两融折算率一下子调整为0，今天一些个股的变化很是吸引了市场关注。 10月9日，有投资者反馈，接东方财富证券短信告知，自当日起，信用账户持有的中芯国际(688981.SH)的两融折算率由0.7调整为0.00，佰维存储(688525.SH) 的两融折算率由0.5调整为0.00。 智通财经记者就此致电东方财富证券客服，对方确认了上述调整信息，并解释称，依据两交易所规定，当个股静态市盈率超过300倍或为负数时，其融资融 券折算率需调为0，而中芯国际、佰维存储当前静态市盈率均超过300倍，这正是依规进行的正常调整。该规定自2016年起实施，并沿用至今。2025年7月虽 有部分股票调整，但核心规则未变，旨在加强风险控制，确保融资融券业务的平稳运行。 股票折算率调为0的情况并非单家券商行为，而是行业统一动作。同时，这一调整是券商依据交易所规则开展的常态化操作，当前市场中折算率为0的股票数 量已超千只。此外，中芯国际等半导体板块午后集体调整，是多方面因素共同作用的结果。从板块整体表现来看，半导体板块年内已累计大涨57.19%，区 间振幅达72.04%。 国信、国泰海通等多家券商同步调整 东方财富证券并非首家对上述两只股票进行 ...

Core Viewpoint - The adjustment of margin financing and securities lending (two融) collateral ratios to 0 for certain stocks, including SMIC and Bawen Storage, is a routine operation by brokerages based on exchange rules, not targeting specific industries or sectors [1][2][3] Group 1: Regulatory Background - The adjustment of collateral ratios for stocks with a static price-to-earnings (P/E) ratio exceeding 300 times has been in place since December 2016, as per the revised rules by the Shanghai and Shenzhen Stock Exchanges [1] - The recent revision of the financing and securities lending rules by the exchanges in 2023 also stipulates that stocks with a static P/E ratio above 300 or negative P/E will have their collateral ratio set to 0% [1] Group 2: Market Impact - On October 9, the collateral ratios for SMIC and Bawen Storage were adjusted to 0 due to their static P/E ratios of 303.06 and 301.91, respectively [2] - Other stocks, such as Luqiao Information and Ruisheng Intelligent, also had their collateral ratios adjusted to 0, with Luqiao Information's static P/E ratio reaching 947.11 [2] - Following the adjustment, SMIC's stock price and the semiconductor sector experienced a decline, leading some market participants to link the two events [2] Group 3: Current Market Statistics - As of October 9, there are over 200 stocks in the A-share market with static P/E ratios exceeding 300, indicating a broader trend affecting multiple companies [3] - Specifically, SMIC's static P/E ratio was recorded at 300.44, while Bawen Storage's was at 308.97 [3]

Core Viewpoint - Starting from October 9, the margin trading rates for certain stocks have been adjusted to zero, indicating a significant change in the trading conditions for investors holding these stocks [1] Group 1: Company Specifics - The margin trading rate for SMIC (中芯国际) has been adjusted from 0.7 to 0 [1] - The margin trading rate for BAW Storage (佰维存储) has been adjusted from 0.5 to 0 [1]

双节期间，美股和港股半导体板块股票都大幅上涨，为何A股节后开盘又遭遇跳水？ 10月9日，国庆中秋双节假期结束第一个交易日，A股高开高走，上证指数站上3900点，但午后半导体板块却突然跳水，早盘一度涨超9%的中芯国际（688981.SH）一度跌超2%，华虹公司（6 以中芯国际为首的半导体股在过去一季度都涨幅巨大。其中，中芯国际A股三季度涨幅为58.93%，港股涨幅更大，为77.96%；华虹A股上个季度上涨108%，港股上涨130%。投资者在获利丰厚后 此外，南向资金在港股抛售芯片股。相关数据显示：净买入最多的个股是快手（01024.HK）、中兴通讯（00763.HK）、小米集团（01810.HK）。净卖出最多的个股是中芯国际、华虹半导体 港股的半导体股则是低开低走，中芯国际（0981.HK）港股低开后一度翻红，但午后大幅跳水，收盘跌近7%；华虹半导体（01347.HK）同样大跌近7%。 ...

