Recently, Huatai Securities released a research report indicating that the short-term growth rate of margin trading and securities lending (collectively known as ‘two-financing’ or ‘margin trading’) may slow down. This outlook is based on a combination of factors, including the current market environment, regulatory policies, and investor sentiment. On one hand, overall trading activity in China’s A-share market has cooled, and investors’ risk appetite has declined, weakening demand for margin financing. On the other hand, regulators continue to tighten oversight of leveraged capital, prompting some brokerages—including Huatai—to proactively strengthen risk controls on margin trading, further curbing business expansion. Additionally, as the market enters a period of consolidation and volatility, highly leveraged investors are actively deleveraging to mitigate risk, exerting downward pressure on margin balances. Huatai Securities notes that although short-term growth may decelerate, the long-term fundamentals for margin trading remain solid, supported by ongoing capital market reforms, improved investor composition, and an expanding list of eligible securities for margin trading. Investors are advised to closely monitor policy developments and shifts in market sentiment, and to manage leverage prudently to mitigate potential risks.
近期，华泰证券发布研报指出，短期两融（融资融券）业务增速可能趋于放缓。这一判断主要基于当前市场环境、监管政策以及投资者情绪等多重因素的综合影响。一方面，A股市场整体交投活跃度有所回落，投资者风险偏好下降，导致融资买入意愿减弱；另一方面，监管层对杠杆资金的监控持续加强，部分券商也主动收紧了两融风控标准，进一步抑制了业务扩张速度。此外，随着市场进入震荡调整阶段，部分高杠杆投资者选择去杠杆以规避风险，也对两融余额增长形成压力。华泰证券认为，尽管短期增速可能放缓，但从中长期看，随着资本市场改革深化、投资者结构优化以及两融标的扩容，两融业务仍具备稳健发展的基础。投资者应关注政策动向与市场情绪变化，合理控制杠杆水平，防范潜在风险。
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