Bei Jing Ri Bao Ke Hu Duan·2026-01-19 08:38Core Viewpoint - The China Securities Regulatory Commission has approved an increase in the margin requirement for margin financing from 80% to 100%, effective January 19, 2026, impacting investor behavior and market dynamics [1][4]. Group 1: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges have announced the adjustment of the financing margin ratio, raising the minimum margin requirement for investors from 80% to 100% [1]. - Major securities firms, including CITIC Securities and Galaxy Securities, have followed suit, implementing the new margin requirement for newly opened contracts starting January 19, 2026 [1][3]. Group 2: Impact on Investors - The increase in the margin requirement means that investors will need to provide more of their own funds as collateral for margin trading. For instance, to borrow 1 million yuan, investors will now need to deposit 1 million yuan as margin instead of 800,000 yuan, reducing the leverage ratio from 1.25 to 1 [4]. - This adjustment is seen as a regulatory measure to moderate market leverage and mitigate speculative risks, thereby protecting investors' rights [4]. Group 3: Historical Context and Market Implications - The margin financing system is a critical component of China's capital market risk control framework, and changes to the margin ratio directly affect leverage levels and market volatility thresholds [4]. - Historical adjustments to the margin ratio, such as the increase from 50% to 100% in November 2015 and the decrease to 80% in September 2023, illustrate the regulatory body's responsive approach to market conditions [4].