<p>中国提高杠杆股票交易的保证金要求，标志着监管机构推动避免经济繁荣与萧条周期的努力，同时加强股市在支持国家科技自给自足方面的作用，分析师表示。\n“监管机构发出的信号非常明确：引导市场向稳定过渡，进入缓慢的牛市，” 上海 BOC 国际的策略师王俊说。\n“投资者应降低杠杆水平，以防范情绪波动带来的风险。市场的关注点将逐渐回归基本面。”\n 上海、深圳和北京证券交易所周三在各自的声明中表示，杠杆股票购买的保证金要求将从 80% 提高至 100%，自周一起生效，变更仅适用于新合同。\n 收紧的保证金交易规则立即对市场情绪产生了影响，导致市场情绪降温。\n 周四，上海综合指数下跌 0.3%，延续了前一天同样的跌幅。受杠杆购买影响最大的中小科技股表现更差。上海纳斯达克风格的科创板上最大 50 家公司指数下跌 0.5%。\n“这显示了监管机构推动缓慢牛市和遏制过度杠杆交易的决心，” 摩根士丹利策略师 Laura Wang 在周三的一份报告中写道。“因此，我们可能会看到一些短期波动，尤其是在科技和创新密集型行业，这些行业的保证金融资增长最为显著。”\n\n 根据新规则，拥有 100 万元人民币（约 143,414 美元）抵押品的投资者只能以信用购买相当价值的股票，低于目前的 125 万元人民币。\n 这一修订旨在降低杠杆水平，保护投资者利益，并促进市场在保证金交易活动增加和流动性充裕的情况下的健康、长期发展，三大交易所的声明中指出。\n 这一降温措施标志着监管机构对投资者亢奋情绪的最新回应，因为国家 14.2 万亿美元的人民币计价股市正朝着 2026 年迈进。\n 中国交易者在周三将其对股票的杠杆押注提升至创纪录的 2.68 万亿元人民币，因为北京推动科技自给自足和低利率政策刺激了对风险资产的轮动。\n 这一未偿余额超过了 2015 年 6 月创下的 2.27 万亿元人民币的高点，后者引发了一场股市崩盘，抹去了 5 万亿美元的市场价值。\n 杠杆购买在 2015 年的股市动荡中发挥了关键作用，导致国家证券监管机构对场外保证金交易进行打击。\n 本周，上海综合指数回到了十年高点，而上海和深圳交易所的日成交额合计创下 3.9 万亿元人民币的纪录。因此，保证金交易的未偿价值远高于 2015 年牛市的水平。\n 摩根士丹利的王表示，新保证金融资规则对流动性的影响将是暂时的且可控，因为这一变化不适用于现有的保证金交易合同。\n\n 她补充说，杠杆头寸的价值占总自由流通市值的比例仅约为 5%，大约是 2015 年崩盘前比例的一半。\n 长期流动性将来自债券投资和银行定期存款的轮动，以及保险公司的购买，她说。\n 中国股市的一些领域在 2026 年强劲开局后显示出泡沫迹象，科技板块的交易溢价高于美国同行。\n 例如，上海的科创板目前的市盈率为 75.3 倍。深圳上市科技初创企业的创业板市盈率为 53.4 倍，超过了纳斯达克 100 指数的 32.7 倍，数据来源于彭博社。\n 中国的股市最初旨在帮助融资国家的国有企业，后来被政策制定者利用，成为国家科技初创企业的重要融资来源，并通过创造家庭财富来促进消费。\n 在 2025 年，中国在一系列市场支持措施的推动下逆转了多年的股市下滑，包括来自中央银行的融资支持。\n 尽管分析师普遍认为股市的整体上升趋势在长期内可能保持不变，但投资者需要为短期内因解除杠杆押注而导致的剧烈波动做好准备。\n“提高保证金要求将引发高价值行业的波动，” Tosperity 证券的分析师程强表示。“如果后续有更多降温措施，投资者需要保持警惕情绪的变化。”</p>

瑞迪智驱

<p>中国已将杠杆股票交易的保证金要求从 80% 提高至 100%，以防止经济的繁荣与萧条周期，并支持科技自给自足。此举旨在稳定市场并减少投资者的杠杆，导致市场情绪立即降温，上证综合指数下跌 0.3%。分析师预测，尤其是在科技领域，短期内将出现波动，因为杠杆头寸达到了历史新高。新规预计将对流动性产生暂时影响，但长期稳定预计将来自投资策略的变化。投资者应为这些变化可能带来的市场波动做好准备</p>

<p>China’s move to raise margin requirements for leveraged stock trading signalled regulators’ push to steer clear of boom-and-bust cycles, while strengthening the stock market’s role in funding the country’s tech self-sufficiency efforts, according to analysts.\n“The signal from regulators was crystal-clear: guide the market towards a stable transition to a slow bull run,” said Wang Jun, a strategist at BOC International in Shanghai.\n“Investors should reduce their leverage levels to guard against the risk of volatility from sentiment swings. The focus of the market will gradually return to fundamentals.”\nThe Shanghai, Shenzhen and Beijing stock exchanges said in separate statements on Wednesday that the margin requirements for leveraged stock buying would increase to 100 per cent from 80 per cent, effective on Monday, with the changes applied only to new contracts.\nThe tightened margin trading rules had an immediate impact by cooling market sentiment.