21世纪经济报道记者 孙永乐 （资料图） 9月24日晚间，浙商证券公告显示，为促进信用业务发展及做好融资类业务规模管控，董事会同意调增 融资类业务规模，将融资类业务规模由400亿元提高至500亿元。 据不完全统计，2025年以来，包括浙商证券在内，已有华林证券、兴业证券、山西证券等四家券商，先 后上调融资类业务规模上限。其中，华林证券年内两度"提额"，3月将信用业务总规模上限调至62亿元 后，9月再度上调至80亿元。 券商信用业务纷纷"提额"，足以反映当前两融业务的火爆，背后是A股两融市场的火热势态。 截至9月24日，A股市场融资融券余额为24310.59亿元，创历史新高。其中，融资余额24140.84亿元，融 券余额169.75亿元。这也是今年以来第三个交易日融资余额突破2.4万亿元。 值得关注的是，融资融券交易额占A股交易额比重为12.25%，创2020年07月14日以来新高。 华林证券9月9日公告显示，董事会同意公司信用业务（包括融资融券、以自有资金出资的股票质押式回 购交易、约定购回式证券交易及其他信用业务）总规模上限调整为80亿元；同时授权公司经营管理层根 据公司及市场情况，在上述总规模范围内决定各 ...

Group 1 - The balance of margin financing and securities lending (referred to as "two financing") has reached a historical high of 24.04 trillion yuan, reflecting increased market activity and investor sentiment [1][2] - As of September 17, the total margin balance was 23.89 trillion yuan, with a daily increase of 127.11 billion yuan, while the securities lending balance was 169.22 billion yuan, increasing by 0.81 billion yuan [2] - The two financing balance has shown a fluctuating upward trend, with significant increases from 16.4 trillion yuan in early 2021 to 24.04 trillion yuan in September 2023 [2] Group 2 - The current scale of two financing is considered reasonable, as it remains within historical averages since 2016, despite surpassing pre-2015 highs [3] - The number of individual investors in the two financing market has increased to 7.66 million, with 549,700 active participants, indicating heightened investor engagement [3] - Financing funds have shown a clear preference for high-growth sectors, with industries such as power equipment, electronics, and non-bank financials leading in net financing purchases [3] Group 3 - The continuous high balance of two financing has contributed to the securities industry's performance, with net interest income reaching 26.24 billion yuan in the first half of the year, accounting for 10.45% of total revenue [5] - Securities firms are actively optimizing service processes and adjusting credit business limits to enhance their capacity to capture market opportunities [5] - For instance, Huayin Securities has raised its credit business limit twice within six months, reflecting a strong focus on two financing and related credit services [5] Group 4 - The two financing market is entering a phase of fee competition, prompting firms to enhance service quality and professional capabilities rather than solely relying on fee reductions [6] - Leading securities firms dominate the two financing business due to their advantages in capital, clients, and channels, while smaller firms are focusing on differentiated competitive strategies [6] - For example, Guoyuan Securities aims to establish a tiered client service system to provide differentiated value-added services, while Changcheng Securities is enhancing customer service experience through refined operations [6]

Core Viewpoint - The A-share margin trading balance has reached a historical high, surpassing the peak of 2015, indicating a significant increase in leverage in the market, but with different characteristics compared to the previous peak [1][5][30]. Margin Trading Data Comparison - The number of margin trading stocks has increased from 912 in 2015 to 4239 in 2025, reflecting a broader market participation [5]. - As of September 9, 2025, the margin trading balance accounted for 2.5% of the A-share market capitalization, which is significantly lower than the over 4% seen in 2015 [6][7]. - The absolute amount of margin trading is higher now, but its proportion of total trading volume is slightly lower than in 2015, indicating a more active market with a higher participation of self-funding [8][9]. Investor Participation and Debt Levels - The number of individual investors participating in margin trading has exceeded 7.6 million, with a notable increase in participation during certain trading days, although it has fluctuated recently [10][11]. - The average debt per margin trader has decreased from approximately 163.91 million in 2015 to 128.4 million in 2025, suggesting a reduction in individual leverage [12]. Sectoral Analysis of Margin Trading - The margin trading balance for the ChiNext board has significantly increased by 367% from 2015, while the balance for the CSI 300 has decreased by 39.8% [14][17]. - The current margin trading balance across various industries is notably lower than the peaks seen in 2015, with traditional sectors like finance and real estate experiencing substantial declines in margin trading balances [22][23]. Market Dynamics and Investment Logic - The current market shows a more diversified funding structure compared to 2015, with various funding sources including public and private funds, and foreign investments contributing to market dynamics [30]. - The investment logic has shifted towards a focus on performance and fundamentals, with margin funds being directed more towards growth sectors such as technology and innovation [30][31].

