Cai Jing Wang·2025-10-09 12:15Core Viewpoint - The adjustment of the margin financing and securities lending (two融) collateral ratio for SMIC and Baiwei Storage to 0.00 is a regulatory compliance action due to their static P/E ratios exceeding 300, reflecting a broader industry trend aimed at risk control [1][1][1] Group 1: Regulatory Changes - The margin financing collateral ratio for SMIC has been adjusted from 0.7 to 0.00, while Baiwei Storage's ratio has changed from 0.5 to 0.00 [1] - This adjustment is in accordance with exchange regulations that mandate a collateral ratio of 0 when a stock's static P/E ratio exceeds 300 or is negative [1] - The regulation has been in place since 2016 and continues to be enforced to ensure the stability of margin financing operations [1] Group 2: Market Impact - The adjustment is not an isolated action by a single brokerage but a unified industry response, with over a thousand stocks currently having a collateral ratio of 0 [1] - The semiconductor sector, including SMIC, experienced a collective adjustment in the afternoon, influenced by multiple factors [1] - Year-to-date, the semiconductor sector has seen a significant increase of 57.19%, with a price fluctuation range of 72.04% [1]