在A股市场整体行情和成交趋向活跃的同时，作为A股市场的一股重要力量，两融资金的规模和参与度也正在快速提 升。 数据显示，截至2026年1月7日，A股市场两融余额达26047亿元，首次突破2.6万亿元大关，并进一步创出历史新高，单 日增长约248亿元。 值得注意的是，近段时间以来，两融余额规模的增长再次加速，自2025年12月22日以来，短短11个交易日，两融余额 累计已经增长超过1000亿元。 两融交易的活跃度也在提升。2026年1月7日当天，A股市场两融交易额达3312亿元，创出自2025年10月9日之后最近3 个月新高，较2025年12月份的日均两融交易额大幅提升了近七成，且已连续两个交易日超过3000亿元大关。 包括两融资金在内，近日各类资金的积极参与也明显提升了市场整体成交。 就在2026年1月7日，A股市场成交额达2.88万亿元，连续2个交易日成交额超过2.8万亿元。当天多只热门A股的成交额 也创历史天量。 比如，雷科防务当日成交额首次突破百亿元，达到132.3亿元，创出该股上市以来的历史新高，其全天成交8.42亿股， 创出历史新高。 当天海格通信成交额也历史性地首次突破百亿元，达到121.6亿元， ...

Core Viewpoint - The A-share market has seen increased trading activity since the beginning of the year, with the margin trading balance reaching a historical high of 2.58 trillion yuan as of January 6, indicating enhanced market confidence and investor risk appetite [1][2]. Group 1: Margin Trading Data - As of January 6, the margin trading balance reached 2.58 trillion yuan, a year-on-year increase of 40.93% [2]. - The financing balance accounted for 2.56 trillion yuan, while the securities lending balance was 175.96 billion yuan [2]. - On January 6, the margin trading transaction volume was 328.91 billion yuan, representing 11.61% of the total A-share trading volume for that day [2]. Group 2: Sector and Stock Preferences - The top three sectors attracting net financing inflows from January 5 to January 6 were semiconductors (2.90 billion yuan), industrial metals (2.29 billion yuan), and general equipment (2.07 billion yuan) [2]. - The top ten stocks with the highest net financing inflows included Dongfang Wealth (1.10 billion yuan) and Shenghong Technology (1.05 billion yuan) [3]. - The most favored ETFs for financing during the same period were Hai Fu Tong CSI Short Bond ETF (1.22 billion yuan) and Fu Guo China Bond 7-10 Year Policy Financial Bond ETF (0.78 billion yuan) [3]. Group 3: Brokerage Firms and Business Opportunities - Brokerage firms are actively seizing business opportunities by increasing margin trading limits and adjusting credit limits to meet investor demand [4]. - Northeast Securities focuses on high-net-worth individuals and private equity firms, enhancing service capabilities through AI technology for risk warning and customized services [4]. - Analysts expect significant growth potential in brokerage capital intermediary services due to the rapid expansion of margin trading and strong investor demand [4]. Group 4: Future Market Outlook - Analysts predict that the margin trading market will transition from a "high-speed expansion period" to a "high-quality growth period" by 2026 [4]. - The margin trading balance is expected to continue reaching new highs, with projections for 2026 ranging between 2.6 trillion yuan and 3.2 trillion yuan, with an anticipated average of 2.8 trillion yuan to 3 trillion yuan [4].

分红方面，华安证券A股上市后累计派现35.13亿元。近三年，累计派现15.95亿元。 机构持仓方面，截止2025年9月30日，华安证券十大流通股东中，国泰中证全指证券公司ETF （512880）位居第九大流通股东，持股7257.51万股，相比上期增加2929.13万股。香港中央结算有限公 司位居第十大流通股东，持股7178.07万股，相比上期减少1318.18万股。 融券方面，华安证券1月6日融券偿还1.95万股，融券卖出23.32万股，按当日收盘价计算，卖出金额 177.23万元；融券余量80.72万股，融券余额613.47万元，超过近一年90%分位水平，处于高位。 资料显示，华安证券股份有限公司位于安徽省合肥市滨湖新区紫云路1018号，成立日期2001年1月8日， 上市日期2016年12月6日，公司主营业务涉及主要从事证券经纪、证券承销保荐、证券自营、证券资产 管理以及资本中介等业务,并通过全资子公司从事证券投资咨询、股权投资等业务,通过控股子公司从事 期货经纪等业务。主营业务收入构成为：证券自营业务27.25%，证券经纪业务27.23%，期货业务 17.36%，证券金融业务11.14%，资产管理业务11 ...

