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图表25关注“现金/证券担保物价值”与维持担保比例的正反向变动关系
图表25关注“现金/证券担保物价值”与维持担保比例的正反向变动关系
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所属报告:
证券行业深度研究报告:两融指标跟踪市场的基本逻辑-250328(25页).pdf
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关注维持担保比例下跌时“现金担保物价值/证券担保物价值”的变动方向。两融担保物包括现金、可充抵保证金的证券。特殊情况下,在维持担保比例低于约定值时,投资者还可以提交不动产、股权等其他类型的资产。如果平均维持担保比例快速下降,而担保物中现金的比例快速上升,通常意味着融资盘触及平仓线被要求追加保证金或触及平仓线后发生强制卖出。平均维持担保比例由 2024 年 10 月 8 日的局部最高点 299.8%下滑至2025 年 1 月 10 日的局部最低点 248.95%,现金/证券担保物价值比例相应地由 6.95%下滑至 5.98%,同向变动表明当前融资盘并未面临较大的平仓压力。相反,在 2016 年 1 月、2018 年 10 月、2022 年 4 月、2024 年 2 月四次维持担保比例下降至局部最低点前的一段时间,现金/证券担保物价值均呈现整体上升趋势。
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证券行业深度研究报告:两融指标跟踪市场的基本逻辑-250328(25页).pdf
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图表8部分券商可冲抵保证金证券折算率分组统计(2025/3/21)
图表7上市公司董监高及持股5%以上股东参与融资融券的限制
图表6交易所对标的股票调出、重新调入的时间点及频率
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