杠杆融资的 “双刃剑”：收益和风险如何平衡

Core Points - Leverage financing is a method to amplify investment funds through specific mechanisms while balancing fund utility and risk control [2] - The initial leverage ratio is typically capped at 1:1, meaning that for every 1 million yuan of own funds, an additional 1 million yuan can be borrowed, resulting in a total transaction amount of up to 2 million yuan [2] - Only securities specified by exchanges can be invested in, which usually have good liquidity and stable financial conditions, making them relatively low-risk [2] Trading Characteristics - Risk and return are both magnified; when the price of the investment rises, the net profit after financing costs exceeds that of using only own funds, while losses are also amplified when prices fall [3] - A maintenance margin requirement must be upheld, typically not lower than 130%, and if it approaches a warning line, additional margin must be added or assets reduced to avoid forced liquidation [3] - Costs include fixed financing interest (calculated daily) and transaction fees, with longer holding periods leading to higher cumulative costs that can erode profits [3] Key Considerations - Participants must meet regulatory thresholds (such as capital size and trading experience) and objectively assess their risk tolerance before using leverage [5] - Leverage is more suitable in clear trending markets, while it should be reduced in volatile or downward markets, and operations should be paused in extreme market conditions [5] - Selection of securities should prioritize those with solid fundamentals, moderate volatility, and ample liquidity, avoiding those with unstable performance or high valuations to minimize sudden risk impacts [5] Risk Control References - A stop-loss standard of 5%-7% should be set for each financing transaction, with immediate liquidation if the price hits the stop-loss level to prevent losses from spreading to own funds [6] - Daily monitoring of the maintenance margin is essential, and if it approaches a warning line (e.g., 140%), proactive measures such as adding funds or reducing positions should be taken to restore safety margins [6] - Financing positions should ideally be held for 5-15 trading days, with a maximum of 1 month, to reduce cost accumulation and uncertainty risks [6]