中国基金报·2025-10-09 11:41Core Viewpoint - The semiconductor sector experienced a sudden decline, with significant adjustments in the margin trading rates for stocks like SMIC and BAWI Storage, which were set to zero due to high static P/E ratios [2][4]. Group 1: Market Reaction - On October 9, the semiconductor sector saw a sharp drop after an early gain of over 9% for SMIC, which later fell by more than 2% [2]. - Other companies in the sector, such as Huahong Semiconductor, also experienced declines, leaving long upper shadows on their candlestick charts [2]. Group 2: Margin Trading Rate Adjustments - The trading exchange mandated that A-share stocks with a static P/E ratio above 300 or negative would have their margin trading rates set to 0% [4]. - Investors received notifications that the margin trading rate for SMIC was adjusted from 0.70 to 0.00, and for BAWI Storage from 0.50 to 0.00 [4]. - Multiple brokerages confirmed these adjustments, indicating that while the margin rates were set to zero, it would not affect investors' ability to engage in margin trading [4][7]. Group 3: Historical Context and Future Adjustments - The regulation regarding margin trading rates has been in place since 2016, and is not a new rule as some market rumors suggested [7]. - Brokerages stated that the static P/E ratio of A-share stocks would be recalculated every week, and if the ratio falls between 0 and 300 in the future, the margin trading rates would be reassessed [7]. - Prior to the recent adjustments, several brokerages had already modified the margin trading rates for SMIC and BAWI Storage as early as September 30 [7]. Group 4: Specific Adjustments in Margin Rates - A table detailing the adjustments in margin trading rates shows that BAWI Storage's rate dropped from 30% to 0%, SMIC's from 65% to 0%, and other companies like Yongding and Tianma Technology also saw similar reductions [8].