第一财经·2025-10-09 15:21Core Viewpoint - The adjustment of margin financing and securities lending (two融) collateral ratios to 0 for stocks like SMIC (中芯国际) and BAWI Storage (佰维存储) due to their static price-to-earnings (P/E) ratios exceeding 300 times is a routine operation by brokerages based on exchange rules, not specific to any industry or sector [3][5][6]. Group 1: Margin Financing Adjustments - On October 9, the margin financing collateral ratios for SMIC and BAWI Storage were reduced to 0 because their static P/E ratios exceeded 300 times [3][5]. - The adjustment is part of a broader rule established in 2016, which states that stocks with a static P/E ratio above 300 or negative P/E will have their collateral ratios set to 0% [3][5]. - As of October 9, there are over 200 stocks in the A-share market with static P/E ratios exceeding 300, indicating a widespread impact across various stocks [6]. Group 2: Specific Stock Data - On September 29-30, SMIC and BAWI Storage had static P/E ratios of 303.06 and 301.91, respectively, leading to the adjustment of their collateral ratios [5]. - Other stocks affected include Road Bridge Information (路桥信息) with a static P/E ratio of 947.11 and Ruisheng Intelligent (瑞晟智能) at 321.78 [5]. - The adjustment by multiple brokerages, including Guotai Junan Securities and GF Securities, reflects a consistent application of the exchange's rules [4][5].