Securities Investment Funding Guide
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
配资主体
Funding Entity
私募证券基金、公司、个人均可
Private equity funds, companies and individuals are all welcome
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
投资范围
Investment scope
国内沪深证券交易所挂牌交易的A股股票(包括沪深主板、创业板、科创板股票）、港股通股票（包括沪市港股通、
深市港股通）
A-share stocks listed on the Shanghai and Shenzhen Stock Exchanges(including Shanghai and Shenzhen Main Boards, Growth Enterprise Market, and Science and Technology Innovation Board stocks), Hong Kong Stock Connect stocks (including Shanghai Hong Kong
Stock Connect, Shenzhen Hong Kong Stock Connect)
投资于货币市场基金、封闭式基金、ETF基金、LOF基金、银行存款、交易所债券、国债逆回购、银行间和交易所债券
（仅限于国债、利率债、金融债、可转债）
Invest in money market funds, closed-end funds, ETF funds, LOF funds, bank deposits, exchange bonds, treasury bond reverse repurchase, interbank and exchange bonds (limited to treasury bonds,interest-bearing bonds, financial bonds, convertible bonds)
参与一级市场新股申购（包括A股主板、创业板和科创板股票）、一级市场可转债申购、信托业保障基金
Participate in the subscription of new shares in the primary market (including A-share main board, GEM and STAR market stocks), the subscription of convertible bonds in the primary market,
and the trust industry guarantee fund
允许以大宗交易方式买卖股票，但不得大宗交易买入有限售期的股票
It is allowed to buy and sell stocks in block trades, but it is not allowed to buy stocks with a limited sale period in block trades
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
投资限制
Investment restrictions
不得投资于ST、ST、S、SST、SST类上市公司股票、权证、商品期货、不在沪深两交易所挂牌交易的各类有价证券
（银行间债券及准入标准规定的投资范围内的有价证券除外）如被动持有，应在10个交易日内减持完毕
Investment in stocks, warrants, commodity futures of listed companies of ST, ST, S, SST, SST, and all kinds of securities not listed on the Shanghai and Shenzhen Stock Exchanges (except
inter-bank bonds and securities within the investment scope specified in the access standards) is prohibited. If passive holding, the reduction should be completed within 10 trading days.
不得投资于PPN和私募债等非公开发行的债券及次级债券等OTC市场的各类产品
Investment in non-publicly issued bonds such as PPNs and private placement bonds, as well as various products in the OTC market such as subordinated bonds, is prohibited
不得进行回购融资交易、融资融券
Repurchase financing transactions and margin trading are not allowed
不得投资股指期货
No investment in stock index futures
不得将委托资产用于贷款、抵押融资或对外担保等用途
The entrusted assets shall not be used for loans, mortgage financing or external guarantees, etc.
不得将委托资产用于可能承担无限责任的投资
Entrusted assets may not be used for investments that may incur unlimited liability
不得开展任何形式的正回购或进一步提高杠杆的操作
Any form of reverse repurchase or further leverage operation shall not be carried out
次级投资人或投资顾问的投资建议操作涉嫌反向操作、操纵市场、明显偏离市场均价等情况，如果接到沪深交易所、
港交所的口头或书面警告，投资顾问不听劝阻的，分级产品管理人有权限制其买入的权利，直至该种证券全部卖出
If the investment advice of a secondary investor or investment consultant is suspected of reverse operation, market manipulation,
or obvious deviation from the market average price, and the investment consultant refuses to listen to the warning after receiving verbal or written warning from the Shanghai, Shenzhen, or Hong Kong Stock Exchange, the tiered product manager has the right to restrict
his/her right to buy until all the securities of the type are sold.
不得投资于产品管理人、劣后级份额持有人、投资顾问等 存在或可能存在关联关系的主体所发行的证券
Investments in securities issued by entities that have or may have a related relationship with product managers, junior unit holders, investment advisors, etc. are prohibited.
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
投资集中度限制
Investment concentration restrictions
分级资管产品的集中度控制以资产买入时成本占产品财产净值计算
The concentration control of graded asset management products is calculated by the cost of assets purchased as a percentage of the net asset value of the products.
