The A-share market, which experienced heavy losses, stabilized on January 26, and the three major indexes collectively closed up and walked out of the V-shaped reversal.
Whenever the market fluctuates, whether the two financial risks intensify and the risk of leveraged funds become the focus. As of January 25, the balance of margin trading in Shanghai and Shenzhen stock markets was 1.76 trillion yuan (accounting for 3.04% of the circulating market value of a shares). In the context of intensified market shocks, the reduction of financing balance may mean that funds are fleeing. Are the financiers who have previously leveraged well in this round of decline? What is the risk of two financial positions bursting?
A number of people from the business department of securities companies told reporters that at present, there is no situation that the two financial institutions touch the closing line, and the situation approaching the early warning line is individually reflected, but they have communicated with customers about additional guarantee or securities sales.
At the same time, the reporter noticed that the "figure" of the two financial accounts appeared among the top ten circulating shareholders of some listed companies. The Spring Festival holiday is approaching, and the choice of "holding shares or holding money for the new year" is in front of us. Can A-Shares stabilize in the few trading days, and will the two financial risks remain controllable?
Liangrong account appears among the top ten circulating shareholders
Since the beginning of 2022, A-Shares have continued to decline, and financiers are facing great pressure. The reporter is concerned that at present, among the top ten circulating shareholders of some listed companies, there are multiple financing account holdings.
According to choice data, as of the third quarter report of 2021, there are 10 listed companies with the top ten outstanding shareholders listed in the list, including Beijing Thunisoft Co.Ltd(300271) , Gad Environmental Technology Co.Ltd(300854) , Shanghai Hiuv New Materials Co.Ltd(688680) , Gch Technology Co.Ltd(688625) , Shanghai Action Education Technology Co.Ltd(605098) , Zhejiang Jinghua Laser Technology Co.Ltd(603607) , Hubei Donper Electromechanical Group Co.Ltd(601956) , Solareast Holdings Co.Ltd(603366) , Jiangsu Jiejie Microelectronics Co.Ltd(300623) and Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) .
Except for Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , the share prices of all the above-mentioned stocks have fallen since the beginning of the year, and six of them have fallen by more than 10%.
Among the top ten shareholders of the above listed companies, some include one relevant securities account, and some even as many as seven accounts, involving more than ten securities companies, including Huatai Securities Co.Ltd(601688) , Guotai Junan Securities Co.Ltd(601211) , Gf Securities Co.Ltd(000776) , China Securities Co.Ltd(601066) , Everbright Securities Company Limited(601788) , Caitong Securities Co.Ltd(601108) , Anxin securities, etc.
Among the top ten tradable shareholders of Gad Environmental Technology Co.Ltd(300854) , seven seats are customer credit transaction guarantee securities accounts, involving a total of 51.484 million shares, with a shareholding ratio of 7.15%; Hubei Donper Electromechanical Group Co.Ltd(601956) also has four seats, with a shareholding ratio of 5.56%; Solareast Holdings Co.Ltd(603366) three seats, holding 1.82%; Shanghai Hiuv New Materials Co.Ltd(688680) and Gch Technology Co.Ltd(688625) have two seats respectively, and their total shares are about 3%.
It is worth noting that Beijing Thunisoft Co.Ltd(300271) although there is no secured securities account for credit transaction in the list of the top ten circulating shareholders in the three quarter report, there are three shareholders participating in the margin trading business among the top ten circulating shareholders.
Li Jihong, the fifth largest shareholder, holds 12269336 shares in total, of which 6126175 shares are held through the credit transaction guarantee securities account, accounting for nearly 50%; Zhang Ting, the eighth largest shareholder, holds 8403300 shares in total, which are held through the credit transaction guarantee securities account; Xie Huiming, the ninth largest shareholder, holds a total of 76351910 shares, of which 75351910 shares are held through the credit transaction guarantee securities account and only 100000 shares are held through the ordinary securities account.
