Core Viewpoint - The margin trading balance in the A-share market has exceeded 2 trillion yuan for the first time in ten years, reaching approximately 20,003 billion yuan as of August 5, 2025, indicating a significant recovery in market activity [1][2]. Group 1: Margin Trading Balance - The margin trading balance in the A-share market has been on a continuous rise, having reached a recent high not seen since July 1, 2015 [1][5]. - The margin trading balance had previously dropped to a low of less than 1.4 trillion yuan in September of the previous year, but has since experienced a substantial increase [2][5]. - Following a market adjustment in April, the margin trading balance fell to just above 1.8 trillion yuan, but began to rise again from late June, surpassing the 2 trillion yuan mark [3][5]. Group 2: Financing Balance - The growth in the margin trading balance is primarily driven by an increase in the financing balance, which has shown a similar upward trend [5]. - The financing balance also reached a low of less than 1.4 trillion yuan in September last year, but has since rebounded, reaching 19,863 billion yuan by August 5, 2025, marking a significant increase of nearly 200 billion yuan in just over a month [5][6]. - Daily trading volumes for margin trading have fluctuated, with a notable increase from a low of under 500 billion yuan in September to exceeding 4 trillion yuan on October 8, 2024, before stabilizing above 1 trillion yuan in recent trading days [5][6]. Group 3: Securities Lending Balance - The securities lending balance has also seen a slight increase recently, rising to approximately 139 billion yuan as of August 5, 2025, although it remains at a relatively low level compared to historical peaks [6][7]. - The securities lending balance had previously dropped below 120 billion yuan in late June but has since increased by about 20 billion yuan over the past month [6][8]. - Historical data indicates that the securities lending balance once exceeded 1,000 billion yuan, reaching a peak of approximately 1,739 billion yuan on September 10, 2021 [7].

Core Viewpoint - The total margin balance in the A-share market has exceeded 2 trillion yuan for the first time in ten years, reaching approximately 20,003 billion yuan as of August 5, 2025, driven by a significant increase in financing balance [2][4][6]. Group 1: Margin Balance Trends - The margin balance in the A-share market has been on a continuous rise, starting from a low of nearly 1.4 trillion yuan in September of the previous year, and has since experienced a substantial increase, surpassing 1.9 trillion yuan by March of this year [4][6]. - Following a market adjustment in April, the margin balance fell to just above 1.8 trillion yuan, but began to rise again from late June, ultimately breaking the 2 trillion yuan mark [4][6]. Group 2: Financing and Margin Trading - The growth in the margin balance is primarily attributed to the increase in financing balance, which reached a new high of 19,863 billion yuan as of August 5, 2025, marking the highest level in nearly ten years since July 1, 2015 [6][7]. - The daily trading volume of margin transactions has also seen significant fluctuations, with a notable increase from a low of under 500 billion yuan in September last year to exceeding 4 trillion yuan on October 8, 2024, before stabilizing above 1 trillion yuan in recent trading days [6][7]. Group 3: Securities Lending Balance - The securities lending balance has also seen a recent uptick, rising from a low of approximately 120 billion yuan in mid to late June to around 139 billion yuan by August 5, 2025, reflecting an increase of about 20 billion yuan over the past month [7]. - Historically, the securities lending balance has exceeded 1 trillion yuan, peaking at approximately 1,739 billion yuan on September 10, 2021, but has remained at lower levels in recent years due to market changes and adjustments in margin trading policies [7].