面向北向投资者，沪深交易所发布

Core Viewpoint - The release of the "Report Guidelines" by the Shanghai and Shenzhen Stock Exchanges aims to standardize the reporting requirements for investors engaging in programmatic trading under the Stock Connect scheme, aligning with existing regulations and adapting to the Hong Kong market context [1][2][3]. Group 1: Reporting Requirements - The "Report Guidelines" will officially take effect on January 12, 2026, requiring existing investors to complete their reports within three months of implementation [1]. - The guidelines specify that Hong Kong Stock Exchange participants must report to their respective exchange participants, who will then submit the information to the Shanghai and Shenzhen Stock Exchanges within five trading days [2]. - The report information includes basic details, funding information, trading data, and trading software details, with the Shanghai and Shenzhen Stock Exchanges able to request assistance from the Hong Kong Stock Exchange [2]. Group 2: Principles and Adjustments - The guidelines maintain consistency in reporting principles for both domestic and foreign investors, ensuring uniformity in reporting obligations to mitigate risks and uphold market fairness [3]. - The guidelines are designed to align with existing regulations and provide detailed requirements for Stock Connect investors, reflecting a structured approach to regulatory compliance [3]. - Adjustments have been made to accommodate the unique aspects of the Hong Kong market, such as optional fields for certain information that may not apply to all investors [3]. Group 3: Responsibilities and Regulatory Requirements - The guidelines emphasize the management of high-frequency trading, requiring additional reporting on trading system server locations and emergency plans for investors engaged in high-frequency trading [5]. - The Hong Kong Stock Exchange participants are tasked with ensuring their clients fulfill reporting obligations and may refuse to accept trading orders from clients who do not comply [5]. - The Shanghai and Shenzhen Stock Exchanges have outlined regulatory measures for entities that fail to meet reporting requirements, including potential disciplinary actions [5].