融资融券业务全流程指南 本文介绍投资者参与融资融券业务涉及到的各个环节。包含：业务指南、两融开户、两融交易、两融服务。 一 业务指南 两融业务的主要宣传平台有 申万宏源证券官网 、 微信、小红书 。 1 官网 - 两融专栏 ● 官网地址 https://www.swhysc.com/swhysc/ ● 网页路径 官网首页/客户服务/融资融券 ● 网页介绍 提供融资融券业务数据查询服务。提供融资融券公示信息、业务指南、合同与风险揭示、政策法规等服 务。 2 公众号 - 申万宏源证券金融 ● 公众号入口 微信搜索公众号【申万宏源证券金融】 ● 功能介绍 提供两融业务速览、标的查询、担保品查询、券源查询、活动资讯、投研服务等。 3 视频号 - 申万宏源证券金融 ● 视频号入口 微信搜索视频号【申万宏源证券金融】 二 两融开户 开通两融账户需要客户到分支机构临柜办理。也可以先在手机上做预开户（目前仅限自然人客户），然 后带上相关材料去分支机构完成临柜开户。 $$\left(1\right)\mathbb{R}\mathbb{H}\mathbb{P}\mathbb{O}$$ ● 支持终端 申万宏源大赢家APP、申万宏源 ...

2025.08. 25 本文字数：1723，阅读时长大约3分钟 作者 | 第一财经 黄思瑜 随着A股市场一路高歌猛进，两融余额也不断创新高。根据最新披露的数据，截至8月22日，两融余 额达到2.155万亿元，创10年以来新高。 8月25日，A股持续强劲上涨，上证指数和深证成指再创新高，最高分别探至3883.56点、12477.97 点；创业板也涨势不俗，最高冲至2782.01点；科创综指也创出新高1596.83点。 8月份以来至8月25日收市，上证指数、深证成指、创业板指、科创综指累计分别上涨8.69%、 13%、18.67%、18.83%。 市场平均维持担保比例也呈现上升趋势。8月22日，市场平均维持担保比例为290.69%，8月1日这 一比例为277.2%。维持担保比例是衡量杠杆资金安全性的关键指标，通常警戒线设定为140%。当 维持担保比例低于140%时，券商一般会及时提醒投资者关注风险，并可能采取限制部分交易等措 施。 两融余额在8月5日开始突破2万亿元，至8月22日期间主要哪些行业、个股受到市场青睐？ 根据Wind数据，截至8月22日，申万一级行业中，电子行业的两融余额最高，达到2719.59亿元， ...

Group 1: Market Performance - The A-share market has shown significant growth, with the Shanghai Composite Index rising from around 3200 points at the beginning of the year to over 3700 points, marking a notable increase in investor sentiment and market attractiveness [1] - As of early August, the A-share financing balance exceeded 2 trillion yuan, reaching a 10-year high, with an increase of approximately 150 billion yuan this year [2][3] Group 2: Investor Engagement - The number of new A-share accounts opened in July 2025 reached 1.9636 million, a year-on-year increase of 70.54%, contributing to a total of 14.5613 million new accounts in the first seven months of 2025, up 36.88% year-on-year [2] - Monthly active users of securities apps reached 167 million in July 2025, reflecting a 3.36% increase from the previous month [2] Group 3: Corporate Actions - Nearly 70% of listed companies in Shanghai and Shenzhen have announced cash dividend plans for the year, totaling approximately 1.64 trillion yuan, indicating a trend towards quality improvement and shareholder returns [5] - BYD announced a record cash dividend of 39.74 yuan per 10 shares, totaling around 12.077 billion yuan, marking the largest dividend since its A-share listing in 2011 [4] Group 4: Mergers and Acquisitions - Since the implementation of policies like "Merger Six Articles," over 200 major asset restructurings have been disclosed in the A-share market, indicating increased activity and scale in the M&A sector [6] - The China Securities Regulatory Commission emphasizes the need to optimize mechanisms for mergers and acquisitions to better support technological and industrial innovation [6] Group 5: Brokerage Activity - Brokerages are experiencing increased activity due to the surge in investor accounts and trading volume, with customer service departments reporting a significant rise in inquiries [7] - Securities firms are enhancing their systems to manage the increased trading volume and are focusing on providing services to technology companies, particularly in response to policies supporting the Sci-Tech Innovation Board [8]

