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； ...

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调仓换股也 会导致板块剧烈的波动。9日，中芯国际A股成交额为242亿元，换手率为8.32%。华虹公司成交金额为 77亿元，换手率为14.56%。 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、阿里巴巴 （09988.HK）。 （文章来源：智通财经） MACD金叉信号形成，这些股涨势不错！ 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（688347.SH） 20CM封板后"炸板"回落。此外，存储半导体板块的澜起科技（688008.SH）、兆易创新（603986.SH） 均大幅回吐，半导体设备板块的中微公司（688012.SH）、北方华创（002 ...

Core Viewpoint - The adjustment of the collateral ratio for stocks like SMIC to zero reflects regulatory compliance and market conditions, particularly due to high static P/E ratios exceeding 300 times [2][3][4]. Group 1: Stock Adjustments - Starting from October 9, the collateral ratio for SMIC was adjusted from 0.60 to 0, a trend observed across multiple brokerage firms [2]. - Other stocks, such as BAWI Storage, also had their collateral ratios adjusted to zero, indicating a broader market trend [2]. - The adjustment is part of routine practices by brokerages based on trading regulations [3]. Group 2: Regulatory Framework - Brokerages adjust collateral ratios according to exchange regulations, particularly for stocks with static P/E ratios over 300, stocks under risk warning, or those with net assets below 1 yuan [3][4]. - The Shanghai and Shenzhen Stock Exchanges have clear rules stating that stocks under risk warning or with high static P/E ratios must have a collateral ratio of zero [4]. Group 3: Market Conditions - The recent surge in SMIC's stock price led to a static P/E ratio of approximately 302 times, contributing to the collateral ratio adjustment [4]. - As of October 9, over 200 stocks in the A-share market had static P/E ratios exceeding 300 times, indicating a potential market-wide issue [4].

Core Viewpoint - SMIC, a leading stock on the STAR Market, has encountered a sudden situation where its A-share margin financing rate has been adjusted to zero by several major brokerages due to its static P/E ratio exceeding 300 times [1][2][3]. Group 1: Margin Financing Rate Adjustment - The margin financing rate for SMIC's A-shares has been reduced to zero across multiple brokerages, including CITIC Securities, Guotai Junan, and Huatai Securities [1][2]. - Prior to this adjustment, SMIC's A-share margin financing rate was 70% at Guotai Junan [2]. - Other stocks, such as Mannesmann and Yongding Co., also saw their margin financing rates adjusted to zero [2]. Group 2: Regulatory Background - The adjustment is based on the revised "Implementation Rules for Margin Financing and Securities Lending Transactions" by the Shanghai and Shenzhen Stock Exchanges, which states that stocks with a static P/E ratio over 300 or negative P/E will have a margin financing rate of 0% [3]. - As of September 30, SMIC's static P/E ratio was reported to be just over 300, leading to this adjustment [3]. Group 3: Impact on Investors - Investors holding stocks with a margin financing rate reduced to zero may face challenges in continuing margin trading, as they might need to provide additional collateral or liquidate some assets to maintain their margin requirements [3][4]. - However, existing positions are not immediately affected, and investors can still hold their stocks without being forced to liquidate [4]. Group 4: Comparison with Hong Kong Market - In contrast to the A-share market, the Hong Kong market allows for more flexibility in margin financing rates, which are determined by individual brokerages and can be adjusted dynamically [4]. - For instance, SMIC's Hong Kong shares currently have a margin financing rate of around 50%, despite its high static P/E ratio of 175 [5][7].

