Port communicationA few days ago，After some securities firms increased their financing margin ratio,，Many brokerages have made adjustments to the target stocks of the two financial institutions.。How should this question be treated??First and foremost，This shows that brokers’ risk awareness is increasing。As mentioned in the announcement of a brokerage adjusting the target stocks of the two financial institutions，“Due to the recent rapid rise in risks to the stock market，To further prevent danger，Guarantee customer interests，The company has made targeted adjustments to the standard parameters of securities that can be used as margin for margin trading."。
original，Carrying out financing and financing business is due to the “protection” of margin，For brokers，almost no danger，Guaranteed harvest despite drought and flood。since last year，Many brokerages have added capital，There is also the purpose of planning for the integration of the two businesses.。But as the stock market continues to rise,，The balance of financing and financing continues to rise，Although there are restrictions on the amount of a single underlying share and multiples of capital, etc.，However, the risks are still accumulating as the scale of the business increases.。
Especially GEM shopping malls，After the index doubles in the short term and continues to break，Increasing number of traditional investment theories overturned，Increasing risks gradually become a consensus。This may be the simplest idea of Guosheng Securities to remove the GEM stock market from the two financial targets across the board.。Secondly，A clearer understanding of the “double-edged sword” of financing business。on the one hand，In a market expected to rise，The funds released by financing business will help boost the stock index upwards，Amplify the effect of funds。
For this round of rising stock indexes，The role of financing business，The market has reached a consensus。This bull market is obviously different from 2007，In addition to expectations for macro-level reforms，What plays a significant role is the use of financial leverage。on the other hand，In anticipation of a market decline，as capital with cost，Will be the first to escape，and will amplify market panic，Trampling on other self-owned funds，Expand the lethality of the decline，It may even cause the market to die prematurely.。
thus，from this perspective，Many securities firms take risk prevention measures in advance，Appropriately adjust the two financial targets，Not only for their own safety reasons，At the same time, it is also conducive to the stable development of the market.，It is a sound strategy to preserve the fruits of victory for investors.。Ends June 8，The balance of financing and financing is 2.17 trillion yuan，According to brokerage statistics，This scale accounts for 16%-20% of the entire market transaction volume，It is considered to be basically in line with the normal level of mature markets.。
Also last Friday，Zhang Xiaojun, spokesperson of the China Securities Regulatory Commission, said at a regular press conference，In order to promote the standardized and orderly development of securities companies’ margin trading business，The "Measures for the Administration of Margin and Securities Lending Business of Securities Companies" and related business rules are being revised。
undeniable，Margin financing and securities lending business has not only become the main source of profits for securities firms，It has also become an important component of the stock market，As the stock index rises and new market conditions continue to emerge,，The leverage monitoring involved has increasingly become a part that cannot be ignored for the stable development of margin trading and securities lending business and the stable development of the securities market.。For details, please consult Shenzhen Hong Kong Xintong-。
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