As one of the "indicators" of market sentiment, the data changes of margin trading and securities lending (hereinafter referred to as "two financing") have always been closely monitored. According to the latest data from Zhongzheng Data Co., Ltd., 205400 new dual finance accounts were opened in the market in September, setting a record for the highest number of accounts opened in a single month this year. The number of accounts increased by 12.24% compared to August's 183000, and a significant increase of 288% compared to September last year's 52900. The significant increase in this indicator reflects the significant characteristics of investor confidence recovery and market sentiment recovery, revealing multiple positive signals. Firstly, it reflects that investor confidence is being substantially restored. Liangrong is an important leverage tool in the A-share market. Among them, financing refers to investors borrowing money from securities firms to buy stocks, essentially "bullish" on the future market. From the changes in new account opening data, the two financing markets have shown a gradual warming trend since May this year: 88700 new accounts were opened in May, increasing to 101400 in June, 123600 in July, 183000 in August, and exceeding the 200000 account mark in September. The increase in the number of new account openings means that more and more investors, especially those with high-risk preferences, have optimistic expectations for the future trend and are willing to enter the market with real money. This is not an impulsive action, but a rational decision made by investors based on a comprehensive judgment of macroeconomic stabilization, frequent policy winds, and market valuations at historically low levels. Secondly, it indicates that incremental funds are expected to continue flowing in. The newly opened two financing accounts are potential sources of "live water". Behind each new account, there is an incremental fund that is about to or has already entered the market. When this batch of funds starts to build and increase positions, it will directly bring new buying power to the market, helping to enhance market activity and liquidity. This kind of "living water" of confidence is crucial for boosting the overall market sentiment and vitality. Especially at the current stage, the market's demand for incremental funds is extremely urgent, and the recovery of the two financing data provides important financial support for the A-share market. Thirdly, the cumulative effect of the policy "combination punch" is becoming apparent. Since the beginning of this year, a series of support measures aimed at maintaining the stability of the capital market have achieved significant results. By implementing a package of coordinated reform policies on the investment, financing, and trading sides, market confidence has been significantly boosted, and investor sentiment has gradually shifted from cautious observation to active layout, thereby promoting a clear valuation recovery trend in the A-share market. This series of reforms precisely addresses the core issues of market concern, promoting a profound transformation of China's capital market reform from scale expansion to quality improvement. Ultimately, it lays a solid foundation for the long-term stable operation and institutional opening of the market, enhancing its endogenous stability. However, although the significant increase in the number of new accounts opened by Liangrong reflects the increased enthusiasm of investors to participate, it is also necessary to rationally consider its leverage effect and risks. On the one hand, the rebound of the two financing data is one of the important leading indicators of market recovery, but its sustainability and stability still need to be observed; On the other hand, financing transactions themselves are a double-edged sword. It amplifies both profits and risks. For ordinary investors, while seeing market opportunities, they should use leverage rationally to avoid unnecessary losses due to excessive leverage in market fluctuations. The record high number of new accounts opened by Liangrong clearly tells us that the risk appetite of funds is recovering. Although there are still many uncertain factors and setbacks ahead, this positive signal has set a good start for the market performance in the fourth quarter. A more dynamic and confident capital market is worth looking forward to. (New Society)