12月31日，麒麟信安涨0.15%，成交额5837.90万元。两融数据显示，当日麒麟信安获融资买入额565.96 万元，融资偿还784.33万元，融资净买入-218.37万元。截至12月31日，麒麟信安融资融券余额合计1.61 亿元。 融资方面，麒麟信安当日融资买入565.96万元。当前融资余额1.61亿元，占流通市值的3.87%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，麒麟信安12月31日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量1.09万股，融券余额43.89万元，超过近一年90%分位水平，处于高位。 资料显示，湖南麒麟信安科技股份有限公司位于湖南省长沙高新开发区麒云路20号麒麟科技园1栋4楼， 成立日期2015年4月2日，上市日期2022年10月28日，公司主营业务涉及操作系统产品研发及技术服务, 并以操作系统为根技术创新发展信息安全、云计算等产品及服务业务。主营业务收入构成为：操作系统 62.00%，云计算24.11%，信息安全12.01%，其他0.97%，技术开发服务0.90%。 截至9月30日，麒麟信安股东户数9710.00，较上期增 ...

Market Overview - The A-share market indices all rose last week, with the ChiNext Index showing the largest increase of 4.34%, while the Shanghai 50 Index had the smallest rise of 2.46% [2] - As of December 23, the margin trading balance in the Shanghai and Shenzhen markets was 25,236.76 billion yuan, an increase of 265.98 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading was 402,310, a decrease of 0.92% from the previous week [2] Industry Insights - The electronic, communication, and power equipment sectors saw significant net buying in margin trading, while the food and beverage, computer, and basic chemical sectors experienced less net buying [3] - The machinery equipment sector's performance was strong, with the industry index rising 3.26%, outperforming the Shanghai and Shenzhen 300 Index by 0.52 percentage points [7] - In November, the import and export trade volume of engineering machinery in China reached 54 billion USD, marking a year-on-year increase of 15.4% [5] Company Announcements - Nepean Mining announced a delay in some fundraising projects [5] - Yongda Co. announced it received a bid notification [6] - Zhongchuang Zhiling announced an external investment [6] Future Outlook - The demand for engineering machinery is expected to continue to grow due to favorable domestic construction activity and the implementation of major projects [7] - The production of industrial robots in November was approximately 70,200 units, a year-on-year increase of 20.60%, with expectations for the total production in 2025 to exceed 700,000 units [8] - The report maintains a "positive" rating for the machinery equipment industry and recommends focusing on companies like Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [8]

- The report does not contain any quantitative models or factors related to quantitative finance[1][2][3]

12月15日，在上周五美股AI科技板块重挫引发全球市场下跌的影响下，A股市场也跟随回调。 截至收市，沪深创三大指数分别收跌0.55%、1.1%、1.77%。全市场成交额1.79万亿元，较前一交易日缩量3246亿元，超2900股下跌。 但板块中，食品饮料、零售等大消费板块和保险板块却走出了逆势明显上涨的表现。其中保险股今日大涨，证券保险ETF(512070)今日涨2.02%，近7日涨 7.18%。 一直以来，券商板块都是作为股市的晴雨表，板块的涨跌与市场交易表现维持着较高的正相关性。 不过在今天，这个规律出现了明显的背离。但归结其原因，却很容易理解： 一方面，今天国内股市下跌，更多是由于周五晚美股AI科技巨头集体暴跌引发连锁反应，导致A股算力产业链跟随下跌，严重拖累指数。 另一方面，券商行业在近日却迎来了强力的利好支撑， 12月6日，证监会主席明确提出 "对优质券商适度拓宽资本空间与杠杆上限，提升资本利用效率"，这一定向宽松的信号在市场持续发酵。 简单来说，此次政策为券商开展两融、自营、国际业务等重资本业务打开空间，尤其两融业务作为核心资本中介业务。 最新数据显示，目前券商行业杠杆率仅4.42倍，政策松绑后，市 ...

