一财社论：以制度完备助力市场行稳致远

Core Viewpoint - The regulatory authorities and the market are exploring a collaborative governance model that will help stabilize the market for long-term development [2]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) approved an increase in the minimum margin ratio for financing securities purchases from 80% to 100%, aimed at reducing market leverage and protecting investors' rights [2]. - This regulatory adjustment reflects a proactive approach to manage risks, especially in light of past market volatility experienced in 2015 [2][3]. - The current margin financing balance in the A-share market is 26,829.92 billion yuan, accounting for 2.59% of the A-share market's circulating market value, which is above the average level of 2.41% for the year 2025 [3]. Group 2: Market Dynamics - The recent surge in investor confidence has led to significant trading volumes, with daily transactions exceeding 3 trillion yuan, peaking at nearly 4 trillion yuan on January 14 [2]. - The market is experiencing a shift as investors seek to rebalance their risk and return preferences, particularly with many high-yield deposits and fixed-income assets maturing this year [4]. - The ongoing issue of asset scarcity is prompting investors to enter the equity market, which may enhance the overall risk tolerance of the capital market [4]. Group 3: Market Governance - Effective market governance requires establishing a fair competitive environment and providing legal protections for investors, which will increase the costs associated with financial fraud and market manipulation [5]. - The focus of market governance should be on enhancing the market's internal risk management capabilities rather than merely managing market sentiment [6]. - The current period of confidence restoration in the capital market necessitates regular risk reminders from regulators, which should not be misconstrued as an attempt to push the market into a slow growth phase [6].