需要注意的是，此次调整仅限于新开融资合约，调整实施前已存续的融资合约及其展期仍按照调整前的 相关规定执行。 相关安排自1月19日起正式施行。 1月14日，经中国证监会批准，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证券时 的融资保证金最低比例从80%提高至100%，相关安排自1月19日起正式施行。 "本轮保证金上调影响仍是情绪面降温，对实际两融规模冲击有限。"一位非银分析师告诉记者，本次调 整主要是针对新开融资合约。此外，一般券商会自行设置一个保证金预警比例，通常在100%以上。目 前散户交易中融资比例能到这么低水位的客户极少（100%以下），实际上不太会因此产生很大规模融 资规模压降。 另有业内人士分析称，该调整是逆周期调节的重要举措，核心目的是防范融资交易过度杠杆化引发的市 场波动风险，从根源上减少因融资爆仓带来的连锁下跌效应。长期来看，市场杠杆率的合理管控能提升 A股的抗风险能力，为市场长期健康发展筑牢基础，属于中性偏利好的制度性调整。 该人士还表示，通知明确存量融资合约仍按原规定执行，仅针对新增融资交易，且当前A股整体融资余 额处于相对合理水平，此次调整的实际冲击会被逐步消化，不会引发市 ...

Investment Rating - The report maintains a "Recommended" investment rating for the non-bank financial industry [1]. Core Insights - The adjustment of the financing margin ratio from 80% to 100% is a counter-cyclical measure aimed at guiding the market towards a long-term stable growth, reducing excessive speculation risks [4]. - The increase in the financing margin is expected to limit the ability of investors to leverage their buying power, potentially reducing the scale of new financing funds entering the market in the short term, but it will contribute to the long-term health and stability of the stock market [4]. - Historical adjustments show that similar measures have had limited short-term impacts on market indices, indicating that the current adjustment may also have a muted immediate effect [4]. - As of January 13, 2026, the financing balance in A-shares was 2.67 trillion yuan, accounting for 2.58% of the A-share market capitalization, which is below the historical peak of 4.72%, suggesting that overall risk is manageable [4]. Summary by Sections Market Dynamics - The report highlights that the recent increase in financing margin is a response to a previously active market, where the margin was lowered to stimulate trading activity [4]. - The adjustment is seen as a necessary step to prevent overheating in the market and to maintain investor rights [4]. Long-term Outlook - The report suggests that the reasonable control of market leverage will enhance the stock market's risk resistance capabilities, laying a solid foundation for long-term healthy development [4]. - It emphasizes the importance of monitoring market sentiment and transaction volumes, as well as the potential for brokerage firms to benefit from a rising market [4]. Investment Recommendations - The report advises continued attention to the brokerage sector, particularly high-quality firms that can leverage their operational strengths amid regulatory reforms [4]. - It notes that the current price-to-book (PB) valuations in the brokerage industry are at historical lows, recommending specific firms such as Dongfang Caifu [4].

证券时报记者吴少龙张淑贤胡华雄许盈 需要说明的是，此次调整仅限于新开融资合约，调整实施前已存续的融资合约及其展期仍按照调整前的 相关规定执行。 "本轮保证金上调的影响是情绪面降温，对实际两融规模冲击有限。"一位非银分析师告诉证券时报记 者，一般券商会自行设置一个保证金预警比例，通常在100%以上。目前散户交易中融资保证金比例能 到这么低水平(100%以下)的客户极少，实际上不太会因此产生很大的融资规模压降。 另有业内人士分析，该调整核心目的是防范融资交易过度杠杆化引发的市场波动风险，从根源上减少因 融资爆仓带来的连锁下跌效应。长期来看，市场杠杆率的合理管控能提升A股的抗风险能力，为市场长 期健康发展筑牢基础，属于中性偏利好的制度性调整。 该人士还表示，通知明确存量融资合约仍按原规定执行，调整仅针对新增融资交易，且当前A股整体融 资余额处于相对合理水平，此次调整的实际冲击会被逐步消化，不会引发市场系统性波动。 市场走势方面，1月14日，A股市场震荡回落，上证指数收盘小幅下跌0.31%。当天市场成交额进一步放 大，沪深北三市合计成交近4万亿元，进一步创下历史新高，并连续第4个交易日超过3万亿元，成交额 超过100 ...