The data on October 25 showed that the newly increased holdings in the credit trading guarantee securities accounts of several brokerage customers poured into the top ten circulating shareholders and occupied five seats in one fell swoop.
Among them, Citic Securities Company Limited(600030) customer credit transaction guarantee securities account has become the fifth largest shareholder, holding 11.4881 million shares, accounting for 1.6%; Guotai Junan Securities Co.Ltd(601211) the customer credit transaction guarantee securities account became the sixth largest shareholder, holding 11.1638 million shares, accounting for 1.55%; The customer credit transaction guarantee securities account of Shenwan Hongyuan Group Co.Ltd(000166) Securities Co., Ltd. became the seventh largest shareholder, holding 10733400 shares, accounting for 1.49%; Southwest Securities Co.Ltd(600369) the customer credit transaction guarantee securities account is the ninth largest shareholder, holding 9155700 shares, accounting for 1.27%; Huatai Securities Co.Ltd(601688) the customer credit transaction guarantee securities account is the tenth largest shareholder, holding 8.943 million shares, accounting for 1.24%.
the scale of the two financial institutions continued to shrink
In addition to the above individual stocks, on the whole, the market has been in a volatile downward trend recently, and the balance of margin trading has been reduced. As of January 25, the balance of margin trading in Shanghai and Shenzhen stock markets was 1.76 trillion yuan (accounting for 3.04% of the circulation market value of a shares), a decrease of 12.809 billion yuan compared with January 24 and 50.987 billion yuan compared with 1.82 trillion yuan on January 17 before the continuous reduction, a decrease of 2.8%. Among them, the balance of financing was 1.66 trillion yuan and the balance of securities lending was 99.493 billion yuan.
Over the same period, the trading volume of Liangrong was 63.766 billion yuan, accounting for 5.76% of the trading volume of a shares, an increase of 5.434 billion yuan compared with January 24.
In the view of the industry, the recent decline in the stock market and the reduction of financing balance mean that funds are fleeing.
According to the industry, from January 18 to January 25, the industries with a large reduction in financing balance were biomedicine (5.877 billion yuan), electronics (4.015 billion yuan), food and beverage (2.909 billion yuan), non-ferrous metals (2.803 billion yuan), non bank finance (2.731 billion yuan), basic chemical industry (2.025 billion yuan) and other industries, with a reduction of more than 2 billion yuan.
So, which stocks have a higher proportion of financing customers?
According to the data, the latest financing balance of Rendong Holdings Co.Ltd(002647) is 1.467 billion yuan, accounting for 30.80% of the circulating market value, far ahead, followed by Guangzhou Sanfu New Materials Technology Co.Ltd(688359) , Shanghai Electric Wind Power Group Co.Ltd(688660) . The financing balance accounts for more than 16% of the circulating market value, 16.50% and 16.04% respectively. From the perspective of stock price, from 2022 to January 26, Rendong Holdings Co.Ltd(002647) has fallen by 10.46%, Guangzhou Sanfu New Materials Technology Co.Ltd(688359) has fallen by 22.91% and Shanghai Electric Wind Power Group Co.Ltd(688660) has fallen by 9.45%.
full position financing can still be operated, and securities companies can control risks in multiple ways
If the A shares "fall endlessly" and the funds continue to flee, will the two financial institutions approach the early warning line again? Is the risk of cross position controllable?
"Whether it will explode depends on the situation of the account. It's hard to say. Those with more high-level financing may have this risk. Even if they reach the closing line, they will not be forced to close all positions. Only part of the positions will be closed and the guarantee proportion will be maintained." A coupon merchant said.
The reporter is concerned that at present, the standards of early warning line and closing line of many securities companies are different, but most of them are between 110% and 150%. Sealand Securities Co.Ltd(000750) the warning line is 150%, the warning line is 140%, and the closing line is 130%; Guotai Junan Securities Co.Ltd(601211) 140% attention line, 130% warning line and 110% closing line; Changjiang Securities Company Limited(000783) warning line 140%, closing line 115% ~ 130%.
