作者 |一财评论员 权益市场正在用耐心开启赚钱效应。 2025.08.26 本文字数：1673，阅读时长大约3分钟 当然，居民储蓄存款、险资等入市，是大趋势，如何善待存款搬家，不将其置于其风险管控和风险承载 能力之外，是决策层和监管部门需施力的重心。 首先是要夯实股市的经济基本面。股市是经济的晴雨表，唯有通过伐毛洗髓的放权让利改革，为市场主 体在经济领域的业务拓展提供更大自由施展空间，真正落实负面清单管理，将有求必应、无事不扰真正 嵌入到政府治理工作的日常，让市场主体真正感知到政府的公共服务，才能真正有效为股市导入最底层 的向上逻辑，打开市场的可预期空间。 其次，着眼于中长期的制度建设，打造市场吸引力。资本市场的核心功能是风险定价，这需基于对等博 弈立场，围绕如何完善信息披露制度等为核心展开制度变革，营造公平竞争的市场秩序。如让市场来决 定IPO和退市机制的关启，保持权益市场的进出自由，不断完善集体诉讼制度、辩方举证制度、争议和 解制度等，保护市场交易各方的合法权益；又如真正基于风险博弈的理念经营和监管资本市场，让所有 投资者通过实战学会追逐风险收益。 这方面监管部门必须明确，资本市场本质就是风险交易和配置的 ...

Core Insights - The A-share market has seen a significant increase in trading volume and margin financing balance, both surpassing 2 trillion yuan for two consecutive days, marking a notable shift in market dynamics [1][3][12] - Historical analysis shows that the occurrence of dual "2 trillion" trading days is rare, with only seven instances recorded, primarily during the 2015 leverage bull market and now in 2025, indicating a transformation in market structure [2][3][6] Trading Volume and Margin Financing - On August 14, the A-share trading volume reached 2.3 trillion yuan, while the margin financing balance exceeded 2 trillion yuan, recorded at 2.055 trillion yuan [1][3] - The dual "2 trillion" phenomenon has occurred only seven times in A-share history, with the latest instances on August 13 and 14, 2025, representing the first occurrences in nearly a decade [2][3][4] Market Dynamics and Funding Sources - The current market environment is characterized by a shift from high-leverage-driven dynamics to a more mature market driven by policy coordination and fundamental improvements [6][7] - Key supporting factors for the dual "2 trillion" phenomenon include a significant migration of household savings into the equity market, with a notable decrease in household deposits and an increase in non-bank deposits [8][10] Future Liquidity and Investment Trends - Analysts predict a turning point for incremental capital entering the market, with a peak in household deposits and financial products maturing from late 2025 to 2026, potentially releasing substantial funds into the equity market [3][11] - The influx of foreign capital is also a critical factor, with global funds showing increased confidence in the Chinese market, as evidenced by significant net inflows into Chinese stocks and bonds [10][11] Market Sentiment and Investor Behavior - The increase in new A-share accounts, reaching 1.96 million in July 2025, reflects a growing investor enthusiasm driven by the market's positive performance [9][10] - The current market phase is transitioning from policy-driven expectations to a focus on earnings validation, with improving corporate performance expected to sustain market momentum [12]