Core Insights - The A-share margin trading market has reached a historic milestone, with the margin balance exceeding 22,969.91 billion yuan as of September 1, 2025, marking a new high since 2015 [1] - As of September 9, 2025, the margin balance further increased to 23,197.18 billion yuan, indicating sustained high levels of trading activity [1] Margin Trading Data Comparison - The number of margin trading stocks has increased significantly from 912 in June 2015 to 4,239 by September 2025 [5] - The margin balance as a percentage of A-share circulating market value is currently at 2.496%, which is significantly lower than the over 4% observed in June 2015 [6][7] Trading Activity and Investor Participation - The absolute amount of margin trading is higher now, but its proportion of total trading volume is slightly lower than in 2015, with recent trading volumes fluctuating between 2,600 billion and 3,000 billion yuan [8][9] - The number of individual investors participating in margin trading has increased to over 7.6 million, while the average debt per margin trader has decreased from approximately 163.91 million yuan in 2015 to 128.4 million yuan in 2025 [10][12] Sector-Specific Trends - The margin balance for the ChiNext index has surged to 4,845.23 billion yuan, a 367% increase from 1,038.30 billion yuan in June 2015, while the margin balance for the CSI 300 index has decreased by 39.8% [14][16][17] - The current margin balance across various industries is significantly lower than the peaks seen in 2015, with traditional sectors like finance and real estate experiencing substantial declines in margin trading activity [22][23] Market Dynamics and Investor Behavior - The current market shows a more rational approach to margin trading, with funds being directed towards sectors with solid performance and growth potential, such as technology and innovation [30] - The overall market structure has become more diversified, with various funding sources including public and private funds, as well as foreign investments, contributing to a more sustainable market environment compared to the reliance on margin trading in 2015 [30] Conclusion - The A-share margin trading landscape has evolved significantly over the past decade, with increased participation and a shift in focus towards growth-oriented sectors, while maintaining a lower overall leverage ratio compared to the previous peak in 2015 [24][30]

Core Insights - The A-share market has seen increased trading activity in the first half of the year, leading to a significant rise in margin financing and securities lending (two-in-one) business, which has become a key battleground for brokerages [1][3] - Over 95% of listed brokerages reported year-on-year growth in two-in-one interest income, with notable increases among smaller firms [1][3] Revenue Performance - Three leading brokerages achieved over 3 billion yuan in two-in-one interest income in the first half of the year: Guotai Junan at 3.827 billion yuan, CITIC Securities at 3.686 billion yuan (up 7.04%), and Huatai Securities at 3.509 billion yuan (up 1.49%) [3] - Several other brokerages, including Galaxy Securities (2.747 billion yuan) and China Merchants Securities (2.338 billion yuan), also reported substantial two-in-one interest income [3] - Among 42 listed brokerages, only Changcheng Securities saw a slight decline in two-in-one interest income, down 1.85% year-on-year [3][4] Client Acquisition Strategies - Brokerages are focusing on expanding their two-in-one client base and market share through various strategies, including optimizing mechanisms, differentiated marketing, and technology empowerment [6] - Notable client acquisition results include Guotai Junan's net addition of 26,400 two-in-one clients (up 61%) and an increase in market share to 9.78% [6][7] - Other firms, such as CITIC Jiantou and Pacific Securities, also reported significant growth in the number of credit accounts [6] Competitive Landscape - The competition among brokerages has intensified, with a focus on both pricing and comprehensive service capabilities, including trading system optimization and innovative financial products [1][3][9] - Some brokerages are facing challenges due to aggressive pricing strategies, leading to concerns about profit margins approaching break-even points [7] Service and Operational Enhancements - Brokerages are enhancing their service and operational capabilities to improve client retention and business quality through system support, product innovation, and risk management [9] - Technological investments are being made to improve trading system experiences, with firms like Dongfang Securities and Guoxin Securities upgrading their systems and services [9] - Product innovation is also a key focus, with new tools and services being developed to enhance the trading experience and support client education [9]

Core Viewpoint - The article discusses the significant outflow of leveraged funds from the A-share market, particularly in response to global market volatility caused by U.S. tariff policies, leading to a notable decline in stock indices and a record net outflow in margin trading [2][3][5]. Summary by Sections Market Performance - On April 7, the Shanghai Composite Index fell over 7%, with the Shenzhen Component down 9.66% and the ChiNext Index down 12.5% due to the impact of U.S. tariffs [3]. - The margin trading balance reached 1.84 trillion yuan on April 7, with a net outflow of 479.64 billion yuan, marking the highest single-day outflow since October 2015 [2][3]. Margin Trading Trends - The margin trading balance had previously peaked at 1.91 trillion yuan at the end of March, reflecting a recovery in market sentiment over the past six months [3]. - From March 21 to April 3, the margin market experienced a cumulative net outflow of 482 billion yuan, with the balance dropping below 1.9 trillion yuan by April 3 [5]. Sector-Specific Fund Flows - The electronic sector saw the largest net outflow of leveraged funds on April 7, totaling 103.24 billion yuan, followed by the computer sector with 65.09 billion yuan [6]. - Other sectors with significant outflows included telecommunications, machinery, power equipment, and non-ferrous metals, each exceeding 30 billion yuan [7]. Investment Sentiment and Future Outlook - Despite the current market volatility, analysts remain optimistic about Chinese assets, citing government interventions and support measures aimed at stabilizing the market [11][12]. - The People's Bank of China has expressed support for increasing stock market investments, indicating a commitment to maintaining market stability [13]. - Reports suggest that after significant market corrections, valuations in the Chinese stock market may become attractive, with potential for recovery driven by domestic consumption and innovation [14][15].