The market fell rapidly, individual stocks fell deeply, and the two financial investors with high position concentration may be more vulnerable. Some people from securities companies have said that investors have a single variety of positions, and full position financing is prone to extreme risks. "Sometimes one or two drop limits will soon reach the early warning line, depending on which ticket."
In order to prevent the above extreme situations, several securities companies have set the concentration threshold of single securities positions in credit accounts.
According to the official website of Guosen Securities Co.Ltd(002736) , if the guarantee ratio of the main board, non ETF funds and bonds is maintained between 180% (inclusive) and 240% (inclusive), the concentration threshold is 80%, that is, the market value of a single securities in the investor's credit account (including the purchase entrustment and financing purchase entrustment not traded on that day) accounts for no more than 80% of the total assets.
However, the reporter learned that in the actual business, the situation of customers' full warehouse financing of single stocks still occurs from time to time.
"This needs to be discussed in detail. We will have a set of evaluation criteria according to the assets of the two financial accounts, the maintenance proportion, etc. the whole position can be achieved, but the risk is relatively high, and we will also remind." Brokerage business department told reporters.
At the level of securities companies, a number of securities companies are adjusting the business rules of two finance. For example, set up an emergency closing line to adjust the underlying securities that can offset the deposit.
Some securities companies adjusted the target. Changjiang Securities Company Limited(000783) on the morning of January 26, two business announcements were issued, both related to the two financial services. One is to adjust the list of "special securities" in the credit account, and the other is to adjust the margin securities and underlying securities.
According to the announcement, after the entrusted transaction of ordinary purchase or financing purchase of "special securities", the market value of the securities and the proportion of the market value of the "special securities" sector in the total assets of the credit account need to meet: when the guarantee proportion of the credit account is less than 300% (inclusive), the upper limit of the position concentration of the "special securities" single securities and sector is 30% and 60% respectively, and when it is higher than 300%, The position concentration is 100% on the line.
Some securities companies "patch" the two financial contracts. In the middle of January this year, China Greatwall Securities Co.Ltd(002939) revised the contract for margin trading and securities lending business, and added an "emergency closing line" to the new contract.
According to the contract, in the margin trading, the warning line is set to maintain the guarantee ratio of 150%, the closing line is to maintain the guarantee ratio of 130%, the emergency closing line is to maintain the guarantee ratio of 120%, and the recovery and release line is to maintain the guarantee ratio of 140%.
In addition, for the configuration before the Spring Festival, Huatai Securities Co.Ltd(601688) researcher Zhang Xinyuan believes that since the beginning of the year, the market has been in the "tangle" of the "mismatch" between policy strength and policy objectives, and the risk appetite is weak. However, considering the marginal changes of the above two factors after the festival, the "squat" since the beginning of the year or the "agitation" from the end of the festival to the two sessions, there will be no "agitation" without "squat", which can cover the hedging position, increase the policy strength or catalyze the staged rebound of A-Shares after the festival.
"After the negative emotions before the festival are greatly vented, the expectation difference is corrected, and the negative factors at the denominator end converge, appropriate shareholding before the festival will be a better operation idea. In terms of allocation idea, we can closely follow the main line of 'steady growth', energy revolution and scientific and technological innovation." Yan Kaiwen, chief analyst of Huaxin securities, told reporters.
He believes that before the festival, affected by the Federal Reserve's interest rate hike and the regional political crisis, investors' risk appetite decreased rapidly, resulting in A-share wide adjustment, and panic became the dominant factor in the market. "Two weeks before the Spring Festival, A-share investors' risk appetite has always been more cautious. Before the long holiday, investors are more inclined to put their bags in order to avoid the risk of uncertainty in the overseas market, especially this year."
