中国基金报·2025-12-13 06:30Core Viewpoint - The article discusses the recent adjustments in the margin financing and securities lending (two-in-one) business by various brokerage firms in China, highlighting the increase in business scale and changes in credit management practices to meet market demand and enhance competitiveness [1][9]. Group 1: Business Adjustments - At least 9 brokerage firms have publicly adjusted their two-in-one business this year, including raising business scale limits and modifying credit management methods [1]. - The adjustments can be categorized into two types: increasing the "total business scale," which directly affects operational boundaries, and adjusting the "total credit limit," primarily driven by internal operational needs [3]. Group 2: Credit Management Models - There are two main models for managing the total credit limit in the two-in-one business: a static fixed limit model and a dynamic capital-linked model [5]. - The dynamic capital-linked model, which ties the credit limit to the firm's net capital, has become the industry standard, allowing for flexibility in meeting market demands while adhering to regulatory guidelines [6]. Group 3: Capital Strength as a Competitive Edge - The continuous adjustments in the two-in-one business are influenced by increased market demand, improved policy environment, and competitive pressures within the industry [9]. - Major brokerages are actively enhancing their net capital through methods such as private placements and bond issuances, which is crucial for expanding their business capabilities in the two-in-one sector [8].