融券借出：理解与运作

中文版

融券借出是股票市场中一项重要的金融操作，它允许投资者从证券公司借入并卖出他们并不实际拥有的股票。这个过程通常发生在投资者认为某只股票的价格即将下跌时，他们希望通过融券卖空来获利。

在融券借出的过程中，投资者首先需要向证券公司提交融券申请，证券公司审核通过后，投资者便可以从证券公司借入一定数量的股票，并立即将其卖出。随后，当股票价格下跌时，投资者再以更低的价格买回这些股票，最后将买回的股票归还给证券公司，从中获利。

然而，融券借出也存在一定的风险。如果股票价格上涨而不是下跌，投资者将面临巨大的损失，因为他们需要以更高的价格买回股票来归还给证券公司。此外，融券操作也需要投资者具备较高的投资经验和风险承受能力。

英文版

Securities Lending: Understanding and Operation

Securities lending is an important financial operation in the stock market, allowing investors to borrow and sell stocks they do not actually own from securities companies. This process usually occurs when investors believe that the price of a certain stock is about to fall, and they hope to profit through short selling.

In the process of securities lending, investors first need to submit a securities lending application to the securities company. After the application is approved by the securities company, investors can borrow a certain number of stocks from the securities company and immediately sell them. Subsequently, when the stock price falls, investors buy back these stocks at a lower price, and finally return the bought-back stocks to the securities company, profiting from the difference.

However, there are also certain risks involved in securities lending. If the stock price rises instead of falling, investors will face significant losses because they need to buy back the stocks at a higher price to return them to the securities company. Additionally, securities lending requires investors to possess high-level investment experience and risk tolerance.