A-Share Margin Balance Rises by 1.57 Billion Yuan Across Both Exchanges

Margin Balance Edges Higher, Surpassing 2.7 Trillion Yuan Combined

According to 36Kr, as of April 28, 2025, the combined margin financing balance across the Shanghai and Shenzhen stock exchanges totaled 2,700.228 billion yuan, an increase of 1.57 billion yuan from the previous trading day, indicating a modest recovery in overall market leveraged capital.

Divergence Between Shanghai and Shenzhen

A closer look at the data reveals a notable divergence between the two exchanges:

• Shanghai Stock Exchange (SSE) margin balance stood at 1,373.44 billion yuan, a decrease of 4.26 billion yuan from the previous trading day;
• Shenzhen Stock Exchange (SZSE) margin balance came in at 1,326.788 billion yuan, an increase of 5.83 billion yuan from the previous trading day.

The net margin inflow on the Shenzhen exchange significantly exceeded the net outflow on the Shanghai exchange, driving a modest overall increase in combined margin balances. The heightened activity of margin capital in Shenzhen may be linked to recent leveraged investor interest in technology growth sectors, particularly hot tracks such as artificial intelligence and semiconductors that continue to attract incremental capital.

What Signals Does Leveraged Capital Movement Send?

Margin balance is one of the key indicators for gauging market risk appetite. With the combined margin balance holding steady above 2.7 trillion yuan, overall market leverage remains within a relatively stable range, suggesting that investor sentiment is neither excessively exuberant nor notably pessimistic.

Notably, stocks related to the AI industry chain have continued to attract margin capital in recent sessions. As large language model technologies accelerate their real-world deployment and AI application scenarios continue to expand, the technology sector has become a primary allocation target for leveraged funds. The growth in Shenzhen's margin balance partly reflects capital preference for technology-oriented stocks on the ChiNext and SME boards.

Market Outlook

Analysts point out that the relatively small fluctuations in A-share margin balances indicate that leveraged capital is in a phase of wait-and-see positioning and structural portfolio rebalancing. Against the backdrop of continued macroeconomic policy support and ongoing catalysts from emerging industries such as AI, margin capital is expected to continue tilting toward technology growth sectors. Investors are advised to closely monitor trend changes in margin balances as a reference for assessing short-term market sentiment.