导语：时隔十年，两融余额再度重返2万亿元关口。这一标志性的数字，不仅见证了当下市场的活跃度 提升，更勾起了市场参与者对过去十年间两融市场风云变幻的回忆。但如今市场的成熟度、监管的完善 度以及投资者的理性度都已今非昔比，A股市场在历经十年两融市场的起伏后，正以更加稳健的步伐重 新出发。 ...

Group 1 - The financing and securities lending balance in the Shanghai and Shenzhen markets has surpassed 2 trillion yuan, marking a return to a decade-high level, but under a different market context compared to 2015 [1] - The increase in financing balance reflects an improvement in market risk appetite, suggesting a potential continuation of a slow bull market in A-shares [1][8] - The current market environment is characterized by economic structural optimization, strict regulation, and increasingly mature investors, indicating a shift towards more stable and rational market development [1][8] Group 2 - As of August 5, 2025, six stocks have financing and securities lending balances exceeding 10 billion yuan, with Dongfang Caifu leading at 23.235 billion yuan, followed by China Ping An at 21.852 billion yuan [2][3] - The top twenty stocks by financing and securities lending balance include leaders in the new energy sector such as Jianghuai Automobile and Ningde Times, as well as popular technology stocks [2][3] - The financing buy-in amounts from February 7 to August 5 show that Dongfang Caifu attracted 165.557 billion yuan, ranking first, while Hai Futu's short bond ETF also saw significant buy-ins [2][4] Group 3 - The number of financing and securities lending targets has increased significantly from about 900 in 2015 to 4,150 currently, leading to more diversified investor behavior [7] - The shift in investor behavior is evident as the focus has moved from concentrated investments in financial stocks during the 2015 bull market to a more balanced approach across various sectors today [7] - The current market liquidity is ample, and the risk appetite has improved, which is expected to support further upward movement in A-shares [8]

Group 1 - The A-share market's margin trading balance has returned to the 2 trillion yuan level for the first time in ten years, indicating a bullish sentiment among investors and an increase in market activity [1][2] - The recovery of the margin trading balance reflects the effectiveness of various policies aimed at stabilizing the stock market, as emphasized by the central government [2][3] - The increase in margin trading balance is primarily driven by the financing balance, which indicates that investors are willing to take on more risk and leverage their investments, showcasing a recovery in investor confidence [3][4] Group 2 - The flow of financing funds has predominantly targeted sectors such as information technology, industrials, and materials, highlighting investor optimism towards both emerging industries and traditional sectors [4] - The current market environment is characterized by improved policies, more stable funding, and a more precise allocation of capital, reflecting a shift towards value investing compared to ten years ago [4] - The expectation is that the margin trading balance will evolve from short-term speculative funds to long-term investments, complementing other institutional investors and supporting the high-quality development of the capital market [4]

近日，A 股市场传来一个备受关注的消息：截至2025年8月5日，沪深北三市融资融券余额合计达到 20002.59亿元。 2016年初，两融余额短暂维持在万亿上方后持续走低，当年5月创下8186.34亿元阶段新低。中途经历了 两年起起伏伏，虽曾有过短期回升，但直至2019年12月，才在时隔20个月后重回万亿大关。这一阶段投 资者风险偏好低迷，叠加对保证金制度不确定性的担忧，两融业务陷入蛰伏。 这是时隔十年，两融余额再度达到2万亿元关口。这一标志性的数字，不仅见证了当下市场的活跃度提 升，更勾起了市场参与者对过去十年间两融市场风云变幻的回忆。 2015年：牛市狂欢中的两融盛宴与急刹车 我国资本市场融资融券业务于2010年3月试点启动，2011年转入常规。在试点初期，两融业务发展较为 缓慢。但自2012年起，其规模开始逐步扩张。 2014年8月开始，随着市场逐步走好，两融业务呈几何式增长。 2014 年12月19日，两融余额首次突破万亿规模。从零到第一个1万亿，市场花费了三年零九个月时间。 2015年上半年，A 股市场迎来一轮气势磅礴的牛市，两融规模也随之疯狂飙升。仅用五个月时间，两融 规模便实现再翻一倍的壮举。2 ...

