中国基金报·2025-10-10 14:16Core Viewpoint - The adjustment of margin trading collateral ratios for SMIC and BAWI Storage is seen as a positive development, potentially alleviating recent stock price declines for these companies [2][3]. Group 1: Margin Trading Adjustments - The margin trading collateral ratios for SMIC and BAWI Storage have been raised from 0% to 70% and 50%, respectively [3][5]. - The recent drop in stock prices for SMIC and BAWI Storage was influenced by the previous 0% collateral ratio, with maximum declines of over 18% and 17% in the last two trading days [3][5]. - Other stocks, including XianDao Intelligent, Nanji Light, and Mannester, also saw their collateral ratios adjusted from 0% to between 30% and 65% [5]. Group 2: Market Reactions and Future Expectations - The static price-earnings ratio for SMIC has returned to around 235 times, prompting expectations that more brokerages will adjust its collateral ratio [12]. - The adjustment of collateral ratios to 0% typically occurs under three conditions: excessively high static P/E ratios, stocks under risk warnings or delisting, and dynamic adjustments by brokerages based on risk management [14].