SMIC(SH:688981) 证券时报·2025-10-09 14:34Core Viewpoint - The adjustment of the collateral ratio for stocks like SMIC to zero reflects regulatory compliance and market conditions, particularly due to high static P/E ratios exceeding 300 times [2][3][4]. Group 1: Stock Adjustments - Starting from October 9, the collateral ratio for SMIC was adjusted from 0.60 to 0, a trend observed across multiple brokerage firms [2]. - Other stocks, such as BAWI Storage, also had their collateral ratios adjusted to zero, indicating a broader market trend [2]. - The adjustment is part of routine practices by brokerages based on trading regulations [3]. Group 2: Regulatory Framework - Brokerages adjust collateral ratios according to exchange regulations, particularly for stocks with static P/E ratios over 300, stocks under risk warning, or those with net assets below 1 yuan [3][4]. - The Shanghai and Shenzhen Stock Exchanges have clear rules stating that stocks under risk warning or with high static P/E ratios must have a collateral ratio of zero [4]. Group 3: Market Conditions - The recent surge in SMIC's stock price led to a static P/E ratio of approximately 302 times, contributing to the collateral ratio adjustment [4]. - As of October 9, over 200 stocks in the A-share market had static P/E ratios exceeding 300 times, indicating a potential market-wide issue [4].