融资市场有何变化？ 时隔10年，交易所再统一提高融资保证金比例。在沪指逼近4200点、融资余额再度创出历史新高之际， 降低杠杆水平。 1月14日，沪深北交易所齐发通知称，将投资者融资买入证券时的融资保证金最低比例，从80%提高至 100%。此次调整仅限于新开融资合约，调整实施前已存续的融资合约及其展期仍按照调整前的相关规 定执行。 有券商分析师对第一财经称，在A股近期震荡上行，沪指逼近4200点之际，通过降低杠杆水平来降温还 是有必要的，这样市场反而能走得更长远。 去年以来随着A股行情上涨，两融余额屡创历史新高。截至1月13日，两融余额再度创出历史新高2.6830 万亿元，同时融资余额也刷新纪录，达到2.6654万亿元，占流通市值的比例为2.58%。 在这次降杠杆之前，也有少数券商主动上调了融资保证金比例。华林证券曾发布公告称，自2025年10月 13日起，沪深交易所标的证券融资保证金比例由80%调整至100%。 融资保证金比例是指投资者融资买入时交付的保证金与融资交易金额的比例。对于投资者而言，当融资 保证金比例为80%时，客户用100万元的保证金最多可以向证券公司融资125万元买入证券；当融资保证 金比例 ...

1月12日当天，两融交易额占A股成交额的比例为11.72%，亦较2025年的平均水平有所提升（2025年两 融交易额占A股成交额的比例的平均值为9.85%），但离历史峰值仍相隔较远，这一比例的历史高峰值 密集出现在2015年一季度，当时一度超过20%。 1月13日，A股的交易热情不减，截至发稿时候，沪深京成交额突破3.64万亿元，刷新了前一交易日刚刚 创下的单日成交额历史纪录。 成交额快速暴涨的背后，两融市场也同样火爆。截至2026年1月12日，A股市场两融余额约26741亿元， 进一步创出历史新高，单日增长额约465亿元，两融余额单日增长额创出历史第三高，仅次于2024年10 月8日（两融余额单日增长额约1077亿元），以及2025年10月9日（两融余额单日增长额约514亿元）。 总体来看，2026年以来，两融余额累计已经增长超过1300亿元。而如果从2025年12月以来算起，两融余 额累计已经增长超过2000亿元。 与此同时，数据显示，2026年1月12日，A股市场两融交易额约4272亿元，创出历史新高。 虽然两融交易额和两融余额均创出历史新高，但反映两融相对规模的一些比例指标仍保持相对低位。 证券时报据 ...

1月6日早盘，沪指突破前期高点4034.08点，刷新10年来新高。市场交投火热，进一步强化了券商板块的弹性预期。 2026年的两融市场预计将从2025年的"高速扩张期"进入"高质量增长期"。余额的绝对值将继续创出新高，但增长动能可能将从单纯的"市场情绪驱动"转 向"市场深度、机构参与"的多轮驱动。综合历史趋势、股基数据、政策环境及宏观流动性，预计2026年两融余额将较2025年底的2.55万亿元水平实现稳步增 长。 1月6日早盘，在昨日重返4000点后，沪指突破前期高点4034.08点，刷新10年来新高。展望后市，在年初开门红效应与宏观政策的有力支持下，A股有望延续 走牛姿态。 回顾近年以来的市场轨迹，A股交易活跃度已完成了从"冰封地量"到"温和活跃"的根本性转变。自2024年9月底开始，交易量出现爆发式增长。以2024年10月 8日为例，单日成交额达到40680亿元，彻底点燃了市场热情。自2025年8月中旬起，市场交易额开启了新一轮显著的放量上行。2025年第四季度，市场成交 额基本稳定在2万亿元至3万亿元的较高水平，标志着市场活跃度已巩固在一个新的、更高的台阶之上。 证券ETF（512880）午后冲高超3 ...

Industry Investment Rating - The industry investment rating is Neutral, maintained [2] Core Insights - The report indicates that the stock-bond spread is expected to fluctuate within a neutral range, lacking strong momentum for unilateral expansion or convergence, with the stock relative value not being prominent [5][9] - The bond trading volume has surged from an average of 2 trillion yuan at the beginning of 2024 to 3 trillion yuan in 2025, marking a shift from a "configuration market" to a "trading market" [5] - The report anticipates that the top brokers' FICC non-directional profit trading capabilities will become increasingly important in 2026 [5] Summary by Sections 1. Industry Fundamentals Tracking - The Shibor 3M rate is expected to remain at historical low levels in 2026, with a central estimate between 1.4% and 1.8%, primarily fluctuating around 1.6% [6][17] - The A-share market's stock fund trading volume is projected to enter a new phase of moderate growth, with daily average trading expected to range from 2.2 trillion to 3.2 trillion yuan, achieving a central estimate of 2.6 trillion to 2.8 trillion yuan [7][21] - The margin financing market is expected to transition from a "high-speed expansion period" in 2025 to a "high-quality growth period" in 2026, with balances projected to range from 2.6 trillion to 3.2 trillion yuan [23][24] - The bond market is expected to maintain high trading volumes, with daily average trading estimated between 2.5 trillion and 3.0 trillion yuan [8][28] - The stock-bond spread is anticipated to continue its "high volatility" pattern, with an expected range of 4.0% to 6.0% for 2026 [9][31] 2. Market Review - The A-share Shenwan Securities II industry index decreased by 0.29%, underperforming the CSI 300 index by 0.20 percentage points [33] - The securities II index has only increased by 2.59% compared to a 17.66% increase in the CSI 300 index over the past year [33] - In the Hong Kong market, the securities and brokerage sector ranked first, with a gain of 0.714%, outperforming the overall financial sector [34]

