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融资杠杆误区:满仓加杠杆不对,半仓操作更稳的原因
Sou Hu Cai Jing· 2025-08-02 06:11
Group 1 - The core concept of financing leverage is the use of borrowed funds to amplify investment scale, relying on credit mechanisms to enhance capital efficiency while also magnifying risks [1][2] - Financing leverage involves using personal funds as collateral to borrow from compliant financial institutions, fundamentally differing from trading with personal funds in terms of risk and return characteristics [2] - Key features of financing leverage include reliance on credit relationships, dual amplification of risk and return, and clear compliance boundaries regarding the provision of leverage by regulated financial institutions [2] Group 2 - The effectiveness of financing leverage is determined by several key factors, including leverage multiples and margin requirements, which directly influence the risk boundaries and cost structure of transactions [3] - Initial margin ratio is a core parameter determining leverage multiples, with different markets exhibiting significant variations; for instance, stock financing typically has a 50% initial margin ratio corresponding to 2x leverage [5] - Maintenance margin ratios serve as risk warning and liquidation lines set by financial institutions, with common warning lines in the stock market at 150% and liquidation lines at 130% [5] Group 3 - Financing costs are influenced by interest rates, which vary significantly across markets; for example, stock financing has an annualized interest rate of 6%-8% [6] - The interest calculation for borrowed funds is based on the formula: interest = principal × daily interest rate × actual holding days, leading to linear cost growth with holding time [6] - The maximum term for a single stock financing transaction is 6 months, with the possibility of extension, while futures leverage does not have a fixed term but requires closure before contract expiration [7]