SMIC(SH:688981) 券商中国·2025-10-10 23:27Core Viewpoint - The article discusses the recent adjustments in the margin financing and securities lending rates for various high-valuation technology stocks, highlighting the volatility in the market and the implications for investors [1][2]. Summary by Sections Margin Financing Adjustments - On October 10, 2023, Shenwan Hongyuan Securities announced adjustments to the margin financing and securities lending rates, effective from October 13, 2023. Several stocks, including XianDao Intelligent, Nanji Guang, and others, saw their rates increased from 0% to between 30% and 70% [1][3]. - Notably, stocks like SMIC and Haiguang Information had their rates adjusted to 70%, while others like Baiwei Storage were set at 50% [4][5]. Impact of Valuation on Financing Rates - The adjustments were influenced by the static price-to-earnings (P/E) ratios of the stocks, with several exceeding 300, leading to a temporary reduction of their financing capabilities to 0% [7][10]. - As of September 30, 2023, nine stocks, including SMIC and Baiwei Storage, had P/E ratios above 300, with the highest being 947 for Luqiao Information [7]. Investor Implications - The changes in financing rates will directly affect investors' ability to leverage these stocks, potentially leading to a decrease in available margin balances and increased pressure to add margin or reduce liabilities [8]. - The article notes that if the static P/E ratios of these stocks fall below 300, their financing rates could be restored [9]. Market Reaction - The adjustments reflect a broader market trend, with technology stocks experiencing significant price declines, resulting in some stocks dropping below the 300 P/E threshold [10].