Core Viewpoint - On November 25, securities firms borrowed over 11.43 billion yuan through transfer financing from China Securities Finance Corporation, significantly higher than the usual borrowing amounts of several billion or occasionally tens of billions [1][2]. Group 1: Transfer Financing Overview - Transfer financing refers to the process where China Securities Finance Corporation lends funds to securities companies, which in turn provide these funds to clients for purchasing listed securities [2]. - The borrowing on November 25 included 5 billion yuan through competitive bidding and 6.43 billion yuan through re-borrowing, with a total repayment of 8.11 billion yuan on the same day [1][2]. Group 2: Borrowing Patterns and Market Conditions - The increased borrowing on November 25 is attributed to month-end and year-end pressures, particularly for smaller securities firms facing tight margin financing [1][5]. - Historical data shows that significant borrowing often occurs on Tuesdays, with the amounts typically higher than on other weekdays [3][4]. Group 3: Market Activity and Trends - As of November 27, the total margin financing balance reached 2.472 trillion yuan, accounting for 2.6% of the A-share market's circulating market value, with a financing balance of 2.455 trillion yuan and a securities lending balance of 170.29 billion yuan [5]. - The margin financing market has shown an increasing trend, with a record high of 2.5066 trillion yuan reached on October 29, followed by fluctuations due to market corrections [5][6]. Group 4: Monthly Activity and Account Growth - Monthly financing amounts have been rising since May, peaking in September at 6.095 trillion yuan, while October saw a decrease to 4.198 trillion yuan [6]. - The number of new margin trading accounts has been increasing, with a total exceeding 15.39 million by the end of October [6]. Group 5: Broker Responses to Market Conditions - Some brokers have raised their margin financing limits, such as招商证券 increasing its limit from 150 billion yuan to 250 billion yuan [6]. - Conversely, some brokers, like华林证券, have tightened their credit business limits, raising the margin requirement for financing securities from 80% to 100% [7].

2025.11. 30 本文字数：2621，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 券商一日从中国证券金融股份有限公司（下称"中证金融公司"）借入超百亿元资金，大幅高于平日的几亿 元或者偶尔的几十亿元，背后原因是什么？ 根据中证金融公司披露的数据，11月25日，券商通过转融资，向其借入了114.3亿元的资金。其中，通过竞 价方式借入50亿元，通过再借方式借入64.3亿元，当日偿还了81.10亿元。 对此，有券商分析师对第一财经称，转融资竞价日为周二，所以券商会在当日通过竞价方式借钱，但不一 定每个周二都会借钱，同时周二竞价借入后，若期限为182天的话，到期时间一般还是周二，所以会出现券 商周二借入的钱较多。 那么，为何11月25日竞价和再借方式借入的金额均较高？对此，业内认为，有两种情况，一种是月底叠加 年底，有些中小券商两融资金紧张，需要借钱；另一种是之前借的钱到期了，需要"借新还旧"。 上述券商分析师称，转融资是两融资金专款专用，借入资金大幅提升可能是由于临近年末的资金周转压力 提升，但考虑到亦有80余亿元被偿还，可能是"借新还旧"需求的集中释放，是券商主动性、策略性流动性 安排的动作，而非单纯扩 ...

券商一日从中国证券金融股份有限公司（下称"中证金融公司"）借入超百亿元资金，大幅高于平日的几 亿元或者偶尔的几十亿元，背后原因是什么？ 根据中证金融公司披露的数据，11月25日，券商通过转融资，向其借入了114.3亿元的资金。其中，通 过竞价方式借入50亿元，通过再借方式借入64.3亿元，当日偿还了81.10亿元。 对此，有券商分析师对第一财经称，转融资竞价日为周二，所以券商会在当日通过竞价方式借钱，但不 一定每个周二都会借钱，同时周二竞价借入后，若期限为182天的话，到期时间一般还是周二，所以会 出现券商周二借入的钱较多。 那么，为何11月25日竞价和再借方式借入的金额均较高？对此，业内认为，有两种情况，一种是月底叠 加年底，有些中小券商两融资金紧张，需要借钱；另一种是之前借的钱到期了，需要"借新还旧"。 上述券商分析师称，转融资是两融资金专款专用，借入资金大幅提升可能是由于临近年末的资金周转压 力提升，但考虑到亦有80余亿元被偿还，可能是"借新还旧"需求的集中释放，是券商主动性、策略性流 动性安排的动作，而非单纯扩张。 券商一日通过转融资借入超百亿 转融资业务是指中证金融公司将自有资金或者通过发行债券等方 ...

