Goldman Sachs: a drop-share financing leverage limited impact on the brokerage stocks

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Night network, network nightlife Wall Street FRANCISCO 16 morning news, stock market volatility and to reduce systemic risk, the Shanghai and Shenzhen Stock Exchange on Friday, the lowest margin financing ratio increased from 50-100%, Goldman Sachs (Goldman Sachs) believe that this new regulations limited impact on the brokerage stocks。  Shanghai and Shenzhen Stock Exchange announced that since November 23 this year, the lowest proportion of investors financing to buy securities when financing margin increased from 50-100%。The so-called margin financing ratio refers to the proportion of deliveries investors with margin financing to buy the amount of financing transactions。Financing margin ratio determines the customer financing leveraged buy trade。For example, when the financing margin percentage was 50%, with 100 million customers to deposit up to 2 million yuan financing to buy the securities to securities companies, leveraged finance transactions sum was twice。When financing margin ratio increased to 100%, with 100 million customers deposit, a maximum of 1 million yuan financing to buy the securities to the securities firm, this time was leveraged finance transactions doubled。  With the A shares this month to re-enter a bull market (defined as more than 20% from the lows), investors began to increase the intensity of financing to buy。Last week, the level of margin financing the balance from the end of September rose 30% to 1.17 trillion yuan, accounting for A-share market value of 5.7%。The proportion than the global level more than twice the normal margin。  However, the impact of new regulations on the financing of the overall market may be small, although the total financing balance is not low, but compared to the peak in June has fallen by half。In contrast, brokerage stocks may be affected Monday Pudie brokerage stocks, as of the morning close, CITIC Securities fell 3.26%, Haitong Securities fell 2.98%。  According million German data, CITIC Securities in financing the highest margin market share, accounting for 6.4%; Haitong Securities and GF Securities accounted for 5.5 and 7%.8% market share。  Goldman Sachs believes that the limited financing to reduce leverage effect on profitability brokerage stocks。According to Goldman Sachs research, some large brokerage firms have long been the minimum margin requirement from the previous 50% to 60% -80%。  "For borrowers generally stock as collateral for margin financing, the theoretical maximum leverage (assets divided by equity) from the past 1.6-2.1 to 4-fold decrease.3-1.7 times, and effectively leverage current margin accounts averaged about 1.Six times, "Goldman Sachs analysts wrote in the report。(Tony compilation)

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