沪深北交易所提高融资保证金比例

Core Viewpoint - The adjustment of the financing margin ratio from 80% to 100% aims to reduce leverage levels and protect investors' rights, promoting long-term market stability and healthy development [2][4]. Summary by Sections Financing Margin Ratio Adjustment - As of January 14, 2026, the China Securities Regulatory Commission approved the Shanghai Stock Exchange to raise the minimum financing margin ratio for investors buying securities from 80% to 100% [2][4]. - This adjustment is applicable only to new financing contracts, while existing contracts will continue under the previous regulations [2][4]. Market Context - In August 2023, the financing margin ratio was lowered from 100% to 80%, leading to a steady increase in financing scale and trading volume [2]. - Recent trends show a significant increase in financing transactions and relatively ample market liquidity, prompting the need for a return to a 100% margin ratio as part of the statutory counter-cyclical adjustment [2][4]. Implementation Details - The new margin ratio will take effect on January 19, 2026, and the previous notice regarding the financing margin ratio adjustment will be abolished [4]. - Market participants are required to prepare for the changes to ensure smooth business operations [4].