融资保证金比例调整

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重大信号!券商突调融资保证金比例
Sou Hu Cai Jing· 2025-08-31 02:59
一、杠杆游戏的规则突变 那天早上打开手机,一条推送直接跳进眼帘:国金证券宣布将融资保证金比例从80%上调至100%。这个看似简单的数字调整,却像一块石头扔进了平静的 湖面。 记得2023年那会儿,为了活跃市场,监管层还特意把最低融资保证金比例从100%降到80%。现在倒好,有券商开始往回走了。这让我想起18年前刚接触这 个市场时学到的第一课:规则永远在变,但变的方向往往意味深长。 二、数字背后的博弈 100%的保证金比例意味着什么?简单算笔账:以前100万保证金能借125万,现在只能借100万了。杠杆从1.25倍降到1倍,看似只是0.25的差别,但对惯用杠 杆的人来说,这就是25%的资金缺口。 华创证券说这是公司自己的决定,不用过度解读。这话听着耳熟——就像每次市场有异动时,总有人说"这只是技术性调整"。但在这个市场混久了就知道, 从来没有什么"只是"。 三、利空不空与利好不好的悖论 说到这,我想起两个特别有意思的例子。一个是迪哲医药,6月底被媒体点名说有解禁利空,结果股价转头就创了新高。另一个是纳瑞雷达,中报净利润暴 增8倍,股价反倒跌了10%。 这市场就是这么魔幻——你以为的利好可能是陷阱,你以为的利空反 ...
国金证券下调融资比例 ,业内称融资比例未普遍收紧 、当前杠杆水平中等
Xin Lang Cai Jing· 2025-08-27 10:52
两融余额不断创下新高,国金证券率先上调融资保证金比例。国金证券相关人士称,上调融资保证金比 例,主要出于自身经营考虑,属于业务常规调整。从多家券商获悉,目前均没有调整融资保证金比例的 计划。在业内人士看来,国金证券此次上调融资保证金比例大概率为个案,而非行业行为。(一财) ...
一家券商上调融资保证金比例,被误解全行业降杠杆
Feng Huang Wang· 2025-08-27 00:33
Core Viewpoint - Guojin Securities has announced an adjustment to the financing margin ratio, raising it to 100% for new financing contracts, effective from August 27, 2025, while existing contracts will maintain their original margin ratios, indicating a "new and old distinction" approach [1][2][6] Summary by Category Company Actions - Guojin Securities will implement a financing margin ratio of 100% for new contracts, excluding those on the Beijing Stock Exchange, starting from August 27, 2025 [2][6] - The adjustment is based on Guojin Securities' operational considerations and is not indicative of a broader industry trend, as other brokerages maintain the standard 80% margin ratio [1][6] Market Context - The A-share margin trading market has been active, with financing balances exceeding 2 trillion yuan for 12 consecutive trading days since August 11 [1][10] - The current leverage level in the A-share market is considered healthy, with margin trading accounting for only 4.8% of the free float market value, which is below the historical average of 4.9% [10][11] Investor Implications - The increase in the margin ratio means investors will need to provide more collateral for the same amount of financing, raising their capital costs and potentially limiting their leverage [7] - The adjustment may reduce the risk exposure for brokerages in financing operations, helping them manage business risks more effectively [7] Industry Analysis - There is no industry-wide notification regarding margin ratio adjustments, and major brokerages like CITIC Securities and Huatai Securities have confirmed that their ratios remain at 80% [8] - Historical data suggests that changes in financing margin ratios are more about risk management within margin trading rather than direct influences on market trends [9]
国金证券上调融资保证金比例至100%
第一财经· 2025-08-26 15:54
即除北交所以外的标的证券融资保证金比例计算公式如下:标的证券融资保证金比例 = 100% +(1- 标的证券折算率)×0 = 100%。 对投资者在2025年8月27日前已开立的融资合约适用的融资保证金比例按合约开立时的融资保证金 比例计算,以本公司系统设置为准。 国金证券日前发布关于调整部分标的证券融资保证金比例的公告。 其中提出,将于2025年8月27日起,对除北交所以外的标的证券的融资保证金比例做如下调整:自 2025年8月27日起新开立的除北交所以外的标的证券的融资合约适用的融资保证金比例调整为 100%。 ...
国金证券上调融资保证金比例
Ge Long Hui A P P· 2025-08-26 15:41
Group 1 - The core point of the article is the announcement by Guojin Securities regarding the adjustment of the margin ratio for financing securities, effective from August 27, 2025 [1] - Starting from August 27, 2025, the margin ratio for newly opened financing contracts for securities, excluding those on the Beijing Stock Exchange, will be set at 100% [1] - For financing contracts opened before August 27, 2025, the margin ratio will be calculated based on the ratio at the time of contract opening, according to the company's system settings [1] Group 2 - Guojin Securities also announced that from August 22, 2025, the margin ratio for newly opened financing contracts for securities on the Beijing Stock Exchange will also be adjusted to 100% [1]
国金证券上调融资保证金比例 属自身经营考虑 并无全行业保证金调整通知
财联社· 2025-08-26 15:37
今日晚间, 国金证券调整融资保证金比例的消息引起市场关注。 记者了解到,国金证券确有发布关于调整标的证券融资保证金比例的公告, 但目前并无全行业保证金调整的通知。 国金证券公告将于8月27日起,对除北交所以外的标的证券的融资保证金比例做出调整, 新开立的除北交所以外的标的证券的融资合约适用的融资保 证金比例调整为100%。 华创证券非银徐康团队认为, 国金证券的调整更多是基于公司近期经营杠杆的考虑,无需过度解读。 上一次全行业保证金比例调整为2023年9月, 当时为活跃资本市场,提振投资者信心,交易所将融资保证金比例从100%降低至80%。 ...