融资融券是一种金融交易方式，它允许投资者通过借款购买证券（融资），或者借出持有的证券卖出（融券）。在这个过程中，展期是一个常见的操作，它指的是延长融资融券交易的期限。为什么需要展期呢？下面我们将探讨几个原因。

首先，展期可以为投资者提供更多的时间来处理交易。融资融券交易通常会设定一个固定的期限，一旦期限到期，投资者就需要偿还借款或者归还借出的证券。然而，有时候投资者可能需要更多时间来决定是否要继续持有或抛售证券，或者等待市场条件更加有利。展期可以给予投资者更多灵活性，使他们能够作出更明智的决策。

英文翻译对照：

Financing and securities lending is a financial trading method that allows investors to buy securities through borrowing (financing) or sell borrowed securities (securities lending). In this process, extension is a common operation, which refers to extending the term of financing and securities lending transactions. Why is extension needed? Below we will explore several reasons.

Firstly, extension can provide investors with more time to deal with transactions. Financing and securities lending transactions usually set a fixed term, and once the term expires, investors need to repay loans or return borrowed securities. However, sometimes investors may need more time to decide whether to continue holding or sell securities, or wait for more favorable market conditions. Extension can give investors more flexibility to make wiser decisions.

其次，展期可以为投资者减少交易成本。在融资融券交易中，投资者需要支付一定的利息或费用来获得借款或融出证券。如果投资者能够及时归还借款或证券，他们可以避免支付额外的费用。然而，在一些情况下，由于种种原因，投资者可能无法按时归还，这就需要展期来延长交易期限，以避免额外的费用产生。

English translation:

Secondly, extension can reduce transaction costs for investors. In financing and securities lending transactions, investors need to pay certain interest or fees to obtain loans or borrow securities. If investors can repay loans or securities in a timely manner, they can avoid paying additional fees. However, in some cases, due to various reasons, investors may not be able to repay on time, which requires an extension to extend the trading period to avoid additional costs.

最后，展期还有助于平衡市场供求。当大量的投资者选择展期来延长融资融券交易期限时，市场上的供应量可能会增加。这种增加的供应可以满足那些想要持有特定证券的投资者，从而维持市场的平衡。此外，展期还可以降低投资者爆仓的风险，避免市场出现不必要的波动。

English translation:

Lastly, extension also helps balance market supply and demand. When a large number of investors choose to extend the term of financing and securities lending transactions, the supply in the market may increase. This increased supply can meet the needs of investors who want to hold specific securities, thereby maintaining market balance. In addition, extension can also reduce the risk of investor liquidation and avoid unnecessary market fluctuations.

总的来说，融资融券交易的展期是为了给予投资者更多时间和灵活性，以便他们能够更好地处理交易、减少成本，并维持市场供求的平衡。通过合理使用展期等操作手段，投资者可以更好地利用融资融券业务带来的机会，并有效地管理风险。

English translation:

In summary, the extension of financing and securities lending transactions is designed to provide investors with more time and flexibility so that they can better handle transactions, reduce costs, and maintain market supply and demand balance. By using measures such as extension reasonably, investors can make better use of the opportunities brought by financing and securities lending businesses and effectively manage risks.