SINOLINK SECURITIES(SH:600109) Di Yi Cai Jing·2025-08-27 10:28Core Viewpoint - Guojin Securities has raised the financing margin ratio to 100% for new contracts starting from August 27, primarily for operational considerations, indicating a potential individual case rather than an industry-wide trend [1][4][5]. Group 1: Financing Margin Adjustment - The financing margin ratio for new contracts, excluding those on the Beijing Stock Exchange, will be set at 100% starting August 27 [2]. - Existing contracts opened before August 27 will retain their original margin ratios as per the initial agreement [2][5]. - Other securities firms have no plans to adjust their financing margin ratios, maintaining a standard level of 80% [5][6]. Group 2: Market Context - The total margin balance has reached a nearly ten-year high of 2.2076 trillion yuan as of August 26, 2023, which is 654.24 billion yuan lower than the peak in June 2015 [1][8]. - The current margin balance accounts for 2.34% of the A-share circulating market value, lower than the 4% during the peak period in 2015 [1][8]. - The financing balance is at 2.19 trillion yuan, representing 2.32% of the circulating market value, compared to 4.26% at its highest in June 2015 [8]. Group 3: Implications of Margin Ratio Changes - The increase in the financing margin ratio means that investors will need to provide more collateral to purchase the same amount of securities, effectively reducing leverage from 1.25 times to 1 time [7]. - A single firm's adjustment is not expected to significantly impact the market unless multiple firms follow suit [7][9]. - Current financing leverage is considered moderate, with potential adjustments depending on market conditions and regulatory guidance [9].