交易所出手！融资保证金比例提至100%，对市场影响如何？

Core Viewpoint - The article discusses the historical adjustments of the financing margin ratio in China's stock market, highlighting its impact on market dynamics and investor behavior. Group 1: Historical Adjustments - The initial financing margin ratio was set at 50% in August 2006, allowing a maximum leverage of 2 times for investors [4][5]. - In November 2015, the ratio was raised to 100% to curb excessive market overheating, as the financing balance surged from approximately 904 billion to 1.16 trillion yuan, with a monthly average trading volume increase of over 70% [6][8]. - In August 2023, the ratio was lowered to 80% to stimulate market activity, with the financing balance at 1.57 trillion yuan, indicating manageable overall market risk [9][10]. Group 2: Future Adjustments - A future adjustment is scheduled for January 2026, where the financing margin ratio will revert to 100% as a counter-cyclical regulatory measure, aimed at reducing leverage and protecting investor interests [11][12]. - This adjustment will apply only to new financing contracts, while existing contracts will continue under the previous 80% ratio [12].