股票融资和配资有啥区别？差别太大了

Core Viewpoint - Stock financing allows investors to borrow funds from financial institutions for stock investments, using their own funds as collateral, and is primarily used to amplify investment scale through leverage [1] Applicable Scenarios - Stock financing is suitable in a clear upward market trend, where the probability of stock price increases is high; it carries higher risks in volatile markets and should be avoided in downward trends to prevent forced liquidation [2] Financing Ratio Control - The initial financing ratio should not exceed 1:1, meaning for every 1 million yuan of personal funds, financing should not exceed 1 million yuan; in high market conditions, it should be reduced to below 0.5, while in low market conditions, it can be increased to 1.2 with caution [3] Selection Criteria for Targets - Prioritize stocks with good liquidity (average daily trading volume over 50 million yuan) and moderate volatility (maximum increase not exceeding 50% in the last three months); avoid high-risk stocks such as ST stocks and those with high pledge ratios (over 60%) [4] Collateral Ratio Management - Maintain a collateral ratio of (personal funds + market value of financed stocks) / financing liabilities, with a warning line at 130% and a liquidation line at 120%; if approaching 130%, additional funds or stock sales are necessary to maintain a ratio above 150% [5] Interest Cost Calculation - Financing interest is calculated daily, with annual rates typically between 6% and 8%; short-term financing should not exceed 10 trading days, and long-term financing must assess whether stock price increases can offset interest costs [7] Risk Control Points - Each financing transaction must have a stop-loss set within 5% of personal funds; retain at least 30% of idle funds to address sudden market declines; adjust holdings promptly in case of dividends or stock splits to maintain collateral ratios [8] Operational Discipline - Establish a financing transaction plan detailing target stocks, financing amounts, holding periods, stop-loss points, and replenishment conditions; strictly adhere to the plan and pause financing for one month after two consecutive losses [9]