2025~2026年你加杠杆了吗?

Core Viewpoint - The article discusses the relationship between leverage and investment strategies, emphasizing that while leverage can amplify returns, it also increases risk, particularly in volatile markets. Group 1: Leverage and Investment Strategies - Many investors believe that using leverage is risky, but options can be a safer form of leverage, allowing investors to know their maximum potential loss upfront [1][2] - An example of a call option on the CSI 1000 index illustrates how a small investment can control a much larger position, demonstrating the power of leverage [1] - If the index rises significantly, the potential profit can be substantial, while the maximum loss is limited to the initial investment [2] Group 2: Cost of Leverage - The current low financing interest rate of 2.68% encourages the use of leverage, as it can replace equity capital and generate risk-free returns of 7-8% annually [3] - The article highlights that leverage has a cost, and in the context of futures, it often involves a premium to ensure satisfaction for both parties in a transaction [11] Group 3: Concentration vs. Diversification - The relationship between concentration and leverage is discussed, indicating that concentrated positions with leverage can lead to significant losses if a single stock declines [6][7] - Diversification combined with leverage can enhance returns, while concentrated positions increase risk [7] Group 4: Market Conditions and Leverage - The article notes that during bullish market conditions, leverage can be effectively utilized to maximize returns, but it also warns of the risks during downturns [12][13] - Historical data from a bull market shows that using leverage can significantly increase asset value, but it also carries the risk of total loss if the market turns [12]