Market Overview - The A-share market experienced a rebound, with the Shanghai Composite Index rising over 1% and breaking the 3900-point mark for the first time in 10 years [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, an increase of 354.7 billion yuan compared to the previous trading day [1][5] Sector Performance - The "Technology + Non-ferrous Metals" sectors emerged as the strongest dual themes, with significant gains in precious metals, industrial metals, small metals, and rare earth permanent magnets [1][4] - The precious metals sector led the gains, with stocks like Zijin Mining and Luoyang Molybdenum hitting historical highs [1][11] - Technology stocks saw widespread strength, particularly in storage chips and consumer electronics, with major players like Tongfu Microelectronics and SMIC achieving significant price increases [3][7] Key Stocks and Developments - Notable stocks in the storage chip sector included Tongfu Microelectronics, which hit the daily limit, and SMIC, which rose over 7% [3][10] - OpenAI announced a strategic partnership with AMD to deploy 6 gigawatts of AMD GPU computing power for its next-generation AI infrastructure, which is expected to drive interest in related technology stocks [10] - Goldman Sachs raised the target prices for SMIC and Huahong Semiconductor to 117 HKD per share, indicating positive sentiment in the semiconductor sector [10] Precious Metals and Gold - The precious metals sector saw significant gains, with stocks like Sichuan Gold and Shandong Gold reaching their daily limits [11][12] - The price of spot gold reached a historic high, surpassing 4000 USD per ounce, driven by ongoing concerns over U.S. government debt and the long-term trend of de-dollarization [14]

Market Overview - The A-share market opened with a gap up of 0.4%, reaching a ten-year high of 3907.18 points, the highest since August 2015 [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 1.13 trillion yuan in the morning session, with an expected total of over 2.77 trillion yuan for the day, a 27% increase from the previous day [1] Key Drivers - The surge in the market is attributed to several factors, including international gold prices reaching $4000 per ounce and AMD's stock rising 40% due to its collaboration with OpenAI, which has positively influenced the A-share technology sector [3] - The People's Bank of China conducted a 1.1 trillion yuan reverse repurchase operation, injecting 300 billion yuan in liquidity, acting as a catalyst for the market rally [3] Fund Flows and Market Structure - The balance of margin financing and securities lending exceeded 2.4 trillion yuan, marking a near ten-year high, while northbound capital saw a net inflow of nearly 40 billion yuan in September [3] - The nature of incremental funds has changed, with insurance funds' equity investment ratio limit raised from 30% to 35%, and social security fund limits increased from 20% to 25%, leading to a projected 40% year-on-year increase in institutional fund inflows by mid-2025 [5] Sector Performance - The semiconductor sector saw significant gains, with 12 stocks hitting the daily limit, driven by a global turnaround in the storage industry, as indicated by Morgan Stanley's report predicting a price increase for DDR4 chips until 2026 [5][6] - The non-ferrous metals sector also performed well, with stocks like Yunnan Copper and Jiangxi Copper seeing gains over 5%, supported by expectations of a Federal Reserve interest rate cut [8] Gold and Financial Sector - The continuous increase in gold holdings by the People's Bank of China, which has been buying gold for 11 consecutive months, is expected to provide long-term support for gold prices [9] - The brokerage sector, while not experiencing widespread limit-up gains, plays a crucial role in pushing the index higher, with a significant increase in daily trading volume and margin financing [10] Policy and Economic Outlook - The current market rally is characterized by a deep integration of policy and industrial upgrades, with a focus on technology and high-end manufacturing as outlined in the "14th Five-Year Plan" [10][12] - The upcoming 20th Central Committee's Fourth Plenary Session is expected to introduce policies targeting new productive forces and energy security, which may further influence market dynamics [12] Investor Sentiment and Risks - There is a divergence in market sentiment regarding future trends, with some analysts predicting that the influx of 7.5-8.5 trillion yuan in incremental funds could push the index above 5000 points, while others caution about the current high dynamic PE ratio and the need for earnings growth to support valuation recovery [12][14] - The market is experiencing sectoral divergence, with real estate and media sectors declining, indicating that funds are concentrated in a few leading sectors [12][14]

Core Viewpoint - The adjustment of margin financing and securities lending (two融) collateral rates to zero for stocks like SMIC and BAWI Storage due to their static price-to-earnings (P/E) ratios exceeding 300 times has raised market attention [2][3]. Group 1: Regulatory Background - The adjustment of collateral rates to zero is a routine operation by brokerages based on exchange rules, which have been in place since 2016 [3]. - The Shanghai and Shenzhen Stock Exchanges revised the margin trading rules in December 2016, stipulating that stocks with a static P/E ratio above 300 or negative P/E would have their collateral rates set to 0% [3]. - The recent revision of the margin trading rules by the exchanges in 2023 continues to enforce this standard across the A-share market [3]. Group 2: Market Impact - On October 9, the stock prices of SMIC and the semiconductor sector experienced a decline, which some market participants linked to the collateral rate adjustments [5]. - As of October 9, there were 203 stocks in the margin trading list with static P/E ratios exceeding 300, including SMIC at 300.44 and BAWI Storage at 308.97 [5]. - The collateral rates for SMIC and BAWI Storage were adjusted from 0.70 and 0.65 to 0, respectively, along with several other stocks [4].

