Di Yi Cai Jing·2025-10-09 15:23Core Viewpoint - The adjustment of margin financing and securities lending (two融) collateral rates to zero for stocks like SMIC and BAWI Storage due to their static price-to-earnings (P/E) ratios exceeding 300 times has raised market attention [2][3]. Group 1: Regulatory Background - The adjustment of collateral rates to zero is a routine operation by brokerages based on exchange rules, which have been in place since 2016 [3]. - The Shanghai and Shenzhen Stock Exchanges revised the margin trading rules in December 2016, stipulating that stocks with a static P/E ratio above 300 or negative P/E would have their collateral rates set to 0% [3]. - The recent revision of the margin trading rules by the exchanges in 2023 continues to enforce this standard across the A-share market [3]. Group 2: Market Impact - On October 9, the stock prices of SMIC and the semiconductor sector experienced a decline, which some market participants linked to the collateral rate adjustments [5]. - As of October 9, there were 203 stocks in the margin trading list with static P/E ratios exceeding 300, including SMIC at 300.44 and BAWI Storage at 308.97 [5]. - The collateral rates for SMIC and BAWI Storage were adjusted from 0.70 and 0.65 to 0, respectively, along with several other stocks [4].