杠杆比例不超过1:1，产品持有股票总仓位不超过100%；产品杠杆比例超过1:1且不超过2:1，产品持有股票总仓位不超过80%
The leverage ratio does not exceed 1:1, and the total stock position held by the product does not exceed 100%; the leverage ratio of the product exceeds 1:1 and does not exceed 2:1, and the total stock position held by the product does not exceed 80%
投资于一家上市公司所发行的股票，不得超过投资时该上市公司总股本的5%及流通股的10%
Investment in stocks issued by a listed company shall not exceed 5% of the total share capital and 10% of the outstanding shares of the listed company at the time of investment.
除申购新股外，投资沪深主板的单只A股股票持仓比例不超过产品财产净值的20%
Except for the subscription of new shares, the proportion of single A-share stocks held in the Shanghai and Shenzhen main boards shall not exceed 20% of the net asset value of the product.
除申购新股外，投资于全部创业板股票合计不超过产品财产净值的20%，投资于单只创业板股票不超过产品财产净值
的10%和该只创业板上市公司流通市值的5%，要求创业板股票需在其上市5个交易日后才可买入
In addition to the subscription of new shares, the total investment in all GEM stocks shall not exceed 20% of the net asset value of the product, and the investment in a single GEM stock shall not exceed 10% of the net asset value of the product and 5% of the circulating
market value of the GEM listed company. GEM stocks must be purchased 5 trading days after they are listed.
除申购新股外，投资于单只科创板股票不超过产品财产净值的10%和该只科创板上市公司流通市值的5%，投资于全部科创板股票不超过产品财产净值的20%。要求科创板股票需在其上市5个交易日后才可买入
In addition to the subscription of new shares, the investment in a single Sci-Tech Innovation Board stock shall not exceed 10% of the product’s net asset value and 5% of the circulating market
value of the Sci-Tech Innovation Board listed company, and the investment in all Sci-Tech Innovation Board stocks shall not exceed 20% of the product’s net asset value. It is required that
Sci-Tech Innovation Board stocks can only be purchased after 5 trading days of listing.
申购新股资金不得超过产品财产净值100%。中签的沪深主板 新股单只股票金额不得超过产品财产净值的20%，若超出该
投资限制时，需在新股上市当日卖出所持有的该只股票直至不超过产品财产净值的20%的范围内；中签的创业板和科创
板新股单只股票金额不得超过产品财产净值的10%，若超出该投资限制时，需在新股上市当日卖出所持有的该只股票直
至不超过产品财产净值的10%的范围内；中签的科创板股票和创业板股票（限售的除外），需在上市首日全部卖出
The amount of funds for new stock subscription shall not exceed 100% of the net asset value of the product. The amount of a single winning Shanghai and Shenzhen main board new stock shall not
exceed 20% of the net asset value of the product. If it exceeds the investment limit, the stock held must be sold on the day of listing until it does not exceed 20% of the net asset value of the product. The amount of a single winning GEM and STAR Market new stock shall not exceed 10% of the net asset value of the product. If it exceeds the investment limit, the stock held must be sold on the day of listing until it does not exceed 10% of the net asset value of the product.
All winning STAR Market and GEM stocks (except those with sales restrictions) must be sold on the first day of listing.
港股通标的仅限于总市值300亿港币以上（含）的，投资单只港股通股票不得超过整个产品净值10%和该只港股通上市公司
流通市值的5%，投资于全部港股通股票不超过产品净值的20%
The Hong Kong Stock Connect targets are limited to stocks with a total market value of HKD 30 billion or more (inclusive). Investment in a single Hong Kong Stock Connect stock shall not exceed 10% of the entire product net value and 5% of the Hong Kong Stock Connect listed company’s circulating market value. Investment in all Hong Kong Stock Connect stocks shall not exceed 20% of the product net value.
港股通股票和可转债合计不超过产品净值30%；创业板和科创板股票合计不超过产品净值30%
The total amount of Hong Kong Stock Connect stocks and convertible bonds shall not exceed 30% of the product’s net value; the total amount of GEM and Sci-Tech Innovation Board stocks shall
not exceed 30% of the product’s net value
投资单只基金的比例（货币基金除外），不得超过产品财产净值20%，且其持有的份额不得超过该基金总发行额的10%
如被动持有超过该比例，应在10个交易日内减持到规定的比例以内
The proportion of investment in a single fund (except for money market funds) shall not exceed 20% of the net asset value of the product, and the shares held shall not exceed 10% of the total
issuance amount of the fund. If the passive holding exceeds this proportion, it shall be reduced to the prescribed proportion within 10 trading days.
