做股市融资，为什么有人赚有人亏？关键在这 2 点：仓位控制与止损纪律

Core Insights - The article discusses stock market financing, which involves investors borrowing funds from institutions to invest in stocks, using their own funds or securities as collateral [1] Group 1: Basic Concepts - Stock market financing allows investors to increase their investment scale on the basis of their own funds to achieve higher returns while bearing interest costs and market risks [1] - The process includes determining financing intentions, providing collateral, passing qualification reviews, and repaying borrowed funds with interest upon maturity [1] Group 2: Cost Structure - The main cost is financing interest, typically annualized at 6%-8%, with slight variations based on market conditions [2] - Additional fees may apply, such as collateral assessment fees, but these are usually minimal [2] Group 3: Risk Control Mechanisms - A maintenance collateral ratio is monitored, with a warning line at 130% and a liquidation line at 120% [3] - If the ratio falls below the warning line, investors must supplement collateral or sell stocks; failure to act when below the liquidation line may result in forced liquidation by the institution [3] Group 4: Suitable Investment Scenarios - Financing is suitable in a rising market or when specific stocks have clear upward logic, allowing for increased position sizes and enhanced returns [4] - For stable blue-chip stocks with reasonable valuations, moderate long-term financing is advisable; however, in volatile markets, financing should be minimized [4] Group 5: Differences from Other Financing Methods - Unlike bond financing, stock market financing is specifically for stock investments and is regulated by formal institutions, with lower leverage ratios (typically not exceeding 1:1) [6] - This method offers more controlled risks and better fund security compared to off-market financing [6] Group 6: Operational Considerations - Stocks purchased with financing must be selected from a designated list to avoid high-risk investments [7] - The value of a single financed stock should not exceed 50% of the total financing amount, promoting diversification to mitigate individual stock risks [7] Group 7: Common Issues and Responses - If the collateral ratio approaches the warning line, selling profitable stocks is preferred over blindly adding funds [8] - Dividends during the financing period will automatically be used to repay financing liabilities, necessitating attention to changes in liabilities post-dividend [8]