CITIC Construction Investment: Margin trading balance surpasses 2 trillion, operating in a healthy and active state

According to the research report of CITIC Securities, the margin trading balance of A-shares has exceeded 2 trillion yuan, second only to June 2015; however, in terms of the proportion of scale and transaction volume, the current level is only equivalent to half of the peak in 2015, the overall funding situation is relatively active, and the operating status is still healthy. In terms of micro-funding, 14.63 billion shares of stock-oriented funds were newly established, with a net inflow of -3.68 billion for stock ETFs, including a net inflow of +2.84 billion and +2.19 billion for financial real estate and cyclical resources-related ETFs, respectively; Insurance companies' premium income in January-June 2025 was 3.735 trillion yuan, continuing to grow by 5.3% on the basis of high growth for two years; Net inflow of margin trading funds was +28.77 billion yuan, accounting for 10.1% of the total turnover, a slight decrease from the previous month; Net inflow of southbound funds was +19.98 billion yuan, with a net inflow of 839.5 billion yuan since the beginning of this year.