（文章来源：北京商报） 本轮两融扩张的根本动力在于政策预期改善与制度环境优化。此前，监管层推出降费率、优化规则、强 监管的组合拳，融资利率出现大幅下降，同时融券业务暂停转融通，两融标的扩容至大多数正常交易股 票。这些改革显著降低了杠杆成本，同时优化了风险控制机制，构建起更稳健的杠杆交易体系。 此外，本轮杠杆资金流向具有鲜明的价值投资特征。电子行业、半导体设备、AI算力等细分领域获得 资金重点布局；生物医药行业中的创新药、医疗器械等长周期赛道也受到资金青睐。这种选择背后是投 资者清晰的价值投资逻辑，用较低的融资成本去买入并持有预期收益偏高的投资品种，以达到价值投资 收益完全覆盖融资成本的良性策略。 两融余额的理性扩张正在重塑市场生态。当前市场平均维持担保比例十分健康，这意味着投资者抗风险 能力显著增强。从资金效率看，融资资金换手率也出现快速下降，显示杠杆资金更注重长期持有而非频 繁短线交易。 新的转变带来市场稳定性的大幅提升。在股市出现调整期间，两融余额下降并不明显，而当两融余额开 始回升的时候，对于股市的支撑力度则大幅提升，这表明理性杠杆资金正在发挥稳定器而非加速器的作 用。 事实上，两融余额重返2万亿元具有 ...

两融余额重回2万亿元高位，投资者参与热情高涨，与以往投机力量推高两融余额不同，这次是价值投 资主导的资产配置变化，投资者预期价值投资收益将会超过融资成本，如此的两融余额创新高显得很理 性。 过去股市偏投机市，两融余额从4000亿元飙升至2.27万亿元，只用了大约一年时间，市场呈现明显的抱 团炒作特征。当时的两融，投资者融资的主要目的是使用更多的资金进行投机炒作。两融余额的快速增 长，持续性很差，一旦投机行情结束，两融余额将出现快速下降。 此外，本轮杠杆资金流向具有鲜明的价值投资特征。电子行业、半导体设备、AI算力等细分领域获得 资金重点布局；生物医药行业中的创新药、医疗器械等长周期赛道也受到资金青睐。这种选择背后是投 资者清晰的价值投资逻辑，用较低的融资成本去买入并持有预期收益偏高的投资品种，以达到价值投资 收益完全覆盖融资成本的良性策略。 两融余额的理性扩张正在重塑市场生态。当前市场平均维持担保比例十分健康，这意味着投资者抗风险 能力显著增强。从资金效率看，融资资金换手率也出现快速下降，显示杠杆资金更注重长期持有而非频 繁短线交易。 新的转变带来市场稳定性的大幅提升。在股市出现调整期间，两融余额下降并不明显 ...

智通财经记者 | 孙艺真 图片来源：东财choice数据 根据中证金融公司披露的最新数据，截至8月6日，全市场融资融券个人投资者数量为754.168万名，机构投资者数量为50074家。其中，参与交易的投资者数 量从8月1日的387657名骤增至8月6日的451006名。 近期，A股市场两融余额保持高位运行，自7月21日以来已连续13个交易日维持1.9万亿上方。 8月6日最新数据显示，沪深两市两融余额合计20030.37亿；8月5日，沪深京三市两融余额触达阶段峰值2万亿，为2015年7月1日5000点高点以来首次突破该 关口，触达十年来历史峰值。与此同时，A股市场交投亦表现活跃。8月6日单日融资买入额达1772.12亿元，自7月17日以来连续15个交易日突破1500亿元。 从融资余额占流通市值的比例看，尽管当前两融余额突破2万亿，但占流通市值比例仅为2.3%。2015年5月至7月间，彼时，两融余额最高值发生在2015年6 月18日，为2.27万亿；占流通市值的比例最高达到了7月13日的4.70%。 有投资人士在受访时向智通财经表示，当前杠杆率仍处于合理区间，证明市场整体流通市值体量在不断增加。 "两融余额与A/ ...