二级市场债券投资仅限于国债、金融债、利率债和可转债，其中可转债要求投资主体评级或债项评级AA及以上的，
全部债券投资（国债除外）合计不得超过产品净值的50%投资单只国债、金融债、利率债单只债券额度不得超过产品
净值20%和该只债券市场存量规模的10%；投资单只可转债不得超过产品净值10%和该只债券存量规模的10%，投资全部
可转债不得超过产品规模20%
Secondary market bond investment is limited to treasury bonds, financial bonds, interest-bearing bonds and convertible bonds. Convertible bonds require the investment subject rating or bond
rating to be AA or above. The total investment in all bonds (excluding treasury bonds) shall not exceed 50% of the product’s net value. The investment amount in a single treasury bond, financial
bond or interest-bearing bond shall not exceed 20% of the product’s net value and 10% of the market size of the bond; the investment in a single convertible bond shall not exceed 10% of the product’s net value and 10% of the market size of the bond; the investment in all
convertible bonds shall not exceed 20% of the product size.
一级市场债券申购仅限于可转债申购，申购单只可转债金额不得超过产品财产净值100%；申购新发行可转债中签的，
需在债券上市10个交易日内卖出
The bond subscription in the primary market is limited to convertible bonds. The amount of a single convertible bond subscription shall not exceed 100% of the net asset value of the product. If you win the bid for the newly issued convertible bonds, you must sell them within 10 trading days after the bonds are listed.
因证券市场波动、上市公司合并、分级产品规模变动、配股、公开增发等因素致使不符合投资限制的，次级投资人或投资
顾问可在规定时限内出具投资建议进行调仓（一般要求在10个交易日内调整完毕，遇股票停牌等限制流通的情况，
调整时间顺延）。若次级投资人或投资顾问未在规定时限内出具投资建议，分级产品管理人有权自主将超出投资比例限制
的投资品种强制减持至规定的投资比例范围内
If the investment restrictions are not met due to factors such as securities market fluctuations, mergers of listed companies, changes in the scale of tiered products, rights issues, public offerings, etc., the secondary investor or investment consultant may issue an investment proposal within the prescribed time limit to adjust the position (generally required to be completed within 10 trading days,and the adjustment time will be postponed in the event of stock
suspension and other restrictions on circulation). If the secondary investor or investment consultant fails to issue an investment proposal within the prescribed time limit, the tiered product manager has the right to independently reduce the investment products that exceed the investment ratio limit to the prescribed investment ratio range.
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
投资要求
Investment Requirements
双方资金归集到国有信托公司，用信托公司在证券公司开立的账户进行股票买卖，盈利部分的资金可自由提取，不受限制
The funds of both parties are collected in a state-owned trust company, and the trust company uses the account opened in the securities company to buy and sell stocks. The profit funds can
be withdrawn freely without restrictions.
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
预警平仓线
Early warning liquidation line
履约保障比例应至少包括预警线、平仓线，具体如下表：
The performance guarantee ratio should at least include the early
warning line and liquidation line, as shown in the following table:
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
预警平仓线
Early warning liquidation line
当T日产品单位净值触及预警线时，自T+1日起至产品单位净值恢复至预警线以上止，该产品将禁止买入动作，只能卖出补仓人可选择主动追加资金使产品单位净值恢复至预警线以上当T日产品单位净值低于平仓线时，补仓人必须于T+1日上午10:30之前追加资金使产品单位净值恢复至预警线以上否则分级产品管理人将平仓
When the unit net value of the product on T day touches the warning line, from T+1 day until the unit net value of the product recovers to above the warning line, the product will be prohibited from buying and can only be sold. The person who covers the position can choose to actively add funds to restore the unit net value of the product to above the warning line; when the unit net value of the product on T day is lower than the liquidation line, the person who covers the
position must add funds before 10:30 am on T+1 day to restore the unit net value of the product to above the warning line, otherwise the tiered product manager will liquidate the position.
Securities Investment Funding Guide
证券投资配资指引
Securities Investment Funding Guide
还款方式
Repayment Method
季度、半年度或年度结息
Quarterly, half-yearly or annual interest settlement