Core Viewpoint - The adjustment of the collateral ratio for stocks like SMIC to zero is a routine measure based on regulatory guidelines, reflecting the company's high static P/E ratio and risk warnings [1][2]. Group 1: Stock Collateral Ratio Adjustments - Several brokerage firms have adjusted the collateral ratio for SMIC and other stocks to zero, effective from October 9, indicating a broader trend beyond just SMIC [1]. - The collateral ratio for SMIC and other stocks was previously set at 0.60 before being adjusted to 0, highlighting significant changes in market conditions [1]. Group 2: Regulatory Framework - The Shanghai and Shenzhen Stock Exchanges have established clear rules that lead to a collateral ratio of zero for stocks that are under risk warning, have a static P/E ratio exceeding 300, or are in a delisting preparation period [2]. - The static P/E ratio is calculated as the stock's closing price divided by the company's audited basic earnings per share from the most recent fiscal year, with over 200 A-share stocks currently exceeding a static P/E ratio of 300, including SMIC [2].