担保物补充方式 交易流程概述 融资交易流程为：提交担保品→申请融资额度→买入标的股票→偿还资金及利息；融券交易流程为：提 交担保品→申请融券额度→卖出标的股票→买回股票偿还并支付费用。两者均需通过专用交易系统完 成，每一步操作需确认资金或股票的可用额度，避免超出授信范围。 标的调整规则 交易所每季度调整融资融券标的名单，新增标的需满足近3个月日均成交额不低于5000万元、股价波动 幅度不超过基准指数3倍等条件；被调出的标的多因业绩下滑、流动性降低或出现重大违规。投资者需 在调整生效前处理持仓中的调出标的，避免影响交易连续性。 保证金计算细节 现金作为保证金时按100%折算，股票作为保证金时按不同品种折算（如蓝筹股折算率70%，普通股票 50%）。例如，100万元市值的蓝筹股可折算70万元保证金，最多可融资70万元（按50%保证金比例计 算）。需注意，高市盈率股票折算率可能更低，甚至不被接受为保证金。 利息收取方式 采用"按日计息、按月收取"模式，每日收盘后计算当日利息，每月固定日期从账户中扣除。若提前结束 交易，利息按实际天数计算，如融资100万元持有5天，利息为100万×7%÷365×5≈959元。逾期未偿 ...

基本概念解析 股市融资融券是两种相关但方向不同的交易方式。融资是投资者向机构借入资金买入特定股票，以自有 资金或证券作为担保；融券则是投资者向机构借入股票并卖出，待股价下跌后买回偿还，通过价差获 利。两者均需支付相应利息，且交易标的限于规定范围内的股票。 核心操作差异 标的范围特征 融资融券标的由交易所确定，通常为市值较大、流动性好、业绩稳定的股票，如沪深300、中证500成分 股等。标的股票会定期调整，被调出名单的股票不能再进行融资融券交易，投资者需关注标的变动公 告，及时调整持仓。 保证金制度要求 参与交易需缴纳保证金，保证金可以是现金或符合规定的证券。融资保证金比例和融券保证金比例通常 不低于50%，即投资者自有资金100万元时，最多可融资或融券100万元（保证金比例50%情况下），具 体比例由机构根据市场情况调整。 利息费用特点 融资利息和融券费用均按实际使用天数计算，年化利率一般在6%-8%之间，不同机构可能略有差异。融 资利息按借入资金金额计算，融券费用按借入股票市值计算，交易结束时随本金或股票一并偿还，需提 前核算成本与预期收益的匹配度。 风险控制机制 融资属于看多操作，投资者预期股价上涨时，借 ...

Core Viewpoint - The announcement highlights the risk of forced liquidation of shares held by the controlling shareholder, Zhejiang Ruiyang Technology Co., Ltd., due to a default on a financing agreement with CITIC Securities, which may lead to a significant reduction in their stake in the company [1][2]. Shareholding Structure - As of the announcement date, Zhejiang Ruiyang Technology holds 57,650,733 shares, accounting for 12.85% of the total share capital of the company [2][4]. - A total of 11,300,000 shares are held in a margin trading account with CITIC Securities, with an estimated total reduction amount not exceeding 30 million yuan [1][2]. Share Freeze and Pledge Status - 80.40% of the shares held by Ruiyang Technology are currently frozen, which amounts to 46,350,733 shares, representing 10.33% of the company's total share capital [4]. - The total number of shares pledged by Ruiyang Technology is 46,341,000, which is 80.38% of their holdings and 10.33% of the total share capital [5][6]. Financial Performance - The company is expected to report a net loss attributable to shareholders of between 54 million yuan and 42 million yuan for the first half of 2025, compared to a profit of 45.55 million yuan in the same period last year [7][8]. - The net profit, after excluding non-recurring gains and losses, is projected to be a loss of between 84 million yuan and 72 million yuan, compared to a profit of 12.28 million yuan in the previous year [7][8].