Core Viewpoint - China Merchants Securities has significantly increased its margin financing and securities lending business limit from 150 billion RMB to 250 billion RMB, marking a substantial increase of 100 billion RMB, which accounts for approximately 13.41% of the company's total assets as of the end of Q3 [2][4]. Financial Performance - In the first three quarters of the year, China Merchants Securities reported operating income of 18.244 billion RMB, a year-on-year increase of 27.76%, and a net profit attributable to shareholders of 8.871 billion RMB, up 24.08% [4]. - For Q3 alone, the company achieved operating income of 7.723 billion RMB, reflecting a significant year-on-year growth of 64.89%, with net profit attributable to shareholders reaching 3.686 billion RMB, a 53.45% increase [4][7]. - The increase in Q3 performance is primarily attributed to higher revenues from brokerage and proprietary trading businesses [4]. Margin Financing and Securities Lending - As of the end of Q3, the total amount of funds lent by China Merchants Securities was 129.279 billion RMB, representing a 35.27% increase compared to the end of the previous year [4][6]. - The company has experienced a decrease in net cash flow from operating activities, amounting to -16.335 billion RMB for the first three quarters, a decline of 121.38% year-on-year, primarily due to reduced cash inflows from margin lending and agency trading [6][7]. Industry Context - China Merchants Securities is not alone in this move; several other brokerage firms have also raised their margin financing limits this year, indicating a trend in the industry to respond to the growing demand for margin trading [8][10]. - The increase in margin financing limits is seen as a direct response to the active demand in the margin trading market, aiming to enhance customer service and expand market share [10].

Core Viewpoint - China Merchants Securities has significantly increased its margin financing and securities lending (two-in-one) business limit from 150 billion yuan to 250 billion yuan, marking a substantial increase of 100 billion yuan, which accounts for approximately 13.41% of the company's total assets as of the end of the third quarter [1][5][6]. Financial Performance - For the first three quarters of the year, China Merchants Securities reported operating income of 18.244 billion yuan, a year-on-year increase of 27.76%, and a net profit attributable to shareholders of 8.871 billion yuan, up 24.08% [5]. - In the third quarter alone, the company achieved operating income of 7.723 billion yuan, representing a year-on-year growth of 64.89%, with a net profit of 3.686 billion yuan, an increase of 53.45% [5][8]. - The increase in revenue for the third quarter was primarily driven by growth in brokerage and proprietary trading income [5]. Margin Financing Growth - As of the end of the third quarter, the margin financing provided by China Merchants Securities reached 129.279 billion yuan, reflecting a 35.27% increase compared to 95.573 billion yuan at the end of the previous year [6][7]. - The increase in margin financing is indicative of a growing demand for financing among investors in the current active two-in-one market [11]. Industry Trends - Prior to China Merchants Securities, four other brokerages had already raised their margin financing limits this year, indicating a trend among brokerages to respond to the increasing demand for margin financing [10]. - Analysts suggest that the current high activity level in the two-in-one market and the short-term growth in investor financing needs are driving brokerages to adjust their margin requirements to ensure stable operations [11].

Core Viewpoint - China Merchants Securities has significantly increased its margin financing and securities lending (two-in-one) business limit from 150 billion RMB to 250 billion RMB, marking a substantial increase of 100 billion RMB, which accounts for approximately 13.41% of the company's total assets as of the end of Q3 [2][6]. Financial Performance - In the first three quarters of this year, China Merchants Securities achieved operating revenue of 18.244 billion RMB, a year-on-year increase of 27.76%, and a net profit attributable to shareholders of 8.871 billion RMB, up 24.08% [6]. - For Q3 alone, the company reported operating revenue of 7.723 billion RMB, representing a 64.89% year-on-year growth, and a net profit of 3.686 billion RMB, which is a 53.45% increase compared to the same period last year [6][9]. Margin Financing Growth - As of the end of Q3, the margin financing provided by China Merchants Securities reached 129.279 billion RMB, reflecting a 35.27% increase from 95.573 billion RMB at the end of the previous year [6][7]. - The increase in margin financing is attributed to the growth in brokerage and proprietary trading revenues [6][9]. Cash Flow Analysis - The net cash flow from operating activities for the first three quarters was -16.335 billion RMB, a significant decrease of 121.38% year-on-year, primarily due to reduced cash inflows from margin financing and agency trading [8][9]. - In Q3, the net cash flow from operating activities was -12.110 billion RMB, down 120.54% compared to the same quarter last year [8][9]. Industry Context - Several other brokerage firms have also raised their margin financing limits this year, indicating a trend in the industry to respond to the growing demand for margin financing among investors [10][12]. - Analysts suggest that the increase in financing limits is a direct response to the high activity levels in the margin financing market, aiming to meet investor demand and enhance customer service while expanding market share [12].