【中文版】

两融杠杆是指投资者通过融资买入股票和融券卖出股票的方式来放大自身的投资杠杆，从而增加投资收益或扩大投资风险的行为。

具体来说，投资者通过向证券公司或银行等金融机构融资，借入一定比例的资金，然后利用这些资金购买股票。如果股票价格上涨，投资者可以获得更高的收益，因为他们是利用较小的自有资金控制了更多的股票。这种方式可以帮助投资者实现以小博大的效果。

另外，投资者还可以通过融券卖出股票的方式来放大空头头寸。融券是指投资者向证券公司借入一定数量的股票，然后将其卖出。如果股票价格下跌，投资者可以赚取更多的利润，因为他们是通过较小的自有资金控制了更多的股票空头头寸。

然而，两融杠杆也放大了投资风险。如果市场行情不好，投资者购买的股票价格下跌，那么投资者不仅要承担自身的亏损，还要承担融资或融券的资金成本和可能的强制平仓风险，可能导致严重的损失。因此，投资者在进行两融杠杆投资时需要谨慎评估自身的风险承受能力和投资目标，并选择合适的投资策略和风险控制措施。

总的来说，两融杠杆是一种放大投资收益和扩大投资风险的方式，需要投资者谨慎决策。

【英文版】

Margin leverage refers to investors using margin and short selling stocks to amplify their investment leverage, thereby increasing investment returns or expanding investment risks.

Specifically, investors borrow a certain amount of funds from securities companies or banks and other financial institutions, and then use these funds to buy stocks. If the stock price rises, investors can obtain higher returns because they are using relatively small own funds to control more stocks. This method can help investors achieve the effect of achieving a great result with a small investment.

In addition, investors can also amplify their short positions by selling borrowed stocks. Margin refers to the act of investors borrowing a certain number of stocks from securities companies and selling them. If the stock price falls, investors can earn more profits because they are controlling more short positions with relatively small own funds.

However, margin leverage also amplifies investment risks. If the market is not performing well and the price of the investor's purchased stocks falls, then the investor not only bears their own losses but also bears the cost of margin borrowing and possible forced liquidation risks, which can lead to serious losses. Therefore, when considering margin leverage investment, investors need to carefully evaluate their own risk tolerance and investment goals, and choose appropriate investment strategies and risk control measures.

Overall, margin leverage is a way to amplify investment returns and expand investment risks, which requires investors to make cautious decisions.