Continuing the downturn on March 7, the Shanghai Index, Shenzhen Component Index, and ChiNext Index continued to fall on March 8, all hitting new lows in the intraday period.

　　In the falling market, the two financial data are particularly worthy of attention.

The first financial reporter observed that on March 3 and March 4, the balance of the two financings continued to shrink, reducing 1.431 billion yuan and 7.312 billion yuan respectively compared with the previous day.

However, when A shares fell sharply on March 7, the balance of the two financings on that day increased by 980 million yuan compared with the previous day.

　　A person from the Shanghai branch of a large securities firm told the First Financial Reporter that according to his observations, there are currently no large number of two financial accounts that have reached the warning line.

　　From the perspective of the industry, in the case of a falling stock market, the balance of financing has increased, which means that there are obvious differences between the long and short sides of the market.

　　On March 7, the food and beverage, coal, commercial and retail industries had higher net financing purchases, and the power equipment and mechanical equipment industries had higher financing net sales; Pharmaceutical biology, electronics, non-ferrous biology and other industries.

　　Regarding the risk of financing and financing, many people from the business department of securities companies believe that it is necessary to be alert to the stocks with relatively large declines in the targets of financing and financing, especially the stocks that are controlled by a high proportion of financing customers.

According to Wind Information data, there are 66 stocks whose financing balance accounts for more than 10% of the tradable shares. Among them, Rendong Holdings, China Sports Industry, and Digital Video account for the highest proportions.

Consecutive declines are now long and short differences

　　After the A-share market experienced a sharp adjustment in January, the market fluctuated widely in February, but it has continued to decline in recent days.

　　Among them, the Shanghai Composite Index rebounded and maintained a wide range of fluctuations after hitting a new low on January 28. It began to fall sharply again on March 3, and fell sharply by 2.17% on March 7; After the sharp drop in January, the index also fluctuated widely in February. This round of decline began on March 2, and hit a new periodical low of 12523.45 points on March 7, down 3.43% on the day; the ChiNext index was After it stopped falling in mid-February, it fluctuated sideways, and fell again on March 2. It also hit a new stage low on March 7, with a drop of 4.30% on the day.

　　With the changes in market conditions, the financial data of Shanghai and Shenzhen has also undergone corresponding changes.

According to Wind information data, the balance of two financing on March 3 was 1.431 billion yuan less than that on March 2, and the balance of two financing on March 4 was 7.312 billion yuan less than that on March 3.

However, the balance of the two financing on March 7 increased by 980 million yuan compared with that on March 4, mainly because the balance of the two financing in the Shanghai stock market increased by 1.725 billion yuan, and the balance of the two financing in the Shenzhen stock market decreased by 745 million yuan.

　　As of March 7, the balance of financing between Shanghai and Shenzhen was 1.72 trillion yuan, of which the financing balance was 1.63 trillion yuan and the securities lending balance was 92.578 billion yuan.

　　So under the sharp drop in the market, whether the risk of the two financial accounts will increase accordingly.

As of the end of January 2022, there were 6.0967 million credit accounts nationwide, including 6.0562 million individual accounts and 40,500 institutional accounts, accounting for 99.34% of the total.

A number of people in the business department said that at present, the business department where they are located has not yet seen a large number of two financing accounts hitting the warning line, and the overall market situation is not very clear.

The market decline and the risk of the two financing accounts are not absolute. It depends on the stocks held, but the risk of the two financing accounts is definitely greater than that of the ordinary accounts, after all, leverage is added.

"If two financial customers will touch the warning line, we will warn the risk, and the dedicated account manager will also contact. Two financial customers can pay attention to the relevant information in their accounts." A person from the brokerage business department said.

　　The first financial reporter checked the public information and found that at present, the standards of the warning line and the liquidation line of many securities companies are different, but most of them are between 110% and 150%.

Among them, the warning line of Guohai Securities is 150%, the closing line is 130%; the concern line of Guotai Junan Securities is 140%, the warning line is 130%, and the closing line is 110%; the maintenance guarantee ratio of CITIC Securities at 16:00 on any trading day is higher than 200 %, the safety line is 140%, and the closing line is 130%.

Be wary of stocks with a high degree of financing customer control

　　In the case of the continuous decline of the A-share market, which stocks have a higher proportion of financing customers, and which stocks have relatively large changes in the financing balance recently?

　　According to Wind information data, there are 66 stocks whose financing balance accounts for more than 10% of the circulating shares. Among them, Rendong Holdings has the highest proportion of financing customers. The latest financing balance is 1.467 billion yuan, accounting for 29.58% of the circulating market value. It is far ahead; followed by the Chinese sports industry and digital video, and the proportion of financing balance to the circulating market value is more than 15%, 16.85% and 15.47% respectively.

From the perspective of stock prices, from March 1 to March 7, Rendong Holdings fell by 3.95%, China Sports Industry fell by 3.68%, and Digital Video fell by 5.16%.

　　Among the above-mentioned 66 stocks, Dongfangtong, Dofluoroduo, and Sanfuxinco fell by more than 10% during the period from March 1 to March 7, respectively 17.02%, 11.88%, and 10.94%.

Among them, as of press time, in the early trading of March 8, Dongfangtong reached a new stage low of 22.66 yuan per share.

　　From the perspective of the industry, if the short-term decline of the two financing targets is large, the holders may face certain risks.

　　From the perspective of the two financing transactions, Wind information data shows that from March 1 to March 7, the two financing transactions amounted to 359.460 billion yuan, accounting for 7.33% of the average transaction value of A shares, of which the financing purchase amount was 336.696 billion yuan, and the sales volume of securities lending was 22.764 billion yuan.

　　According to the industry, during the period from March 1 to March 7, the financing balance of non-ferrous metals and basic chemicals decreased by more than 1 billion yuan; the reduction amount of non-bank finance and building decoration was 600 million yuan. yuan or more.

　　Among them, on March 7, the net purchases of financing in the food and beverage, coal, and commercial and retail industries were relatively high, which were 923 million yuan, 601 million yuan, and 407 million yuan respectively; the net sales of financing in the power equipment and machinery equipment industries The output was higher, with net sales of 302 million yuan and 215 million yuan respectively.

On the same day, the higher selling volume of securities lending was in industries such as power equipment, pharmaceutical biology, electronics, and non-ferrous biology.

　　In the past week, among the stocks whose financing balance has risen sharply, Huakang Medical and Xinrui shares have experienced the largest changes, increasing by 111.70% and 77.15% respectively; Haiguo shares, Deshi shares, and Dajia Weikang have all increased by 60%. %above.

Among the stocks whose financing balance has dropped significantly, Dongwei Semiconductor has the largest drop of 22.45%; Principal Century, Shenshui Planning Institute, Tuoxin Pharmaceutical, and Liaogang shares all dropped by more than 15%.

　　During the same period, among the stocks with a sharp increase in the balance of securities lending, Zhejiang Zhongcheng, Lanjian Intelligent, and Aucma increased by more than 200 times, and 7 stocks such as Baheal Pharmaceutical and Fuman Micro increased by more than 10 times; Among the stocks that fell, Baoxiniao, Zhongbei Communication, Shanghai Yashi and other 8 stocks fell by 100%.