FICC日报 | 2025-08-07 两融余额破两万亿元，股指延续上行 市场分析 国内维持宽松基调。国内方面，央行公布各项工具流动性投放情况显示，7月合计实现净投放2365亿元，较上月少 4195亿元，"适度宽松"的政策基调传递积极信号。海外方面，特朗普签署行政命令，对来自印度的商品加征25%的 额外关税，印度面临的总关税税率达到50%，以回应印度继续"直接或间接进口俄罗斯石油"，新加的25%关税将在 21天后生效，此前首轮25%关税将于本周四生效。特朗普还称，将对芯片和半导体加征约100%的关税，如果在美 国建厂，将无需缴纳关税。 股指上行。现货市场，A股三大指数继续上行，上证指数涨0.45%收于3633.99点，逼近年内高点，创业板指涨0.66%。 行业方面，板块指数涨多跌少，国防军工、机械设备、煤炭行业领涨，医药生物、商贸零售、建筑材料行业跌幅 居前。当日沪深两市成交金额超1.7万亿元。杠杆资金加速进场，两融余额重新站上两万亿，为2015年7月以来首次。 海外市场，美国三大股指全线收涨，纳指涨1.21%报21169.42点。 IM增仓。期货市场，基差方面，If、IC、IM当月合约的基差回升。成交持仓方 ...

Core Viewpoint - The A-share market is experiencing a bullish trend, with the Shanghai Composite Index reaching a new high for the year, driven by active trading in brokerage stocks and a significant increase in margin financing balance [1][5]. Group 1: Market Performance - On August 7, the Shanghai Composite Index opened high and peaked at 3645.12 points, marking a new annual high [1]. - The brokerage sector, referred to as the "bull market flag bearer," is showing strong performance, with the A-share leading brokerage ETF (512000) rising by 0.35% [1][5]. - Individual stocks within the brokerage sector are showing varied performance, with Caida Securities leading with a nearly 5% increase, followed by West Securities and Dongfang Securities with gains of nearly 2% and over 1%, respectively [3][4]. Group 2: Margin Financing and ETF Activity - The margin financing balance in the A-share market has surged to over 2 trillion yuan, a level not seen since the bull market of 2015 [4]. - The brokerage ETF (512000) has attracted a total of 361 million yuan over four consecutive days, indicating strong investor interest [5]. - Factors contributing to the bullish sentiment in the brokerage sector include the record-high margin financing balance, the potential for market sentiment to improve, and the underperformance of brokerage stocks relative to expected profit growth [7]. Group 3: Investment Tools and Strategies - The brokerage ETF (512000) passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [8]. - This ETF serves as an efficient investment tool for investors looking to gain exposure to both leading and smaller brokerage firms, capitalizing on their performance potential [8].

Market Overview - On August 6, the Shanghai Composite Index rose by 0.45%, with the total margin trading balance reaching 2009.41 billion yuan, an increase of 9.155 billion yuan compared to the previous trading day [1] - The margin trading balance in the Shanghai market was 1023.066 billion yuan, up by 3.839 billion yuan; in the Shenzhen market, it was 979.971 billion yuan, up by 5.161 billion yuan; and in the Beijing Stock Exchange, it was 6.377 billion yuan, up by 0.155 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 21 industries saw an increase in margin trading balances, with the mechanical equipment industry leading with an increase of 2.043 billion yuan, followed by the electronics and defense industries with increases of 1.395 billion yuan and 1.338 billion yuan, respectively [1] Stock Performance - A total of 2104 stocks experienced an increase in margin trading balances, accounting for 56.70% of the total, with 523 stocks seeing an increase of over 5% [1] - Tianming Technology had the largest increase in margin trading balance, reaching 16.6608 million yuan, a rise of 111.76% from the previous trading day, and its stock price increased by 5.09% [1] - Other notable stocks with significant increases in margin trading balances included Yuanhang Precision and LIGONG Navigation, with increases of 86.49% and 65.40%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increases in margin trading balances, the average increase in stock prices was 6.11%, with Huami New Materials, Riyue Ming, and Yuanhang Precision leading with increases of 29.96%, 19.99%, and 11.99%, respectively [2] - Conversely, stocks with the largest declines in margin trading balances included Baolijie, with a decrease of 34.99%, followed by Feng'an Co. and Anke Innovation, with declines of 33.76% and 25.58%, respectively [4][5]