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) has faced a sudden situation where its A-share margin financing ratio has been adjusted to zero by major brokerages due to its static price-to-earnings (P/E) ratio exceeding 300 times, as per the revised rules of the Shanghai and Shenzhen Stock Exchanges [1][2] Group 1: Impact on SMIC - As of September 30, SMIC's static P/E ratio was just over 300, leading to the adjustment of its A-share margin financing ratio to zero by brokerages like CITIC Securities and Guotai Junan [1][2] - Prior to this adjustment, SMIC's A-share margin financing ratio was 70% at Guotai Junan [1] - Other stocks, such as Bawei Storage, also had their margin financing ratios adjusted to zero due to similar P/E ratio conditions [2] Group 2: Market Regulations - The Shanghai Stock Exchange's revised margin financing rules state that A-shares with a static P/E ratio above 300 or negative values will have a margin financing ratio of 0% [2] - The static P/E ratio is calculated based on the stock's closing price and the audited earnings per share from the most recent fiscal year [2] Group 3: Investor Implications - Investors holding stocks with a margin financing ratio reduced to zero may need to provide additional collateral or liquidate some assets to continue financing [3] - Existing positions are generally not forced to be liquidated, but new positions cannot be opened until the margin financing ratio changes [3] Group 4: Comparison with Hong Kong Market - The Hong Kong market has a more flexible approach, allowing brokerages to set their own margin financing ratios without strict rules on high P/E ratios or losses [4][5] - SMIC's Hong Kong shares currently have a margin financing ratio of around 50%, despite its static P/E ratio being 175 times [5] - Other stocks with high P/E ratios in the Hong Kong market, such as Hua Hong Semiconductor, can still be used as collateral for financing [5]

快手-W：杰富瑞发表研究报告，预计快手将可如期达成该行对其收入和盈利的预测，即预计第三季总 收入按年增长13%至353亿元，交易总额(GMV)料升15%，毛利率料扩张至约55%，非IFRS盈利料达约 48.4亿元。 南下资金今日净买入港股30.43亿港元。 中芯国际：10月9日下午，有投资者反映，接东方财富证券短信告知，自10月9日起，信用账户持有的中 芯国际的折算率由0.7调整为0，佰维存储的折算率由0.5调整为0。记者了解到，这并非某家券商针对某 只股票的特殊操作。10月9日，东方财富证券、东方证券、国泰海通、中国银河证券、兴业证券、平安 证券、光大证券等多家券商均将佰维存储、中芯国际的折算率调整为0。 其中：净买入快手-W 10.86亿、中兴通讯4.57亿、小米集团-W 2.31亿、上海电气1.06亿；净卖出中芯国 际23.96亿、华虹半导体11.41亿、阿里巴巴-W 7.5亿(终结连续28日净买入态势)、腾讯控股4.63亿、晶泰 控股1.69亿、中国海洋石油1.55亿。 据统计，南下资金已连续3日净买入快手，共计20.7968亿港元。 北水关注个股 阿里巴巴-W：美国银行将阿里巴巴目标股价上调至200 ...

Core Insights - Multiple securities firms have adjusted the margin financing rates for several stocks, including SMIC and BAWI Storage, to zero, indicating a significant shift in market conditions [1] Group 1: Margin Financing Adjustments - On October 9, 2023, several securities firms, including Dongfang Caifu Securities and Guotai Junan, reduced the margin financing rate for SMIC from 0.7 to 0 [1] - BAWI Storage's margin financing rate was also adjusted from 0.5 to 0 on the same day [1] - Other stocks affected by this adjustment include Yongding Co., Manston, Hako Air Conditioning, Honghui Fruits and Vegetables, Tianma Technology, and Ruisheng Intelligent, all of which saw their margin financing rates set to zero [1]

Group 1 - The A-share market experienced a significant rise on October 9, 2025, with the Shanghai Composite Index breaking the 3900-point mark for the first time in ten years, closing at 3933.97 points, up 1.32% [1] - Semiconductor stocks showed volatility, with companies like SMIC and Hua Hong Semiconductor initially surging but later experiencing declines, raising concerns among investors [1] - The market's performance was supported by positive developments in the technology sector, including the release of new models and price reductions by companies like DeepSeek [4][5] Group 2 - Other sectors, such as non-ferrous metals, also performed well, with gold stocks like Sichuan Gold and Shandong Gold hitting the daily limit, and rare earth stocks seeing significant gains [2] - The overall market sentiment was bolstered by favorable global market conditions during the National Day holiday, with major global indices and commodity prices rising [3] - Financial sector performance was lackluster, contrasting with previous years, as brokerages and bank indices showed declines, indicating a divergence in market dynamics [5][6] Group 3 - Analysts suggest that the current market conditions may lead to a sustained upward trend, driven by continued capital inflows and a favorable macroeconomic environment [6] - Key sectors to watch include AI, semiconductors, non-ferrous metals, and innovative pharmaceuticals, as they are expected to provide investment opportunities [6]