The securities underlying margin financing and securities lending refer to the securities that securities companies can lend to investors and the securities that investors can buy with funds invested. The target of margin trading and securities lending is not fixed, but will be adjusted after a period of time. The purpose is to promote the long-term and healthy development of margin trading and securities lending business and optimize the structure of the underlying securities.

Securities are a collective term for a variety of economic rights and interests certificates, and also refer to specialized types of products. They are legal certificates used to prove certain specific rights and interests enjoyed by the ticket holder. Mainly include capital securities, currency securities and commodity securities. Securities in a narrow sense mainly refer to securities products in the securities market, including equity market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options, interest rate futures, etc.