什么是融资融券展期？

融资融券展期是指投资者在已经持有融资融券合约的基础上，向证券公司申请延长该合约的到期日。简单来说，就是投资者在融资融券交易中，将原本到期需要归还借款或卖出证券的合约时间延长，以便继续持有该合约。

融资融券交易是一种利用证券做抵押进行借贷的交易方式，其中融资是指买入股票等证券时需要支付一定的保证金，而融券则是指卖出证券时需要借入该证券并支付一定的利息。当投资者持有的融资融券合约到期时，如果未能按时归还借款或卖出证券，就需要进行展期操作。

融资融券展期的操作流程相对简单，投资者只需要向证券公司提出展期申请，并提供相应的抵押物或保证金，即可获得展期。具体展期期限根据证券公司的规定而定，但通常不会超过原合约期限。

融资融券展期的好处在于，当市场行情有利于投资者持有的证券价格上涨时，通过展期可以继续持有该证券并获得更多的收益。同时，如果投资者在原合约期限内遇到资金周转困难或其他紧急情况，也可以通过展期来缓解压力。

需要注意的是，融资融券展期也存在一定的风险。如果市场行情不利于投资者持有的证券价格下跌，则展期会导致投资者承担更大的亏损。因此，在进行融资融券交易时，投资者需要充分了解市场行情和自己的风险承受能力，谨慎决策。

英文对照：

What is the Extension of Margin Trading and Short Selling?

The extension of margin trading and short selling refers to the investors' application to the securities company for extending the expiration date of the already held margin trading and short selling contracts. Simply put, investors extend the time of the contract that needs to repay the loan or sell the securities when the contract expires in the margin trading and short selling transactions.

Margin trading and short selling transactions are trading methods that use securities as collateral for borrowing. Margin trading refers to the purchase of stocks and other securities that require a certain amount of margin, while short selling refers to the sale of securities that require borrowing the securities and paying a certain interest. When the investors' held margin trading and short selling contracts expire, if they fail to repay the loan or sell the securities on time, they need to perform the extension operation.

The operation process of margin trading and short selling extension is relatively simple. Investors only need to apply to the securities company for extension, provide the corresponding collateral or margin, and then obtain the extension. The specific extension period is determined by the securities company's rules, but it usually will not exceed the original contract period.

The benefits of margin trading and short selling extension lie in that when market conditions are favorable for investors' held securities prices to rise, extension can help investors continue holding the securities and obtain more income. At the same time, if investors encounter cash flow difficulties or other emergencies during the original contract period, they can also alleviate the pressure through extension.

It should be noted that there are also risks in margin trading and short selling extension. If market conditions are unfavorable for investors' held securities prices to fall, extension will cause investors to bear greater losses. Therefore, when engaging in margin trading and short selling transactions, investors need to fully understand market conditions and their risk tolerance, and make cautious decisions.