融资融券账户全指南：开通要求、操作逻辑与核心风险解析 融资融券（简称"两融"）是中国A股市场重要的信用交易工具，通过向券商借入资金或证券进行杠杆操作，为投资者提供多空双向交易能力。其运作机制与 风险管理要求投资者具备充分认知，以下从账户开通、操作逻辑、风险机会三方面展开分析。 一、开通条件与流程：高门槛与严格审核 申请前20个交易日日均证券类资产（含股票、基金、债券等）不低于50万元，且需在券商账户留存满足条件的资产证明。 2.交易经验： 证券交易满6个月（从第一笔交易算起），以验证投资者市场熟悉度。 | 股票 | 股票万0.854, 逆回购百万一 | | --- | --- | | 盟登 | 融资利率最低3.8% | | 场内基金 | ETF佣金万0.5/申赎可0元 | | 港股通 | 港股通万0.8 | | 可转债 | 可转债万0.5 | | AI投顾 | Al选股首月免费用(代码,买卖点) | | 理财 | 基金,私募,信托,固收理财,全球配置组合等! | | 交易软件 | 同花顺,雪球,腾讯自选股,通达信 .. | | 量化交易 | QMT/PTrade量化软件,miniQMT,LDP极速柜台 | | ...

证券之星消息，8月21日，本钢板材（000761）融资买入603.12万元，融资偿还535.92万元，融资净买入 67.19万元，融资余额2.08亿元，近3个交易日已连续净买入累计364.79万元，近20个交易日中有11个交 易日出现融资净买入。 融券方面，当日融券卖出200.0股，融券偿还100.0股，融券净卖出100.0股，融券余量10.33万股。 | 交易日 | 融券冷卖用(股) | | 融券余量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-08-21 | | 100.0 | 10.33万 | 38.53万 | | 2025-08-20 | | -5100.0 | 10.32万 | 38.29万 | | 2025-08-19 | | 8100.0 | 10.83万 | 39.85万 | | 2025-08-18 | | -2100.0 | 10.02万 | 36.97万 | | 2025-08-15 | | -1.41万 | 10.23万 | 38.16万 | 融资融券余额2.09亿元，较昨日上涨0.32%。 | 交易日 | 融资净买入(元 ...

| 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-21 | 64.19万 | 1.16亿 | 2.95% | | 2025-08-20 | 38.86万 | 1.16 Z | 2.92% | | 2025-08-19 | 21.77万 | 1.15 Z | 3.03% | | 2025-08-18 | -55.14万 | 1.15亿 | 3.08% | | 2025-08-15 | 74.59万 | 1.16亿 | 3.15% | 融券方面，当日融券卖出2.38万股，融券偿还0.0股，融券净卖出2.38万股，融券余量10.08万股，近20个 交易日中有13个交易日出现融券净卖出。 | 交易日 | 融券冷卖用(股) | | 融券余量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-08-21 | | 2.38万 | 10.08万 | 20.46万 | | 2025-08-20 | | -5.28万 | 7.70万 | 15.71万 | | 2025-08- ...

资料来源： Wind ，华创证券预测 证 券 研 究 报 告 证券行业周报（20250811-20250817） 推荐（维持） 维持担保比例：当前风险缓冲已达历史较高位 ❑ 事项：截至 2025/8/19，市场两融维持担保比例达到 287.62%。 在衡量两融业务风险的相关指标中，"维持担保比例"是投资者信用账户内的 担保物价值与其融资融券债务之间的比例，根据市值和折算率综合计算。 2025M8 期间（统计区间 8/1-8/19）两融维持担保比例的平均值达到 283.2%， 在数据可得的 149 个统计月中高居第 8 位，显示出当前市场的信用账户整体 风险缓冲垫较为充足，杠杆风险或处于较低水平（详见图表 1：历史单月平均 两融维持担保比例及排序）。 复盘镜鉴，极高的维持担保比例通常是市场经过一段持续上涨后，投资者账户 浮盈丰厚、杠杆使用相对健康的体现。在一轮持续的上涨行情中，投资者融资 买入的股票不断上涨，导致分子（总资产）大幅增加，而负债（融资额）相对 固定或缓慢增加。行情的持续时间越长，维持担保比例提升的积累效应越明显。 历史前 10 的月份密集分布于 2020-2021 年结构性牛市后期及 2019 年 ...

证券之星消息，8月20日，捷众科技（873690）融资买入72.7万元，融资偿还42.53万元，融资净买入 30.18万元，融资余额848.24万元，近3个交易日已连续净买入累计98.62万元，近20个交易日中有11个交 易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-20 | 30.18万 | 848.24万 | 0.69% | | 2025-08-19 | 2.72万 | 818.07万 | 0.66% | | 2025-08-18 | 65.72万 | 815.34万 | 0.67% | | 2025-08-15 | -129.75万 | 749.62万 | 0.63% | | 2025-08-14 | 56.21万 | 879.37万 | 0.78% | 融券方面，当日无融券交易。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-20 | 848.24万 | 30.18万 | 3.69% ...

