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Core Viewpoint - The article emphasizes the high risks associated with margin financing, particularly in the context of illegal off-market financing, and warns investors to avoid such practices due to their potential for significant financial loss [2][18]. Group 1: Margin Financing Overview - Margin financing is likened to a high-cost leverage mechanism where investors can amplify their capital by borrowing funds from financing companies, which charge high monthly interest rates ranging from 1.5% to 10% [5][9]. - An example illustrates that with an initial capital of 100,000 yuan and a 9x leverage, an investor could control 1,000,000 yuan, but this also means that losses are magnified, potentially leading to total loss of the initial capital [7][12]. Group 2: Risks of Margin Financing - The article highlights that the costs associated with margin financing can lead to significant monthly losses, even if the investor does not incur any trading losses, as the interest payments can amount to a substantial percentage of the total capital [9][23]. - It is noted that the risk of forced liquidation is high; if the investor's capital falls below a certain threshold, the financing company can liquidate positions to protect their funds, leading to total loss of the investor's capital [14][18]. Group 3: Psychological and Behavioral Aspects - The article discusses the psychological allure of margin financing, where the potential for high returns can lead investors to overlook the associated risks, emphasizing that even experienced investors can make mistakes [21][29]. - It warns that the low tolerance for error in margin financing can turn investing into a high-stakes game, where a single mistake can result in complete financial ruin [29][30].