Core Viewpoint - The article provides a comprehensive guide on the entire process of margin trading, including business guidelines, account opening, trading, and services related to margin trading [2]. Group 1: Business Guidelines - The main promotional platforms for margin trading include the official website of Shenwan Hongyuan Securities, WeChat, and Xiaohongshu [4]. - The official website offers services such as data inquiry for margin trading, public information, business guidelines, contract and risk disclosure, and relevant policies [5]. - The WeChat public account provides a quick overview of margin trading, target queries, collateral queries, source queries, activity information, and research services [7]. - The Xiaohongshu account also offers introductions to margin trading and research services [8]. Group 2: Opening Margin Trading Accounts - Customers must visit a branch office to open a margin trading account, although pre-registration via mobile is available for individual clients [10]. - The Shenwan Hongyuan Dajiang APP and Shenwan Hongyuan Shencai Youdao APP support mobile pre-registration, allowing clients to complete qualification checks, knowledge assessments, and credit information entry [11]. - Required materials for on-site account opening include an ID card and optionally a bank card, with specific conditions for eligibility [14]. Group 3: Margin Trading - The company provides various software for trading, including mobile and desktop versions, along with features like margin maintenance calculation and simulated trading [13][15]. - The margin maintenance calculation feature helps clients estimate the amount needed for margin calls and manage risks [16][18]. - The simulated trading function allows users to participate in mock trading competitions without needing a securities account [22]. Group 4: Margin Trading Services - The company offers convenient online service channels for margin trading clients through various platforms [25]. - Services available online include pre-opening of margin trading accounts, adjustment of credit limits, and real-time source opening [26]. - Risk warning and notification services are provided through SMS, email, and WeChat, alerting clients about contract expirations and account risks [27].

Group 1: Key Insights on Xtep International - The main brand performance is stable, with significant growth in the professional sports segment, achieving a total revenue of 6.84 billion yuan in H1 2025, a year-on-year increase of 7.1% [3][4] - The professional sports revenue increased by 32.5% to 785 million yuan, contributing to a notable improvement in operating profit margin, which rose by 6.1 percentage points to 10% [4][5] - The company maintains a strong cash position, with net cash increasing by 94.3% to 1.913 billion yuan, indicating stable overall operations [5][6] Group 2: Key Insights on Meitu Inc. - Meitu Inc. reported a revenue of 1.82 billion yuan in H1 2025, reflecting a year-on-year growth of 12.3%, with a gross profit of 1.34 billion yuan and a gross margin of 73.6% [8][9] - The revenue from AI-driven imaging and design products grew by 45.2% to 1.35 billion yuan, driven by an increase in active user base and payment penetration [10] - The company is successfully advancing its globalization strategy, with a 15% year-on-year increase in monthly active users outside mainland China [10] Group 3: Key Insights on Wavelength Optoelectronics - Wavelength Optoelectronics achieved a revenue of 220 million yuan in H1 2025, a year-on-year increase of 17.8%, although net profit decreased by 50.6% to 14 million yuan [12][13] - The company is focusing on the semiconductor and optoelectronic markets, with a significant revenue increase of 99% in semiconductor-related products [14] - The company is expanding its consumer optical products, with AR/VR optical product revenue increasing by 470% [14] Group 4: Key Insights on Dongfang Wealth - Dongfang Wealth reported a total revenue of 6.856 billion yuan in H1 2025, a year-on-year increase of 38.65%, with net profit growing by 35.38% [16][17] - The brokerage and margin financing businesses are the main growth drivers, benefiting from a significant market recovery with a daily average trading volume increase of 61% [17][18] - The company has a solid traffic foundation, with its brokerage, margin financing, and fund distribution businesses showing strong resilience [18] Group 5: Key Insights on Zhongke Feicai - Zhongke Feicai achieved a revenue of 700 million yuan in H1 2025, reflecting a year-on-year growth of 51.4%, with a gross margin of 54.3% [22][23] - The company is expanding its order scale, with inventory and contract liabilities increasing, indicating a positive future performance trend [23][24] - The company is focusing on the development of seven series of equipment, with steady growth in market share for its detection devices [25] Group 6: Key Insights on Tongcheng Travel - Tongcheng Travel reported a revenue of 4.7 billion yuan in Q2 2025, a year-on-year increase of 10%, with adjusted net profit rising by 18% [26][27] - The core online travel platform showed robust growth, with a revenue increase of 14% in transportation ticketing and 15% in accommodation bookings [27][28] - The company is focusing on expanding its user base in lower-tier cities, with a significant portion of new paid users coming from these regions [28] Group 7: Key Insights on Limin Co. - Limin Co. achieved a revenue of 2.452 billion yuan in H1 2025, with a remarkable net profit increase of 747.13% [30][31] - The company is consolidating its position as a leading pesticide manufacturer, with significant price and sales increases for its main products [32][34] - The company is advancing its research and development capabilities, with ongoing collaborations for innovative product development [34][35]

