2026, the total margin balance reached 2.72 trillion yuan, marking a year-on-year increase of 53.1% and a month-on-month increase of 6.9%, setting a new historical high [5]. - The average daily trading volume in January 2026 was 3.47 trillion yuan, reflecting a year-on-year increase of 155.35% and a month-on-month increase of 58.94% [4]. Group 3: Regulatory Adjustments and Market Sentiment - On January 14, 2026, the China Securities Regulatory Commission approved an increase in the minimum margin ratio for new financing contracts from 80% to 100%, effective from January 19, 2026, aimed at stabilizing market fluctuations [5][8]. - Analysts expect that the increase in margin ratio will lead to a gradual stabilization in the growth rate of the margin financing market, shifting from rapid expansion to high-quality development [8]. Group 4: Impact on Brokerage Performance - The active two-in-one business, combined with the significant increase in new account openings, is expected to provide strong support for brokerage performance in the first quarter of 2026 [11]. - Analysts predict that the performance of listed brokerages will rebound to near 12-month highs due to favorable market conditions, including trading volume and margin balance [12].