Di Yi Cai Jing·2025-10-09 22:38Core Viewpoint - The adjustment of margin financing and securities lending (two融) collateral ratios to 0 for certain stocks, including SMIC and Bawen Storage, is a routine operation by brokerages based on exchange rules, not targeting specific industries or sectors [1][2][3] Group 1: Regulatory Background - The adjustment of collateral ratios for stocks with a static price-to-earnings (P/E) ratio exceeding 300 times has been in place since December 2016, as per the revised rules by the Shanghai and Shenzhen Stock Exchanges [1] - The recent revision of the financing and securities lending rules by the exchanges in 2023 also stipulates that stocks with a static P/E ratio above 300 or negative P/E will have their collateral ratio set to 0% [1] Group 2: Market Impact - On October 9, the collateral ratios for SMIC and Bawen Storage were adjusted to 0 due to their static P/E ratios of 303.06 and 301.91, respectively [2] - Other stocks, such as Luqiao Information and Ruisheng Intelligent, also had their collateral ratios adjusted to 0, with Luqiao Information's static P/E ratio reaching 947.11 [2] - Following the adjustment, SMIC's stock price and the semiconductor sector experienced a decline, leading some market participants to link the two events [2] Group 3: Current Market Statistics - As of October 9, there are over 200 stocks in the A-share market with static P/E ratios exceeding 300, indicating a broader trend affecting multiple companies [3] - Specifically, SMIC's static P/E ratio was recorded at 300.44, while Bawen Storage's was at 308.97 [3]