沪深北交易所：融资保证金最低比例从80%提高至100%

Core Viewpoint - The China Securities Regulatory Commission has approved an increase in the minimum margin ratio for investor financing from 80% to 100%, effective January 19, aimed at reducing market leverage and protecting investor rights [1][2]. Group 1: Regulatory Changes - The adjustment applies only to new financing contracts, while existing contracts will continue under previous regulations, meaning no additional margin or forced liquidation is required for current investors [1]. - This change is part of a statutory counter-cyclical adjustment to lower market leverage levels and promote long-term stability in the capital market [1]. Group 2: Historical Context - This marks the third significant change in the financing margin ratio since the launch of margin trading in A-shares, with the ratio previously set at 50% in 2015, raised to 100% during market volatility, and then lowered to 80% in August 2023 to boost liquidity [2]. - As of January 13, 2026, the total financing balance in the two markets reached 26,562.8 billion yuan, with financing transactions accounting for over 11% of A-share trading volume [2]. Group 3: Market Impact - The increase in the margin ratio will directly affect the scale and structure of new financing transactions, requiring investors to use more of their own funds for the same level of financing, potentially slowing the pace of new capital entering the market [3]. - Following the announcement, the A-share market reacted with a sharp decline, with major indices dropping over 1%, although market sentiment later stabilized with slight recoveries in indices [3].