ChiNext Index Falls 0.49% as Margin Balances Slip; Yihao New Material Leads Gains

As of September 10, 2026, the market's margin financing and securities lending balance stood at RMB 2.646369 trillion, down RMB 2.232 billion from the previous trading day. On that day, margin purchases in the Beijing, Shanghai, and Shenzhen markets totaled RMB 136.311 billion, compared with RMB 154.967 billion the previous trading day; securities lending sales volume was 78 million shares, compared with 88 million shares the previous trading day. By market, the Shanghai margin financing and securities lending balance was RMB 1.355906 trillion, down RMB 551 million from the previous trading day; the Shenzhen balance was RMB 1.282094 trillion, down RMB 1.671 billion; and the Beijing Stock Exchange balance was RMB 8.369 billion, down RMB 9.7389 million. In terms of margin financing, 3,855 individual securities recorded margin purchases and 3,855 recorded margin repayments.

On September 10, 2026, the market's margin financing balance was RMB 2.617189 trillion, accounting for 2.63% of the free-float market capitalization of A-shares. Among margin-eligible stocks, 84 stocks had margin financing balances exceeding 10% of their free-float market capitalization, 1,174 had ratios between 5% and 10%, 2,311 had ratios between 1% and 5%, and 297 had ratios of no more than 1%. The stock with the highest margin financing balance as a proportion of free-float market capitalization was Xinkai Technology, with a latest margin financing balance of RMB 142 million, or 17.67% of its free-float market capitalization, followed by Fujian Cement and Hopewind Electric, at 16.00% and 15.56%, respectively. Stocks with margin financing ratios above 10% had an average free-float market capitalization of RMB 6.130 billion, while the top ten by ratio had an average free-float market capitalization of RMB 4.847 billion; Xinkai Technology's latest free-float market capitalization was RMB 805 million.

In terms of valuation, among stocks with margin financing balances exceeding 10% of free-float market capitalization, 31 had dynamic price-to-earnings ratios above 50 times, seven had ratios between 30 and 50 times, and 18 had ratios below 30 times. The lowest price-to-earnings ratio was Dongfang Precision's, at 2.25 times. By board, among stocks with margin financing ratios above 10%, 34 were on ChiNext, 18 on the STAR Market, and 32 on the main board; by industry, they were mainly concentrated in machinery equipment, electronics, and electrical equipment, with 16, 11, and 10 stocks, respectively.

On September 10, 2026, the ChiNext Index fell 0.49%. ChiNext stocks' total margin financing and securities lending balance was RMB 575.017 billion, down RMB 818 million from the previous trading day, of which the margin financing balance totaled RMB 572.317 billion, down RMB 800 million, and the securities lending balance was RMB 2.700 billion, down RMB 18.3538 million. A total of 394 ChiNext stocks saw their margin financing balances increase, with 32 posting increases of more than 5%. The largest increase was Yihao New Material, whose latest margin financing balance was RMB 140 million, up 17.58% from the previous session, while its share price rose 15.29% that day; Beijiete and Sdik increased by 14.48% and 13.40%, respectively. Among stocks with margin financing balance increases of more than 5%, the average decline that day was 0.17%; 14 rose, with Yihao New Material, Fulede, and Sdik leading the gains at 15.29%, 8.97%, and 8.70%, respectively, while Aifenda, Mifeng Technology, and Beijiete led the declines at 13.43%, 8.65%, and 8.51%, respectively.

In terms of capital flows, among stocks with the largest month-on-month increases in margin financing balances, 22 recorded net inflows of main funds that day. Tianfu Communication, Gaolan, and Fulede led the net inflows, at RMB 1.270 billion, RMB 167 million, and RMB 159 million, respectively; 10 recorded net outflows of main funds, with Aifenda, Beijiete, and Huabao leading the outflows at RMB 45.583 million, RMB 11.1481 million, and RMB 10.0813 million, respectively. A total of 574 ChiNext stocks saw their margin financing balances decline, with 33 posting declines of more than 5%. Huakang Clean led the declines, with a latest margin financing balance of RMB 237 million, down 22.51% from the previous session; Yutong Optics and Wanbang Pharmaceutical fell by 14.82% and 11.81%, respectively.

On September 10, 2026, the Shanghai Composite Index fell 0.43%. By industry, among sectors classified under the Shenwan system, 11 recorded increases in margin financing balances. The sector with the largest increase was basic chemicals, where the margin financing balance rose by RMB 551 million; next were transportation and petroleum and petrochemicals, which increased by RMB 307 million and RMB 191 million, respectively. A total of 1,728 stocks saw their margin financing balances increase, accounting for 44.71%, with 160 posting increases of more than 5%. The largest increase was Yifei Laser, whose latest margin financing balance was RMB 189 million, up 46.08% from the previous trading day, while its share price fell 5.74% that day; Baimaike and Tianshun Wind Energy increased by 30.68% and 29.19%, respectively. Among the top 20 stocks by margin financing balance increase, the average gain that day was 0.90%. Baimaike, Yihao New Material, and Xinnong Development led the gains at 29.99%, 15.29%, and 10.05%, respectively, while Aifenda, Oufu Egg, and Beijiete led the declines at 13.43%, 12.53%, and 8.51%, respectively.

A total of 2,133 stocks saw their margin financing balances decline, with 135 posting declines of more than 5%. Tianyang New Material recorded the largest decline, with a latest margin financing balance of RMB 153 million, down 41.57% from the previous trading day; Dayou Energy and Huaxi Technology fell by 34.82% and 29.86%, respectively.