Core Viewpoint - The article emphasizes the high risks associated with margin financing, particularly in the context of illegal off-market financing, and warns investors to avoid such practices due to their potential for significant financial loss [2][18]. Group 1: Margin Financing Overview - Margin financing is likened to a high-cost leverage mechanism where investors can amplify their capital by borrowing funds from financing companies, which charge high monthly interest rates ranging from 1.5% to 10% [5][9]. - An example illustrates that with an initial capital of 100,000 yuan and a 9x leverage, an investor could control 1,000,000 yuan, but this also means that losses are magnified, potentially leading to total loss of the initial capital [7][12]. Group 2: Risks of Margin Financing - The article highlights that the costs associated with margin financing can lead to significant monthly losses, even if the investor does not incur any trading losses, as the interest payments can amount to a substantial percentage of the total capital [9][23]. - It is noted that the risk of forced liquidation is high; if the investor's capital falls below a certain threshold, the financing company can liquidate positions to protect their funds, leading to total loss of the investor's capital [14][18]. Group 3: Psychological and Behavioral Aspects - The article discusses the psychological allure of margin financing, where the potential for high returns can lead investors to overlook the associated risks, emphasizing that even experienced investors can make mistakes [21][29]. - It warns that the low tolerance for error in margin financing can turn investing into a high-stakes game, where a single mistake can result in complete financial ruin [29][30].

Core Viewpoint - Recent rumors interpreting the account verification by China Securities Depository and Clearing Corporation Limited (CSDC) as a "strict investigation of off-market financing" are unfounded. The account verification is a routine quarterly practice aimed at confirming the legitimate use of investor securities accounts, with no special arrangements targeting off-market financing [1]. Group 1 - The account verification is conducted quarterly by CSDC as part of its regular business operations [1]. - The purpose of the verification is to ensure that investor securities accounts are used in a real-name manner [1]. - The speculation circulating online is significantly misaligned with the actual facts, and investors are advised not to believe or spread rumors [1].

从投资者角度来看，即便参与合规的配资业务，配资公司严格按照契约精神遵循双方合同运作，投 资者的胜算也并不高。投资者高杠杆配资，一般参与的是高波动率个股，但这类投机性强的个股走势不 确定性更大，往往是上下翻滚，投资者其实很难把握。如果真能把握好，一些配资公司从业人员的投资 水平或许远高于普通投资者，为什么他们自己不去市场博弈，而非要借钱给投资者，只赚点小利息呢？ 而且，相当多投资者的心理素质并不过关。投资者利用自有资金投资股票，只要股票基本面过得 去，时间就在投资者这一边，因为上市公司每天都在为投资者创造财富；而若借钱炒股，时间就到了投 资者的对立面，因为需要承担融资利息负担。对于使用十倍杠杆的情况，只要有一个跌停板，投资者资 产就可能在单日内归零。这些心理负担直接影响投资者的交易心理，导致操作失误的几率更高。 应尽快让场外配资退出历史舞台 近日，公安部公布5起非法经营证券、期货业务犯罪典型案例，其中有两起案例涉及非法经营场外 配资业务，还有一起案例中违法主体被法院以犯非法经营罪作出有罪判决。笔者认为，应尽快让场外配 资退出历史舞台。 2019年11月发布的《全国法院民商事审判工作会议纪要》指出，融资融券依法属 ...

Core Viewpoint - The article emphasizes the risks associated with illegal activities in the stock market, such as "stock market black mouths," "illegal stock recommendations," and "off-market financing," which can lead to significant financial losses for investors and disrupt market order [1][3]. Group 1: Stock Market Black Mouths - "Stock market black mouths" refer to individuals or institutions that fabricate and disseminate false or misleading information to manipulate stock prices or trading volumes for illegal profit [3]. - The behaviors associated with "stock market black mouths" include spreading false information, inducing trading based on misleading data, and manipulating market conditions [4][7]. - Investors are advised to be vigilant against "stock market black mouths" and to choose legitimate institutions while enhancing their risk awareness and self-protection capabilities [4][8]. Group 2: Illegal Recommendations - "Illegal stock recommendations" involve unqualified individuals or institutions providing investment advice on public funds and other investment products, often for economic gain [6]. - The methods of illegal recommendations include using online platforms for live broadcasts or short videos to promote stocks, funds, or futures under various aliases [6][12]. - Investors should be cautious of illegal recommendations and prioritize engaging with legitimate institutions to safeguard their investments [8]. Group 3: Off-Market Financing - "Off-market financing" refers to lending funds to investors at a multiple of the margin they provide, allowing them to trade stocks or futures while charging interest or fees [10]. - This activity is considered illegal under securities and futures regulations, and it can involve fraudulent practices such as virtual trading [10][13]. - Investors are encouraged to remain alert to off-market financing schemes and to select legitimate institutions for their trading activities [10].