\nOn Thursday, the Shanghai Composite Index slid 0.3 per cent, extending a decline of the same percentage a day earlier. Smaller technology stocks – the sector with most exposure to leveraged buying – fared worse. The index of the biggest 50 companies on Shanghai’s Nasdaq-style Star Market fell 0.5 per cent.\n“That showed regulators’ resolve to drive a slow bull run and counter overleveraged trading,” Morgan Stanley strategist Laura Wang wrote in a report on Wednesday. “As a result, we may see some near-term volatility especially in the tech and innovation-heavy sectors, where we’ve seen the most margin-financing growth.”\n\nUnder the new rules, an investor with 1 million yuan (US$143,414) of collateral can only buy an equivalent value of stocks on credit, down from 1.25 million yuan at present.\nThe revision aimed to reduce the leverage levels, protect the interests of investors and promote the market’s healthy, long-term development amid the increase in margin-trading activity and abundant liquidity, according to the statements of the country’s three exchanges.\nThis cooling measure marked regulators’ latest response to investors’ euphoric sentiment, as the nation’s US$14.2 trillion yuan-denominated stock market headed into 2026.\nChinese traders boosted their leveraged bets on stocks to a record 2.68 trillion yuan on Wednesday, as Beijing’s push for tech self-reliance and a low-interest-rate regime spurred a rotation to risk assets.\nThe outstanding balance topped a high of 2.27 trillion yuan set in June 2015, which preceded a stock rout that wiped US$5 trillion in market value.\nLeveraged buying played a key role in 2015’s stock market turmoil, which led the country’s securities regulator to crack down on over-the-counter margin trading.\nThe Shanghai Composite Index this week returned to a decade high, while the combined daily turnovers on the Shanghai and Shenzhen exchanges set a record of 3.9 trillion yuan. As a result, the outstanding value of margin trading reached well above the level that fuelled 2015’s raging bull market.\nMorgan Stanley’s Wang said the new margin financing rules’ impact on liquidity would be temporary and manageable, as the change would not apply to existing margin-trading contracts.\n\nShe added that the value of leveraged positions, as a percentage of the total free-float market capitalisation, was only about 5 per cent, roughly half the proportion compared to the run-up to the 2015 meltdown.\nLong-term liquidity would come from a rotation out of bond investments and banks’ term deposits, as well as buying from insurance firms, she said.\nSome corners of China’s stock market have shown signs of a bubble, following a strong start to 2026, with the technology boards trading at a premium to their US peers.