融资方面，青岛港当日融资买入576.78万元。当前融资余额9946.00万元，占流通市值的0.21%，融资余 额低于近一年50%分位水平，处于较低位。 分红方面，青岛港A股上市后累计派现128.18亿元。近三年，累计派现56.87亿元。 融券方面，青岛港12月12日融券偿还0.00股，融券卖出1000.00股，按当日收盘价计算，卖出金额 8660.00元；融券余量7300.00股，融券余额6.32万元，低于近一年20%分位水平，处于低位。 机构持仓方面，截止2025年9月30日，青岛港十大流通股东中，南方标普中国A股大盘红利低波50ETF联 接A（008163）位居第八大流通股东，持股2550.69万股，相比上期增加288.40万股。香港中央结算有限 公司位居第九大流通股东，持股2235.67万股，相比上期增加307.28万股。工银红利优享混合A （005833）位居第十大流通股东，持股2012.16万股，为新进股东。 来源：新浪证券-红岸工作室 资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期2013年11月15日， 上市日期2019年1月21日，公司主营业务涉及集装箱、金属矿石、 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 长江商报消息 ●长江商报记者 潘瑞冬 招商证券（600999.SH、06099.HK）继续扩充资本实力。 12月11日晚间，招商证券发布公告称，已收到中国证监会批复，获准向专业投资者公开发行面值总额不 超过400亿元的公司债券。 同日，招商证券宣布面向专业投资者公开发行次级债券（第二期）的发行结果，品种一和品种二的实际 发行规模分别为30亿元和15亿元，合计发行总额为45亿元。 长江商报记者注意到，截至目前，招商证券年内发债规模已经接近2024年全年。同花顺数据显示，截至 2025年12月12日，招商证券债券发行规模达1090亿元，与2024年全年的1095亿元仅差5亿元。 发债规模直接驱动公司的自营业务和两融业务的发展。2025年前三季度，招商证券的自营业务收入增长 主要依靠投资收益；两融业务方面，截至三季度末，招商证券融出资金为1292.79亿元，较2024年末的 955.73亿元增长35.27%。在融出资金逼近1500亿元上限之际，招商证券已计划将两融业务规模限额调整 至2500亿 ...

Core Insights - The financing and securities lending (referred to as "margin trading") business in the A-share market is showing active trends, with the total margin trading balance reaching a new high of 2.51 trillion yuan [1] - The growth of margin trading is accompanied by an increase in risk control measures, as several brokerages have raised the upper limits of their margin trading business scale in response to strong market demand [3] Summary by Sections Margin Trading Scale - As of December 9, the total margin trading balance in the A-share market reached 25,105.72 billion yuan, an increase of 100.57 billion yuan from the previous trading day [2] - The financing balance was 24,928.96 billion yuan, up by 101.53 billion yuan, while the securities lending balance decreased by 0.96 billion yuan to 176.76 billion yuan [2] - The margin trading volume accounted for 10.59% of the total A-share trading volume, with a significant increase of over 650 billion yuan since the beginning of the year [2] Market Trends and Investor Participation - The margin trading balance has experienced two significant upward cycles, with the first from September 24 to November 13, 2024, increasing by 483 billion yuan, and the second from June 20 to September 25, 2025, increasing by 623.5 billion yuan [2] - The number of new margin trading accounts opened in November reached 140,700, reflecting an 8.07% month-on-month increase, bringing the total to 15.5173 million accounts [2] Brokerages' Response and Market Outlook - In response to the growing financing demand, at least five brokerages, including China Merchants Securities and Huatai Securities, have raised the upper limits of their margin trading and related financing business [3] - Analysts express optimism about the future, anticipating that the margin trading balance will continue to rise, supported by improved liquidity and increased risk appetite in the market [3] Risk Control Measures - The China Securities Regulatory Commission emphasizes the importance of risk prevention in margin trading and related businesses, urging vigilance in monitoring credit, liquidity, and compliance risks [4] - As of December 9, the average maintenance guarantee ratio for margin trading clients was 275%, indicating that overall risk remains within a controllable range [4] - Brokerages are balancing business expansion with risk management by dynamically adjusting margin ratios and implementing tiered client management strategies [4]