Core Viewpoint - The A-share market has shown significant growth in 2023, with the Shanghai Composite Index rising from around 3200 points at the beginning of the year to over 3700 points, enhancing investor sentiment and attracting more participants to the market [2][3]. Group 1: Market Activity - The margin financing balance in the A-share market reached a 10-year high, exceeding 2 trillion yuan, marking a significant increase of approximately 150 billion yuan this year [4][5]. - The number of new A-share accounts opened in July 2025 reached 1.9636 million, a year-on-year increase of 70.54%, with a total of 14.5613 million new accounts opened in the first seven months of 2025, up 36.88% year-on-year [4][5]. - The trading volume in the A-share market has surged, with 9 trading days in 2023 exceeding 2 trillion yuan in turnover, compared to only 20 such days in the same period last year [5]. Group 2: Company Performance - Companies are increasingly focusing on quality and efficiency, with nearly 70% of listed companies announcing cash dividend plans totaling 1.64 trillion yuan this year [8]. - BYD announced a record cash dividend of 39.74 yuan per 10 shares, totaling approximately 12.077 billion yuan, the largest since its A-share listing in 2011 [7][8]. - The trend of share buybacks has also increased, with a total buyback amount of 89.993 billion yuan in the first seven months of 2023, reflecting companies' commitment to enhancing shareholder value [8]. Group 3: Broker Activity - Brokers are experiencing increased activity due to the surge in market participation, with customer service departments reporting a significant rise in inquiries and account openings [11]. - To manage the increased trading volume, brokers are optimizing processes and enhancing system capacities to ensure stability under high loads [11][12]. - Brokers are also focusing on serving technology companies, with initiatives to support IPOs and mergers and acquisitions, particularly in the context of the Science and Technology Innovation Board [10][12].

证券之星消息，8月19日，厦门国贸（600755）融资买入1591.06万元，融资偿还1185.63万元，融资净买 入405.42万元，融资余额5.37亿元，近3个交易日已连续净买入累计1261.85万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-19 | 405.42万 | 5.37亿 | 4.01% | | 2025-08-18 | 704.79万 | 5.33亿 | 3.98% | | 2025-08-15 | 151.63万 | 5.27亿 | 3.94% | | 2025-08-14 | -718.41万 | 5.25 Z | 3.97% | | 2025-08-13 | 476.29万 | 5.33亿 | 3.98% | 融券方面，当日融券卖出1900.0股，融券偿还1100.0股，融券净卖出800.0股，融券余量22.21万股。 | 交易日 | 融券冷卖出(股) | | 副券会重(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-0 ...

在资本市场中，融资融券（以下简称"两融"）余额的变动在一定程度上反映市场热度与投资者情绪。近 期，A股市场呈现出显著的活跃态势，连续5个交易日成交额突破2万亿元，两融余额持续攀升并刷新阶 段性新高至2.1万亿元。 从资金流向看，8月份以来，融资资金偏好特征明显。Wind资讯数据显示，申万二级行业中，半导体、 证券、计算机应用、专用设备、电子制造等行业位居融资净买入额前列。从个股来看，融资净买入额前 十名的个股分别为东方财富、海光信息、寒武纪、北方稀土、中芯国际、新易盛、东芯股份、工业富 联、英维克和药明康德。 市场热度 与此同时，市场热度的传导已延伸至券商业务端。《证券日报》记者在采访中了解到，部分券商新开户 数、咨询量显著增长，存量客户交易活跃度提升，多重积极信号正为券商业绩注入新动能。 交易热度 与杠杆资金共振 8月份以来，A股市场交易热情显著升温，交投活跃度创下阶段性新高。从成交数据来看，8月13日，A 股市场成交金额突破2万亿元，随后连续5个交易日维持在这一高位水平。 与成交额形成呼应的是杠杆资金的加速入场。Wind资讯数据显示，截至8月18日，两融余额合计为 21023.09亿元，较前一交易日增加3 ...

Group 1 - The core viewpoint is that the recent surge in the A-share market has led to a significant increase in the popularity of margin trading, with many investors showing heightened interest in financing tools [1][2] - The margin trading balance in the A-share market has reached a new high, surpassing 2 trillion yuan, indicating a robust market recovery [2] - The number of investors participating in margin trading has also hit record levels, with over 520,000 participants on August 13, marking a year-to-date high [2] Group 2 - The current margin trading activity is characterized by an optimized leverage structure and a more mature market ecosystem compared to previous years, driven by improved regulations and stable funding [3] - The financing rates offered by brokerage firms have decreased, with new clients typically receiving rates around 4%, which is significantly lower than in the past [3] - There is a noticeable shift in investor behavior, with both short-term traders and long-term value investors actively using margin trading to enhance their portfolios [2][3]

Market Performance - The A-share market has seen significant gains, with the Shanghai Composite Index rising 1.69% to close at 3696.77 points, the Shenzhen Component Index up 4.55%, and the ChiNext Index increasing by 8.58% [1] - As of August 15, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have accumulated increases of 10.29%, 11.71%, and 18.33% respectively this year [2] Economic Indicators - July economic data indicates steady growth in the national economy, with production demand continuing to rise and overall employment and prices remaining stable [1] - The total social financing scale increased by 23.99 trillion yuan in the first seven months of the year, which is 5.12 trillion yuan more than the same period last year [1] Financing and Margin Trading - The A-share market's financing balance has reached a new high of over 2.04 trillion yuan, the highest in nearly a decade [1][3] - As of August 15, the financing balance for the Shanghai Stock Exchange was 1.037757 trillion yuan, for the Shenzhen Stock Exchange was 1.000404 trillion yuan, and for the Beijing Stock Exchange was 67.51 billion yuan [2] Market Sentiment and Trends - Analysts believe that the current market dynamics are supported by improved policy expectations and a rebound in market risk appetite, indicating that the current bullish trend may continue [5][6] - The recent surge in A-share prices has led to an increase in the number of stocks doubling in value, particularly in the pharmaceutical and machinery sectors [2] Upcoming Events - The upcoming week will see significant events, including the announcement of the latest Loan Prime Rate (LPR) on August 20, which is crucial for market liquidity and borrowing costs [10] - A total of 34 companies will have their restricted shares released next week, amounting to a total market value of 999.17 billion yuan [14]