Group 1: Market Trends - A-share market has seen a significant upward trend, with the Shanghai Composite Index reaching a nearly 10-year high, increasing the attractiveness of the capital market [2] - The margin financing balance exceeded 2 trillion yuan, marking a 10-year high and a 150 billion yuan increase since the beginning of the year [4] - The trading volume in A-shares has surged, with 151 trading days this year recording over 1 trillion yuan in turnover, compared to only 20 days in the same period last year [4] Group 2: Investor Engagement - The number of active users on securities service applications reached 167 million in July, a 3.36% increase from June [3] - There has been a notable increase in the effective account opening rate compared to the same period last year and the first half of this year, indicating growing investor interest [4] - Major securities firms are actively engaging clients through events, with an average participation of 400 clients per event, reflecting heightened investor enthusiasm [4] Group 3: Company Actions - Nearly 70% of listed companies in Shanghai and Shenzhen have announced cash dividend plans for 2024, totaling 1.64 trillion yuan, demonstrating a commitment to shareholder returns [6] - Companies are increasingly engaging in share buybacks, with a total buyback amount of 89.99 billion yuan in the first seven months of the year [6] - The number of significant asset restructurings has exceeded 200, indicating a rise in merger and acquisition activities, supported by regulatory policies [6] Group 4: Brokerage Activities - Brokerages are optimizing processes and utilizing technology to enhance the efficiency of investor account openings in response to increased demand [7] - Brokerages are actively monitoring and adjusting their systems to handle the surge in trading volume, ensuring stability under high loads [9] - The focus on serving technology innovation companies is evident, with brokerages developing specialized services for unprofitable tech firms and enhancing their investment banking capabilities [9][10]

Market Performance - A-shares have shown a strong upward trend, with the Shanghai Composite Index surpassing 3700 points, reaching its highest level since August 21, 2015 [1] - As of the close on the 20th, the Shanghai Composite Index stood at 3766.21 points, up 1.04%, while the Shenzhen Component Index rose 0.89% to 11926.74 points [1] - The total trading volume in the A-share market exceeded 2.45 trillion yuan [1] Sector Performance - The technology sector, particularly in computing, electronics, and communications, has seen significant gains, with the STAR 50 Index rising over 2% on the 20th [3] - The semiconductor industry chain has experienced a broad rebound [3] Economic and Policy Context - The market's upward momentum is supported by macroeconomic resilience, policy support, and technological innovation [3] - The "stabilizing confidence" policy from the government is contributing to the capital market's strong vitality, with new production forces emerging and incremental capital entering the market [5] Credit Card Regulations - Several banks have reiterated that credit card funds are prohibited from being used for stock market investments, with a focus on managing the flow of these funds [6][7] - Banks are implementing strict controls on cash advances from credit cards, explicitly stating that these funds cannot be used for stock purchases or investments [7][9] Margin Trading - The margin trading balance has reached over 2 trillion yuan, marking a nearly ten-year high, indicating a significant increase in borrowing for stock purchases [17][19] - The number of investors participating in margin trading has remained above 500,000 daily since August 13, reflecting a recovery in market activity [22] Risk Management - Experts emphasize the need for brokers to enhance risk awareness and account opening thresholds for new investors, especially in light of the increasing number of new accounts [24] - The inherent risks of margin trading are highlighted, as investors must manage both their own capital losses and the obligation to repay borrowed funds and interest [25][27]

