Zhongtai Securities(SH:600918) Shen Zhen Shang Bao·2025-05-30 00:32Core Viewpoint - The introduction of T0 algorithm services by various brokerages is making quantitative trading accessible to individual investors, allowing them to capitalize on intraday price fluctuations [1][2]. Group 1: T0 Algorithm Overview - T0 algorithm, also known as "intraday reversal trading algorithm," is an automated trading tool based on quantitative models that helps investors execute "buy low, sell high" operations by analyzing market data in real-time [1]. - As of now, over 20 brokerages, including Zhongtai Securities and Shenwan Hongyuan, have launched T0 algorithm services on their respective apps [1]. Group 2: Benefits and Suitability - The T0 strategy allows investors to earn profits from intraday price differences, which can help reduce long-term holding costs and shorten the time needed to recover from losses on underperforming stocks [2]. - Suitable investors for T0 algorithm services include those who are passively holding losing stocks, long-term investors with stable positions, and low-frequency investors who can utilize part of their positions for segment trading [2]. Group 3: Brokerage Requirements and Clientele - Most brokerages are targeting high-net-worth clients for T0 services, aligning with regulatory suitability requirements and ensuring service quality [3]. - Specific requirements for accessing T0 services vary by brokerage; for example, Zhongtai Securities requires a normal A-share account, a risk tolerance of C3 or higher, and a minimum non-credit asset of 1 million yuan [2][3]. Group 4: Revenue Implications for Brokerages - The T0 algorithm service significantly increases commission income for brokerages, as each transaction generates a commission, and higher trading frequency leads to increased revenue [3]. - Brokerages typically charge higher commission rates for T0 algorithm users, with some requiring a commission rate of 0.035% compared to standard rates [3].