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！ 随着A股市场融资融券（以下简称"两融"）余额持续攀升至历史高位，券商机构上调两融业务规模的动作频频落地。 智通财经据公告梳理，2025年内已有招商证券（600999.SH）、浙商证券（601878.SH）等多家券商先后上调两融及相 关融资类业务规模上限，覆盖头部、中型及中小全梯队券商，单次最大上调幅度达1000亿元。 两融市场的高活跃度成为券商提额的直接动因。Wind数据显示，截至12月9日，A股两融余额已达25105.72亿元，较年 初累计增加超6500亿元，其中融资余额24928.96亿元，融券余额176.76亿元，两融交易额占A股交易额比重达10.59%。 投资者参与热情同步飙升。中证登数据显示，9月份市场新开两融账户达20.54万户，同比激增288%，创下今年以来单 月最高纪录，比8月份的18.30万户增长12.24%；截至11月末，两融账户总数已增至1551.73万户，11月单月新开账户 14.07万户，环比增长8.07%。 "近期客户咨询量和开户量翻倍增长，原有额度已难以满足需求。"有大型券商营业部负责人国葭芃向智通财经表示 ...

Core Viewpoint - The A-share market's margin trading balance is experiencing a volatile upward trend, approaching 2.5 trillion yuan, significantly exceeding historical levels and continuously setting new highs, indicating increased market leverage activity. Brokerages face the dual challenge of "expanding scale" and "controlling risk" [1] Group 1: Margin Trading Balance and Market Activity - As of October 21, the total margin trading balance reached 24,442.71 billion yuan, an increase of 142.73 billion yuan from the previous trading day. The financing balance was 24,272.85 billion yuan, up by 140.54 billion yuan, while the securities lending balance rose by 2.19 billion yuan to 169.86 billion yuan. The trading volume of margin trading accounted for 11.51% of the total A-share trading volume on that day [1] - The number of individual investors participating in margin trading has increased to 7.727 million as of October 21, up from 7.2278 million at the end of 2024, reflecting growing investor engagement in margin trading [2] Group 2: Brokerage Strategies and Market Competition - Brokerages are responding to increased financing demand by raising credit business limits, lowering financing rates, and adjusting margin ratios. For instance, Zheshang Securities raised its credit business limit from 40 billion yuan to 50 billion yuan to enhance its competitive position [2] - The average financing rate in the industry has decreased from 8% to around 5%, with some brokerages offering rates below 4%. This reduction in financing costs has encouraged more investors to participate in margin trading, while brokerages aim to maintain profitability through increased customer volume despite lower rates [2] Group 3: Risk Management Measures - Adjusting margin ratios has become a key risk management strategy for brokerages. Recent adjustments include Hua Lin Securities raising the financing margin ratio for certain securities to 100% to manage business risks effectively [3] - Brokerages are focusing on attracting and retaining clients through competitive pricing while ensuring risk control through dynamic adjustments of stock collateral ratios and enhanced monitoring of client margin levels [3][4] - The average maintenance guarantee ratio for margin clients remains at a safe level of 280%, indicating that core risk indicators are currently manageable [3]