As a kind of institutional innovation, carrying out the pilot of securities companies' margin financing and securities lending and introducing stock index futures varieties will naturally have a great impact on market supervision, brokers, investors, securities varieties and securities market. For market supervision, the most important thing is of course risk control, so that the new system can run smoothly. Margin trading and stock index futures are the internal basis for the perfection and stable operation of securities trading. Risk supervision focuses on key securities firms, the investor suitability system, the access policy of financial institutions, and the securities introduction business training for market participants through indicators such as net capital scale, compliance management and net capital risk control, that is, setting access thresholds for all parties in the market. For example, according to the Measures for the Pilot Management of Margin Trading of Securities Companies issued by the China Securities Regulatory Commission in 2006, securities companies are not allowed to provide margin trading to investors who do not meet the requirements for credit reporting of securities companies, investors who have been trading in securities companies for less than half a year, investors who are not included in third-party depository, investors who lack risk-taking ability or have a record of major breach of contract, shareholders of securities companies and related personnel. Through the examination and approval of stock index futures contracts, the key trading varieties and the ratio of margin financing and securities lending are stipulated, and the risks are controlled through the supervision of trading varieties. Undoubtedly, brokerage stocks are the biggest beneficiaries of the launch of stock index futures and the pilot of margin financing and securities lending business. The value of listed securities firms' stocks will also increase accordingly. First, from the perspective of stock index futures, brokerage futures companies will account for the largest proportion of business. At present, all major brokers have obtained IB business qualifications and hold futures companies. Brokerage futures companies have a natural competitive advantage in stock index futures by virtue of their strong financial strength, network advantages, rich customer resources and close ties with the securities market. Therefore, stock index futures will be the world of brokers. Second, margin trading provides a new business channel with low risk and high income for large brokers. Margin trading provides brokers with multiple intermediary business income, such as financing interest income, margin trading fee and handling fee, which is helpful to improve the valuation level of pilot brokers. However, the size of each brokerage firm is limited by capital and approval, and the securities lending comes from the self-operated varieties of brokers. It is estimated that the financing scale will be larger than the securities lending scale, which will become a new channel for brokers to obtain low-risk profits. Margin trading also provides a good tool for large brokers to avoid operational risks, which will change the current situation that brokers rely too much on brokerage business. Third, the monopoly of brokerage business will gradually form. At present, only 1 1 brokers have completed the online test of margin financing and securities lending, and most brokers may still be excluded from new business. The restrictive opportunities driven by the new system provide opportunities for the business expansion of large securities companies. When other brokers are qualified after the pilot, they may face the result that the market is divided up. Not all investors have the opportunity to participate in margin financing and stock index futures. Most investors can't participate in stock index futures and margin trading through proper investigation, especially due to the limitation of capital conditions. As a result, investors will form hierarchical qualifications, new businesses will become profit creators and risk management levers for investments with strong financial strength, and large institutional customers may solidify into customers of pilot brokers. For example, according to the relevant laws and regulations, investors can only choose one securities company to sign margin financing and securities lending contracts, and in a securities market, they can only entrust one securities company to open credit securities accounts for them. Therefore, using the pilot opportunity, it is entirely possible for large brokers to master large customers. However, this does not mean that weak investors will not have the opportunity to share the fruits of new business, and weak investors can also indirectly serve their own investment through the new system. Margin trading and stock index futures are aimed at controlling risks or making profits through "short selling" when the market falls. Therefore, improving their investment operation level and controlling their positions in time are the core requirements for investors to control risks when the market falls, which is the same as when there are no new trading varieties. In fact, the functions of margin financing and stock index futures are neutral and equal to both sides of the market. Whether it can promote the market rise depends on the valuation level of large-cap blue-chip stocks, the screening of large-cap blue-chip stocks by the exchange and the provisions on the ratio of margin financing and securities lending. The launch of the two new businesses will naturally help to improve the liquidity and financing rate of large-cap blue-chip stocks in the long run, but it is not the decisive factor for market ups and downs. However, in the short term, the power of doing more may promote the emergence of large-cap blue-chip stocks. In addition to ETF and warrants, after the launch of margin financing and securities lending, large-cap stocks will become another game tool for large capital households. The most typical is the "tail-jumping" market in Shanghai and Shenzhen stock markets, which bottomed out at 65438 on1October 8. The Shanghai and Shenzhen 300 index, which is closely related to stock index futures, rose more than the two cities, and brokerage stocks that directly benefited from margin financing and securities lending were sought after by the market. With the approval or issuance of Bosera SSE Ultra-large ETF, BOC Blue Chip Select Flexible Allocation Fund and Shenwan Paris CSI 300 Value Fund, institutions began to "scramble for funds" for large-cap blue chips. Although investors expect a blue-chip market to appear, whether this market can really appear depends on the relevant implementation rules, the pace of new business launch, the valuation of blue-chip stocks and other accidental factors.