SINOLINK SECURITIES(SH:600109) Di Yi Cai Jing·2025-08-27 11:52Core Viewpoint - Guojin Securities has raised the financing margin ratio to 100% for new financing contracts starting from August 27, primarily for operational considerations, rather than as an industry-wide action [1][5][4]. 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 originally agreed margin ratios [2]. - Other securities firms have no plans to adjust their financing margin ratios, indicating that Guojin Securities' action is likely an isolated case [1][5]. 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 market's circulating value, lower than the 4% during the peak period in 2015 [1][8]. Group 3: Impact on Investors - The increase in the financing margin ratio means that investors will need to provide 100% of the margin to purchase securities worth the same amount, effectively reducing the leverage from 1.25 times to 1 time [7]. - A single firm's adjustment in financing margin is not expected to significantly impact the market unless multiple firms follow suit [7][4]. Group 4: Historical Context - The financing margin ratio has undergone several changes since the introduction of margin trading in 2006, with the last industry-wide adjustment occurring in September 2023 [8]. - The highest margin balance recorded was 2.27 trillion yuan in June 2015, with a corresponding market value ratio of 4.27% [8]. Group 5: Analyst Insights - Analysts suggest that the current financing leverage is at a moderate level, influenced by stricter regulations and changes in investor structure [9]. - If market activity continues to rise, there may be a need to adjust financing margin ratios to manage market overheating [9].