一图看懂 | 历次融资保证金调整后A股怎么走

Core Viewpoint - The recent adjustment of the financing margin ratio from 80% to 100% is seen as a "regulator" rather than a "steering wheel" for the market, indicating that it primarily serves as a counter-cyclical adjustment without altering the long-term market trend [3]. Group 1: Market Impact - Historical data shows that previous adjustments to the financing margin have had limited short-term impact on the market. For instance, in November 2015, when the ratio was raised from 50% to 100%, the Shanghai and Shenzhen 300 Index experienced fluctuations of 0.48%, -0.82%, and 0.75% over the following 1, 3, and 5 days respectively [4]. - In September 2023, when the margin was lowered from 100% to 80%, the index saw changes of 0.74%, -0.09%, and 0.83% during the same time frame [5]. Group 2: Policy Objectives - The adjustment adheres to the "new and old separation" principle, ensuring that existing and extended contracts remain unaffected, which aims to smooth market volatility [5]. - The core objective of the policy is to moderately reduce leverage and prevent excessive speculation, thereby fostering a rational investment atmosphere. In the long run, this is beneficial for the stable development of the capital market [5].