Okay, let's break down whether a 4.5% margin trading (两融) interest rate is attractive with 1 million RMB.
"1. Understand the Interest Rate:"
4.5% is the "annualized" interest rate. This rate is "charged if you borrow money" to buy stocks (margin loan). You only pay this interest if you "keep the stocks borrowed in your account" for that period. If you "repay the loan before the year ends", you only pay interest for the actual number of days you used the funds.
"2. Compare with Other Costs:"
The key is to compare this 4.5% cost against the potential returns you could generate by "not using the money for margin trading" (e.g., keeping it in cash or other investments).
"Interest Savings:" If you had kept the 1 million RMB in a bank savings account, you would earn very little interest (currently around 0.2-0.4% annually at most). The difference between 4.5% and these low savings rates is significant. "Potential Stock Returns:" This is the most variable factor. "Conservative View:" If you believe the market will only return 5-10% annually on average, then the 4.5% cost might seem high. You'd be paying more to borrow than you potentially earn.

股票两融利率4.5%要不要开?我100万资金