《繁花》落幕，结局的股市保卫战看懵了
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热剧《繁花》圆满落下帷幕，结局最燃的要数上海股市保卫战，宝总、强总、麒麟会之间的博弈。国外已经在等待英语字幕了，台词出现的很多股市行话“平仓”“重仓”“强制平仓”“平仓线”“警戒线”如何翻译？
什么是“平仓”？什么是“重仓”？
“平仓”和“重仓”是股市常见术语。
“平仓”是指投资者关闭其开放的交易头寸。在实际操作中，这意味着如果投资者之前买入（即持有多头头寸）了某种资产，他们会通过卖出相同数量的该资产来平仓；相反，如果他们卖空（即持有空头头寸）了某种资产，他们会通过买入相同数量的资产来平仓。平仓操作的目的通常是为了实现利润，或者是为了减少损失。
“重仓”则是指投资者在特定的证券或市场上投入了较大比例的资金，资金和股票相比，股票份额占多。当一个投资者的投资组合中某一资产占比很高时，就可以说该投资者对该资产“重仓”。这样的策略可能因为集中投资而获得较高的收益，但同时也承担了较高的风险，因为投资组合的表现过度依赖于少数几种资产。
与“重仓”相对的是“轻仓”，是指资金和股票相比，资金份额占多。
在英语中，“平仓”常用Close Position表达，“重仓”可译为Overweight (Investing)，“轻仓”则常用underweight表达。
Closing a position refers to executing a security transaction that is the exact opposite of an open position, thereby nullifying it and eliminating the initial exposure. Closing a long position in a security would entail selling it, while closing a short position in a security would involve buying it back. Taking offsetting positions in swaps is also very common to eliminate exposure prior to maturity.
An overweight investment is an asset or industry sector that comprises a higher-than-normal percentage of a portfolio or an index. An investor might choose to devote a greater portion of the portfolio to a sector that seems particularly promising, or an investor might go overweight on defensive stocks and bonds at a time when prices are volatile.
Underweight refers to one of two situations in regard to trading and finance. An underweight portfolio does not hold a sufficient amount of a particular security when compared to the weight of that security held in the underlying benchmark portfolio. Underweight can also refer to an analyst's opinion regarding the future performance of a security in scenarios where it is expected to underperform.
什么是“强制平仓”？
“强制平仓”又称“强行平仓”，也叫“被斩仓”“被砍仓”“爆仓”，是指在某些特殊条件下，投资者保证金账户中的客户权益为负值的情形。爆仓就是亏损大于你的账户中的保证金。由公司强平后剩余资金是总资金减去你的亏损，一般还剩一部分。
简单来说，当一个投资者持有的保证金账户中的资金低于所需的最低保证金水平时，经纪公司会自动卖出或平仓投资者持有的头寸，以减少风险和潜在的损失。
英文中，这一概念被称为 "Margin Call" 或 "Forced Liquidation"。
A margin call occurs when the percentage of an investor’s equity in a margin account falls below the broker’s required amount. An investor’s margin account contains securities bought with a combination of the investor’s own money and money borrowed from the investor’s broker.
Forced selling or forced liquidation usually entails the involuntary sale of assets or securities to create liquidity in the event of an uncontrollable or unforeseen situation. Forced selling is normally carried out in reaction to an economic event, personal life change, company regulation, or legal order.
什么是“警戒线”和“平仓线”？
在股市中，“警戒线”是与保证金交易相关的一个术语。它是指在保证金账户中，投资者持有的证券的价值下跌到一个特定水平，低于初始保证金要求的一定比例，但还没有达到强制平仓的水平。这个水平是经纪商根据规定和协议设定的，用来提醒投资者他们的账户资金水平接近危险区域，可能需要追加资金以维持现有头寸，防止被迫平仓。
简而言之，警戒线是一个风险控制指标，当账户价值下降到接近保证金要求时，投资者应当警觉并采取行动。这是为了防止账户进一步下跌导致的强制平仓。如果账户价值继续下跌，触及所谓的“平仓线”或“追加保证金线”，投资者可能会收到强制平仓的通知，要求他们存入更多资金或卖出部分头寸以满足最低保证金要求。
“平仓线”指的是保证金账户中，当账户的净值下降到一定水平，根据经纪商的要求必须进行平仓操作的界限。如果账户价值继续下跌，达到这条线，投资者需要立即行动，要么追加保证金以维持头寸，要么强制平仓部分或全部头寸以减少损失。
这个水平通常低于“警戒线”，是经纪商为了保护自身利益（防止客户的亏损超出其账户资金并影响到经纪商的资金）而设置的一个安全阀。
“警戒线”的英文表达通常是maintenance margin，“平仓线”的英文表达通常是liquidation level。
Maintenance margin is the minimum equity an investor must hold in the margin account after the purchase has been made; it is currently set at 25% of the total value of the securities in a margin account as per Financial Industry Regulatory Authority (FINRA) requirements.
The liquidation level, normally expressed as a percentage, is the point that, if reached, will initiate the automatic closure of existing positions. It is a security feature developed to prevent investors from incurring significant losses beyond a specified point and is, usually, pre-determined by the trader or the brokerage firm.
图源：电视剧《繁花》截屏（侵删）
参考：
https://www.investopedia.com/terms/m/margincall.asp
https://www.investopedia.com/terms/f/forcedliquidation.asp
https://www.investopedia.com/terms/c/closeposition.asp
https://www.investopedia.com/terms/o/overweight.asp
https://www.investopedia.com/terms/u/underweight.asp
发布于 2024-01-10 15:51:08
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