Core Points - The total margin balance of ETFs in the two markets reached 99.482 billion yuan, an increase of 139 million yuan compared to the previous trading day, reflecting a 0.14% increase [1] - The financing balance of ETFs increased by 78.2872 million yuan, while the margin balance also saw an increase of 60.7306 million yuan [1] Group 1: ETF Margin Balance - The latest margin balance for the Shenzhen market is 32.835 billion yuan, up by 13.5 million yuan, with a financing balance of 32.092 billion yuan, increasing by 12 million yuan [1] - The Shanghai market's latest margin balance is 66.647 billion yuan, with a slight increase of 3.5417 million yuan, while the financing balance decreased by 41.5326 million yuan [1] Group 2: ETF Financing Balances - There are 103 ETFs with financing balances exceeding 100 million yuan, with the highest being Huaan Gold ETF at 7.573 billion yuan, followed by E Fund Gold ETF and Huaxia Hang Seng ETF at 6.689 billion yuan and 4.481 billion yuan respectively [2] - The ETFs with the highest percentage increase in financing balance include the Sci-Tech Innovation Index ETF from ICBC, Tianhong SSE Sci-Tech Innovation Board Comprehensive ETF, and Bosera CSI A500 ETF, with increases of 245,381.63%, 828.16%, and 502.74% respectively [2] Group 3: Financing Net Inflows and Outflows - The ETFs with the highest net inflows include Bosera Convertible Bond ETF, E Fund CSI Overseas China Internet 50 (QDII-ETF), and Southern CSI 1000 ETF, with net inflows of 110 million yuan, 69.5852 million yuan, and 52.2125 million yuan respectively [4] - The ETFs with the highest net outflows include Huaxia SSE Sci-Tech Innovation Board 50 Component ETF, E Fund ChiNext ETF, and E Fund CSI Hong Kong Securities Investment Theme ETF, with net outflows of 111 million yuan, 78.0008 million yuan, and 73.8633 million yuan respectively [4] Group 4: Margin Trading and Securities Lending - The latest margin balance for the top ETFs includes Southern CSI 1000 ETF, Southern CSI 500 ETF, and Guangfa CSI 1000 ETF, with balances of 2.007 billion yuan, 1.639 billion yuan, and 346 million yuan respectively [5] - The ETFs with the highest increase in margin balance include Southern CSI 1000 ETF, Huatai-PineBridge SSE 300 ETF, and Huaxia CSI 1000 ETF, with increases of 19.0488 million yuan, 17.1604 million yuan, and 13.9308 million yuan respectively [5]

证券时报·数据宝统计，7月17日北交所融资买入额为6.52亿元，最新融资余额为59.63亿元，融券余额为 84.35万元，融资融券余额为59.64亿元。 | 日期 | 融资融券余额 | 较上一交易日增减 | 融资余额 | 融资余额较上一交易日 | 融券余额 | | --- | --- | --- | --- | --- | --- | | | （万元） | （万元） | （万元） | 增减（万元） | （万元） | | 2025.07.17 | 596416.05 | 4453.63 | 596331.70 | 4451.84 | 84.35 | | 2025.07.16 | 591962.42 | 1244.21 | 591879.87 | 1238.47 | 82.56 | | 2025.07.15 | 590718.21 | -489.57 | 590641.40 | -488.44 | 76.82 | | 2025.07.14 | 591207.78 | 849.08 | 591129.84 | 848.35 | 77.95 | | 2025.07.11 | 590358.70 | -8580.47 ...

