沪深北交易所提高融资保证金比例点评：逆周期调节恢复常态，有利于长期健康慢牛

Investment Rating - The investment rating for the industry is "Positive" and maintained [9] Core Insights - On January 14, the Shanghai, Shenzhen, and Beijing Stock Exchanges raised the minimum margin ratio for investors financing the purchase of securities from 80% to 100%, which is expected to reduce the new financing leverage level for investors. This proactive adjustment helps guide market expectations back to rationality and supports a long-term healthy slow bull trend, reflecting the regulatory body's precise grasp of market conditions and the efficiency and flexibility of its counter-cyclical adjustment mechanism [2][6][11] Summary by Sections Event Description - The adjustment to the financing margin ratio is limited to new financing contracts, while existing contracts will continue under the previous regulations [6] Event Commentary - The increase in the financing margin ratio to 100% is expected to lower the new financing leverage level for investors. This means that investors will need to provide more of their own funds as margin when engaging in financing transactions, which is anticipated to enhance their risk resilience. The adjustment reflects a normalization of previous counter-cyclical policies in response to rising market activity and stock index levels [11][12] - Historical adjustments to the financing margin ratio have shown limited impact on market indices. For instance, when the ratio was raised from 50% to 100% in November 2015, the Shanghai Composite Index experienced mixed performance in the following days. Similarly, the adjustment in September 2023 had a negligible effect on the index [11][12] - As of January 13, 2026, the market's margin balance reached 2.68 trillion yuan, a 5.6% increase since the beginning of the year, indicating a high average guarantee ratio of 288.2% [11] - Overall, this adjustment is seen as a forward-looking measure to regulate market leverage, guiding expectations towards rationality and supporting a long-term healthy market trend. It is also expected to optimize the market ecosystem, directing funds towards high-performing and reasonably valued companies, thus promoting long-term stability and healthy development [11][12]