策略研究 | 证券研究报告 — 总量点评 2026 年 1 月 14 日 市场点评报告 退热促均衡 监管层上调融资保证金比例，通过"控增量、稳存量"抑制投机，旨在平滑 波动、降低杠杆上行速率，引导市场风格均衡化。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 2026 年 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%，此次调整将于 1 月 19 日正式实施。这是继 2023 年 9 月监管 层为活跃资本市场将该比例下调至 80%后的回调。此次调整并非突发利 空，而是监管层依据法定的"逆周期调节"机制，对近期过热的市场情 绪进行的一次精准"点刹"。 此次调整仅限于新开融资合约，实施前尚未了结的 ...

Group 1 - The "DeepSeek moment" at the end of January initiated a broad upward trend in the Chinese stock market, with MSCI China rising 35% year-to-date due to various factors including a private enterprise symposium in February and record inflows from southbound funds [1] - The A-share market lagged behind offshore markets for most of the first half of the year, but began to catch up in the second quarter, with the CSI 300 index surging 26% from its April low, resulting in a year-to-date increase of 15% [1] - The market's expectations for strengthened policy focus and execution, particularly regarding supply rationalization and improved pricing environments, may boost inflation expectations and trigger a re-inflation trade in financial markets [1] Group 2 - The recent rise in the Chinese market is supported by fundamentals, with profits for domestic and overseas listed companies expected to grow by 3% and 6% respectively in the first half of 2025, and certain sectors, particularly technology and AI, showing recent earnings upgrades [6] - Historical data indicates that valuation multiple expansion is a necessary condition for bull markets in Chinese stocks, contributing to 80% of realized returns during past bull markets [6] - The current market environment is seen as favorable for a "slow bull" market, supported by market reforms and improved liquidity provision, which may reduce market volatility [8] Group 3 - The Chinese stock market is experiencing a liquidity-driven boom, similar to trends seen in other major global markets, with the MSCI China index rebounding 72% from its low at the end of 2022 [4][15] - Institutional investors, including domestic public funds and insurance companies, have significantly increased their equity exposure, indicating a shift in market dynamics [12] - The potential for significant asset reallocation towards equities from real estate is highlighted, as Chinese households currently have a low allocation to stocks compared to real estate [14] Group 4 - The valuation of Chinese stocks remains attractive compared to historical averages, with the CSI 300 trading at a price-to-earnings ratio of 14.7, which is still below the historical upper limit of 15-20 times [7][15] - The market is characterized by a high level of retail investor participation, but sentiment indicators suggest that current levels are not at extremes, indicating potential for further market consolidation rather than an imminent reversal [9] - The strategic importance of the stock market for economic growth and wealth creation for Chinese households suggests that the likelihood of policy-induced market declines is low unless clear signs of excessive valuation emerge [20]