Core Viewpoint - The adjustment of margin financing and securities lending (two融) collateral ratios to 0 for stocks like SMIC (中芯国际) and BAWI Storage (佰维存储) due to their static price-to-earnings (P/E) ratios exceeding 300 times is a routine operation by brokerages based on exchange rules, not specific to any industry or sector [3][5][6]. Group 1: Margin Financing Adjustments - On October 9, the margin financing collateral ratios for SMIC and BAWI Storage were reduced to 0 because their static P/E ratios exceeded 300 times [3][5]. - The adjustment is part of a broader rule established in 2016, which states that stocks with a static P/E ratio above 300 or negative P/E will have their collateral ratios set to 0% [3][5]. - As of October 9, there are over 200 stocks in the A-share market with static P/E ratios exceeding 300, indicating a widespread impact across various stocks [6]. Group 2: Specific Stock Data - On September 29-30, SMIC and BAWI Storage had static P/E ratios of 303.06 and 301.91, respectively, leading to the adjustment of their collateral ratios [5]. - Other stocks affected include Road Bridge Information (路桥信息) with a static P/E ratio of 947.11 and Ruisheng Intelligent (瑞晟智能) at 321.78 [5]. - The adjustment by multiple brokerages, including Guotai Junan Securities and GF Securities, reflects a consistent application of the exchange's rules [4][5].

Core Viewpoint - SMIC, a leading stock on the STAR Market, has encountered a sudden situation where its A-share margin financing ratio has been adjusted to zero by several major brokerages due to its static price-to-earnings (P/E) ratio exceeding 300 times as of September 30, 2023 [1][4]. Group 1: Margin Financing Adjustments - Major brokerages including CITIC Securities, Guotai Junan, and Huatai Securities have set SMIC's A-share margin financing ratio to zero, following the revised rules from the Shanghai and Shenzhen Stock Exchanges [1][3]. - The adjustment is based on the 2023 revised "Implementation Rules for Margin Financing and Securities Lending Transactions," which stipulates that A-shares with a static P/E ratio above 300 or negative values have a margin financing ratio of zero [4][5]. - Prior to this adjustment, SMIC's A-share margin financing ratio was 70% at Guotai Junan [3]. Group 2: Comparison with Hong Kong Market - In contrast to the A-share market, the Hong Kong market allows brokerages to set their own margin financing ratios, leading to a more flexible environment where SMIC's Hong Kong shares currently have a financing ratio of around 50% [1][6]. - The static P/E ratio for SMIC's Hong Kong shares is 175 times, which does not trigger a reduction in the financing ratio under the current rules [8]. - Other stocks with static P/E ratios exceeding 300 in the Hong Kong market, such as Hua Hong Semiconductor, still qualify for margin financing, indicating a disparity in regulatory approaches between the two markets [10][12]. Group 3: Investor Implications - Investors holding SMIC shares will not be forced to liquidate their positions due to the zero financing ratio, but they may face challenges in opening new positions or obtaining additional financing [5][4]. - If investors' maintenance margin ratio falls below 130%, they may be required to deposit additional collateral or liquidate some assets to maintain their positions [4][5].

2016年12月2日，沪深交易所发布联合公告，经证监会批准，两家交易所对《融资融券交易实施细则》 进行了修订，调整可充抵保证金证券折算率要求，将静态市盈率在300倍以上或者为负数的股票折算率 下调为0%。 而沪深北交易所于2023年修订的《融资融券交易实施细则》，可充抵保证金的证券，在计算保证金金额 时，应当以证券市值或净值按一定折算率进行折算。其中，被实施风险警示、进入退市整理期的证券， 静态市盈率在300倍以上或者为负数的A股股票，以及权证的折算率为0%。 记者同时关注到，多家券商在官网公告了两融折算率的调整情况。 10月9日，有投资者信用账户持有的中芯国际（688981.SH）、佰维存储（688525.SH）等股票两融折算 率降为0，引发市场关注。 广发证券9月30日披露，调整部分融资融券可充抵保证金证券折算率，涉及中芯国际、佰维存储、曙光 数创（920808.BJ）等11股，自10月9日起生效。其中，9股的最新担保折算率调整为0，涉及瑞晟智能 （688215.SH）、天马科技（603668.SH）、路桥信息（920748.BJ）等；中芯国际的担保折算率由0.70 调整为0；佰维存储由0.65调整为0； ...