Core Viewpoint - The A-share market is experiencing significant activity in margin trading, with both trading volume and margin balance reaching the 20 trillion yuan mark, a first in nearly a decade [1][2]. Group 1: Margin Trading Growth - The number of clients participating in margin trading has increased significantly, with 547,721 clients recorded as of August 14, marking an increase of over 80,000 from the previous week [2][3]. - The margin trading balance reached 2.31 trillion yuan as of August 14, up 129 billion yuan from the previous trading day, indicating a sustained growth trend [2][3]. - The recent surge in margin trading activity is attributed to improved policy expectations and a rebound in market risk appetite, as indicated by regulatory signals aimed at stabilizing the capital market [4]. Group 2: Competitive Landscape Among Brokerages - Brokerages are actively expanding their margin trading services, with many offering competitive interest rates to attract new clients, with some rates as low as 3.99% for high-net-worth clients [1][6][7]. - There is a noticeable differentiation in margin trading rates among brokerages, with larger firms generally offering lower rates due to their better funding costs, while smaller firms may charge rates exceeding 7% [6][10]. - The competitive landscape is evolving, with brokerages implementing tiered interest rate policies based on client asset levels, reflecting a strategic shift in client acquisition efforts [7][8].

Core Viewpoint - The A-share market is experiencing significant activity in margin trading, with both trading volume and margin balance reaching unprecedented levels, indicating a strong market sentiment and investor confidence [2][3][5]. Group 1: Margin Trading Activity - The A-share margin trading balance surpassed 2 trillion yuan for the first time in ten years, reaching 2.31 trillion yuan by August 14, 2025, with a net increase of 12.9 billion yuan from the previous trading day [3][4]. - The number of investors participating in margin trading has been steadily increasing, with 547,721 clients recorded by August 14, 2025, marking an increase of over 80,000 from the previous week [4][5]. Group 2: Brokerages' Competitive Landscape - Brokerages are actively expanding their margin trading services, with many offering competitive interest rates to attract new clients. Some firms are offering rates as low as 3.99% for high-net-worth clients [6][8][10]. - There is a noticeable differentiation in margin trading rates among brokerages, with larger firms generally offering lower rates due to their better capital positions, while smaller firms may charge rates exceeding 7% [6][11]. Group 3: Market Sentiment and Policy Impact - The resurgence of margin trading activity is attributed to improved policy expectations and a rebound in market risk appetite, driven by regulatory signals aimed at stabilizing the capital market [5][6]. - The flow of financing funds has predominantly favored sectors such as information technology, industrials, and materials, reflecting investor confidence in the optimization of industrial structures and high-quality economic development [5].

6月23日以来，A股市场显著回暖，吸引杠杆资金持续净流入。截至8月11日，A股市场融资余额攀升至 20122亿元，自2015年7月2日后首次突破2万亿元，此轮累计增长2112.52亿元，使总量重回历史高位。 分市场来看，沪市融资余额为10217.92亿元，深市融资余额为9838.97亿元，北交所融资余额为65.1亿 元。 从历史数据来看，此前仅有2015年5月20日至2015年7月1日融资余额超过2万亿元，当前融资余额较2015 年6月18日的历史峰值22666.35亿元，仍相差2544.35亿元。 截至8月11日，融资余额占A股流通市值比例仅为2.29%，低于今年以来均值2.33%，较2015年历史峰值 4.72%更是明显降低。 分行业来看，数据显示，8月11日，按融资余额占流通市值比例来看，超过或接近3%的仅有计算机、有 色金属两个行业。相比之下，历史最高点的2015年6月18日，按融资余额占流通市值比例来看，非银金 融、有色金属、通信、电子、传媒行业融资余额占流通市值比例均在5%以上，其中非银金融行业达到 7.33%。 与历史高位区间相比，本轮融资余额的增长主要有资金流向具有基本面支撑的科技赛道、杠杆水 ...