\nShanghai’s Star Market, for example, is currently valued at 75.3 times earnings. The multiple for the ChiNext board of Shenzhen-listed tech start-ups was 53.4 times, which surpassed the 32.7 times multiple for the Nasdaq 100 index, according to Bloomberg data.\nChina’s stock market, which was designed to help finance the nation’s state-owned enterprises in the early days, was later tapped by policymakers to become a major source of funding for the country’s tech start-ups and help bolster consumption by creating household wealth.\nIn 2025, China reversed years of stock decline amid a flurry of market-bolstering measures, including financing support from the central bank.\nWhile there was consensus among analysts that the general upswing in the stock market could remain intact over the long term, investors would need to brace for wilder swings that resulted from an unwinding of leveraged bets in the near term.\n“The hike in margin requirements will trigger volatility in the high-value sectors,” said Cheng Qiang, an analyst at Tosperity Securities. “Investors need to remain alert to the change of sentiment, if more cooling measures follow.”\n</p>
<div class="lb-trans"><p>中国提高杠杆股票交易的保证金要求，标志着监管机构推动避免经济繁荣与萧条周期的努力，同时加强股市在支持国家科技自给自足方面的作用，分析师表示。\n“监管机构发出的信号非常明确：引导市场向稳定过渡，进入缓慢的牛市，” 上海 BOC 国际的策略师王俊说。\n“投资者应降低杠杆水平，以防范情绪波动带来的风险。市场的关注点将逐渐回归基本面。”\n 上海、深圳和北京证券交易所周三在各自的声明中表示，杠杆股票购买的保证金要求将从 80% 提高至 100%，自周一起生效，变更仅适用于新合同。\n 收紧的保证金交易规则立即对市场情绪产生了影响，导致市场情绪降温。\n 周四，上海综合指数下跌 0.3%，延续了前一天同样的跌幅。受杠杆购买影响最大的中小科技股表现更差。上海纳斯达克风格的科创板上最大 50 家公司指数下跌 0.5%。\n“这显示了监管机构推动缓慢牛市和遏制过度杠杆交易的决心，” 摩根士丹利策略师 Laura Wang 在周三的一份报告中写道。“因此，我们可能会看到一些短期波动，尤其是在科技和创新密集型行业，这些行业的保证金融资增长最为显著。”\n\n 根据新规则，拥有 100 万元人民币（约 143,414 美元）抵押品的投资者只能以信用购买相当价值的股票，低于目前的 125 万元人民币。\n 这一修订旨在降低杠杆水平，保护投资者利益，并促进市场在保证金交易活动增加和流动性充裕的情况下的健康、长期发展，三大交易所的声明中指出。\n 这一降温措施标志着监管机构对投资者亢奋情绪的最新回应，因为国家 14.2 万亿美元的人民币计价股市正朝着 2026 年迈进。\n 中国交易者在周三将其对股票的杠杆押注提升至创纪录的 2.68 万亿元人民币，因为北京推动科技自给自足和低利率政策刺激了对风险资产的轮动。\n 这一未偿余额超过了 2015 年 6 月创下的 2.27 万亿元人民币的高点，后者引发了一场股市崩盘，抹去了 5 万亿美元的市场价值。\n 杠杆购买在 2015 年的股市动荡中发挥了关键作用，导致国家证券监管机构对场外保证金交易进行打击。\n 本周，上海综合指数回到了十年高点，而上海和深圳交易所的日成交额合计创下 3.9 万亿元人民币的纪录。因此，保证金交易的未偿价值远高于 2015 年牛市的水平。\n 摩根士丹利的王表示，新保证金融资规则对流动性的影响将是暂时的且可控，因为这一变化不适用于现有的保证金交易合同。\n\n 她补充说，杠杆头寸的价值占总自由流通市值的比例仅约为 5%，大约是 2015 年崩盘前比例的一半。\n 长期流动性将来自债券投资和银行定期存款的轮动，以及保险公司的购买，她说。\n 中国股市的一些领域在 2026 年强劲开局后显示出泡沫迹象，科技板块的交易溢价高于美国同行。\n 例如，上海的科创板目前的市盈率为 75.3 倍。深圳上市科技初创企业的创业板市盈率为 53.4 倍，超过了纳斯达克 100 指数的 32.7 倍，数据来源于彭博社。\n 中国的股市最初旨在帮助融资国家的国有企业，后来被政策制定者利用，成为国家科技初创企业的重要融资来源，并通过创造家庭财富来促进消费。\n 在 2025 年，中国在一系列市场支持措施的推动下逆转了多年的股市下滑，包括来自中央银行的融资支持。\n 尽管分析师普遍认为股市的整体上升趋势在长期内可能保持不变，但投资者需要为短期内因解除杠杆押注而导致的剧烈波动做好准备。\n“提高保证金要求将引发高价值行业的波动，” Tosperity 证券的分析师程强表示。“如果后续有更多降温措施，投资者需要保持警惕情绪的变化。”</p>
</div>

中国通过收紧融资融券规则来推动缓慢的牛市，以防止市场过热