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3.22亿元，其中，买入成交额为1.73亿 元，卖出成交额为1.50亿元，合计净买入2284.21万元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司总部，买入金额为 5867.92万元，第一大卖出营业部为中信证券股份有限公司上海分公司，卖出金额为4121.29万元。 近半年该股累计上榜龙虎榜6次，上榜次日股价平均跌1.01%，上榜后5日平均跌4.76%。 资金流向方面，今日该股主力资金净流入2.40亿元，其中，特大单净流入2.48亿元，大单资金净流出 795.07万元。近5日主力资金净流入2.02亿元。 融资融券数据显示，该股最新（7月16日）两融余额为4.05亿元，其中，融资余额为4.03亿元，融券余额 为215.27万元。近5日融资余额合计增加1317.44万元，增幅为3.38%。融券余额合计减少9.71万元，降幅 4.31%。 4月16日公司发布的一季报数据显示，一季度公司共实现营业收入8987.57万元，同比增长7.13%，实现 净利润1742.84万元，同比增长29.83%。（数据宝） 新力金融7月17日交易公开信息 ...

Market Overview - As of July 16, the total ETF margin balance in the two markets reached 99.343 billion, an increase of 0.22 billion from the previous trading day [1] - The financing balance was 93.63 billion, up by 0.277 billion, while the securities lending balance decreased to 5.713 billion, down by 56.881 million [1] - In the Shanghai market, the ETF margin balance was 66.643 billion, increasing by 0.231 billion, with a financing balance of 61.658 billion, up by 0.246 billion, and a securities lending balance of 4.986 billion, down by 15.4018 million [1] - In the Shenzhen market, the ETF margin balance was 32.699 billion, decreasing by 10.1846 million, with a financing balance of 31.972 billion, up by 31.2946 million, and a securities lending balance of 0.727 billion, down by 41.4792 million [1] ETF Margin Balance - The top three ETFs by margin balance on July 16 were: - Huaan Yifu Gold ETF (7.554 billion) - E Fund Gold ETF (6.69 billion) - Huaxia Hang Seng (QDII-ETF) (4.532 billion) [2] ETF Financing Amount - The top three ETFs by financing amount on July 16 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (1.059 billion) - Haifutong CSI Short Bond ETF (0.975 billion) - Huaxia Hang Seng Technology (QDII-ETF) (0.928 billion) [4] ETF Net Financing Amount - The top three ETFs by net financing amount on July 16 were: - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (0.143 billion) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (80.353 million) - Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF (50.6248 million) [6] ETF Securities Lending Amount - The top three ETFs by securities lending amount on July 16 were: - Southern CSI 1000 ETF (44.9919 million) - Southern CSI 500 ETF (9.4046 million) - Huatai-PB CSI 300 ETF (8.9782 million) [8]

Historical Review of Size and Style Rotation - From 2008 to 2010, small-cap stocks outperformed due to significant economic stimulus and abundant liquidity, with small-cap stocks being more sensitive to funding[6] - Between 2011 and 2013, large-cap stocks gained favor as economic growth pressures increased, highlighting their defensive attributes[8] - The period from 2013 to 2015 saw a resurgence of small-cap stocks driven by the rise of new industries and increased M&A activity, with leverage funds entering the market[9] - From 2016 to 2021, large-cap stocks dominated as supply-side reforms improved profitability for leading companies, while M&A activity cooled[10] - In the 2021 to 2023 period, small-cap stocks regained strength due to changes in funding structure and the rise of new industries like AI[12] Growth vs. Value Style Rotation - From 2011 to 2014, value stocks outperformed as the economy shifted from stimulus-driven growth to self-sustained growth, with GDP growth declining[15] - In 2015, growth stocks saw a rebound due to the rise of the internet and new industries, despite ongoing economic pressures[19] - The period from July 2016 to October 2018 favored value stocks as traditional industries improved amid tightening liquidity[21] - From November 2018 to July 2021, growth stocks outperformed due to the rise of new industries and favorable liquidity conditions[23] - From August 2021 to August 2024, value stocks are expected to dominate due to tightening global liquidity and geopolitical uncertainties[25] Key Indicators and Future Outlook - The historical analysis indicates that size and style rotations are influenced by fundamental factors, liquidity, valuation, and policy[27] - The correct prediction rate for small-cap outperformance since 2005 is 69%, while for growth vs. value since 2011 is 77%[2] - In the first half of 2025, small-cap stocks outperformed with a 7.54% increase in the CSI 1000 index compared to a 1.37% increase in the CSI 300 index[2] - The outlook for the second half of 2025 suggests a potential shift towards large-cap stocks due to institutional investor preferences and external uncertainties[2]

