散户也能玩融资杠杆？3 个适合普通人的低风险策略，看完就能用

Core Concept Definition - Financing leverage is a trading method where investors borrow funds from financial institutions to amplify their investment scale based on their own capital, following the logic of "small bets for big gains" [1] - The leverage ratio is calculated as: Leverage Ratio = 1 ÷ Margin Ratio, for example, with a margin ratio of 50%, the leverage ratio is 2 times [1] - Financing leverage is only applicable for bullish trades, requiring the purchased securities as collateral, with interest payments on borrowed funds [1] Operational Process - First-time users of financing leverage must complete "risk assessment + agreement signing," with a required risk assessment level of C4 (active type) or above [2] - The operational steps include: submitting margin (own funds or securities) → applying for financing limit (usually 1-2 times the margin) → purchasing target securities (within the financing target range) → repaying (principal + interest) or extending the term [2] - When placing a financing buy order, the system automatically calculates the available quantity based on the margin and stock price [2] Key Elements Explanation - The financing target pool is dynamically adjusted by the exchange, requiring conditions such as a listing time of over 3 months and a market capitalization of at least 5 billion [3] - The financing interest rate is market-driven, with mainstream brokerage firms offering annual rates between 6.5%-7.5% [3] - The available margin balance is calculated in real-time, with stock collateral rates typically between 50%-70% [3] Differences with Short Selling Leverage - Financing leverage is used for bullish positions, while short selling leverage is for bearish positions, with financing targets exceeding short selling targets [6] - The cost of financing interest (6.5%-7.5%) is lower than that of short selling (8%-10%) due to higher sourcing costs for short selling [6] - Risk characteristics differ, with maximum loss in financing limited to the margin, while theoretical loss in short selling is unlimited [6] Applicable Scenarios Analysis - The best application time for financing leverage is at the beginning of a strong market, as seen in April 2023 when the CSI 300 index broke through the annual line, leading to an increase of 80 billion in financing balance [7] - In value investing, low leverage (1.2-1.5 times) can be used when quality stocks drop due to short-term negative news, with a success rate of 65% in 2024 for such operations [7] - Event-driven trading can utilize high leverage (1.8-2 times) for short periods, but positions should not exceed 5 trading days to avoid risks [7] Risk Control Key Points - Maintaining the guarantee ratio is crucial, with a typical warning line at 140% and a liquidation line at 130% [8] - If the ratio drops to 140%, attention is required, and falling below 130% will trigger forced liquidation [8] - Setting dynamic stop-loss measures can help control average losses to within 12% for investors who strictly follow these rules [8]