On September 26, the three major A-share indices all opened lower. The ChiNext Index opened down 0.42%, the Shenzhen Component Index opened down 0.38%, and the Shanghai Composite Index opened down 0.35%. The MSCI China A50 Connect Index, which represents core leading assets, fell about 0.8% during the session, with constituent stocks such as China Merchants Shekou, BYD, and China National Nuclear Power leading the gains.

As an important indicator of market sentiment and liquidity, the margin trading and securities lending balance has been climbing steadily since last September. Since breaking through the 2 trillion yuan mark on August 5 this year, the balance has remained above this level for 37 consecutive trading days, including staying above 2.4 trillion yuan for 3 consecutive trading days.

A research report from Founder Securities believes that the continuous new highs and record-breaking margin trading and securities lending balance reflect an increase in current market risk appetite and an overall relatively loose liquidity environment in the A-share market. Although the absolute scale of the current margin balance has exceeded that of 2015, its proportion of circulating market value and trading volume still remains around the historical median level since 2016.

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