Market Overview - As of July 15, the total ETF margin balance in the two markets was 99.122 billion yuan, a decrease of 0.193 billion yuan from the previous trading day [1] - The financing balance was 93.353 billion yuan, down by 0.306 billion yuan, while the securities lending balance increased by 0.113 billion yuan to 5.769 billion yuan [1] - In the Shanghai market, the ETF margin balance was 66.413 billion yuan, an increase of 0.015 billion yuan, with a financing balance of 61.412 billion yuan, up by 0.05095 billion yuan [1] - In the Shenzhen market, the ETF margin balance was 32.709 billion yuan, a decrease of 0.0343 billion yuan, with a financing balance of 31.941 billion yuan, down by 0.0357 billion yuan [1] Top ETF Margin Balances - The top three ETFs by margin balance on July 15 were: 1. Huaan Yifu Gold ETF at 7.523 billion yuan 2. E Fund Gold ETF at 6.690 billion yuan 3. Huaxia Hang Seng (QDII-ETF) at 4.552 billion yuan [2] Top ETF Financing Amounts - The top three ETFs by financing amount on July 15 were: 1. Hai Futong Zhong Zheng Short Bond ETF at 1.125 billion yuan 2. E Fund Zhong Zheng Hong Kong Securities Investment Theme ETF at 1.111 billion yuan 3. Huatai Bairui Southern Dongying Hang Seng Technology Index (QDII-ETF) at 1.049 billion yuan [4] Top ETF Net Financing Amounts - The top three ETFs by net financing amount on July 15 were: 1. Bosera Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence ETF at 0.148 billion yuan 2. E Fund Zhong Zheng Hong Kong Securities Investment Theme ETF at 61.8074 million yuan 3. Huaxia Hang Seng Technology (QDII-ETF) at 56.2134 million yuan [5] Top ETF Securities Lending Amounts - The top three ETFs by securities lending amount on July 15 were: 1. Southern Zhong Zheng 1000 ETF at 75.4789 million yuan 2. Southern Zhong Zheng 500 ETF at 29.8836 million yuan 3. Bosera Zhong Zheng Convertible Bonds and Exchangeable Bonds ETF at 21.9373 million yuan [7]

【导读】2025年二季度ETF融资融券标的扩容7只，至438只 近日，沪深交易所公布2025年第二季度融资融券标的证券最新调整结果，并于7月14日正式施行。 融资融券ETF标的扩容至438只。其中，在交易型开放式基金方面，上交所调入16只ETF的同时也调出 了16只，深交所新增13只、剔除6只。 从最终调整结果来看，基础行情表现较好的热门方向，如黄金、创新药、信创、银行，以及科创板等 ETF成为新增主力军，短期表现一般的创业板、亚太市场，以及消费、汽车等相关ETF成为被剔除的主 要品种。 ETF融资融券标的扩容至438只 为加强融资融券标的证券管理，沪深交易所根据《上海/深圳证券交易所融资融券交易实施细则》相关 规定及融资融券标的证券定期评估调整机制，于2025年7月11日发布通知，对融资融券标的证券范围进 行了调整，并于7月14日起执行。 融资融券标的占据ETF市场绝对主力 自2011年首批ETF纳入国内证券市场融资融券标的以来，产品的投资价值逐渐显现，投资规模不断提 升。 根据有关规定，ETF两融的筛选标准为：上市交易超过5个交易日，最近5个交易日的日平均资产规模不 低于5亿元，基金持有户数不少于2000 ...