要公平！游资“极速外挂”被没收，多家券商叫停“抢涨停板神器”

Core Viewpoint - The recent restriction on "exclusive trading units" by securities firms aims to promote fairness in trading and protect small investors, following regulatory guidelines issued in October 2022 [1][2][4]. Group 1: Industry Changes - Many securities firms are ceasing to offer "exclusive trading units" to clients, which previously allowed large investors and institutions to gain advantages in trading [1][2]. - The regulatory document titled "Opinions on Strengthening the Protection of Small Investors in the Capital Market" mandates a fair trading environment and prohibits special conveniences for individual investors [2][4]. - The threshold for accessing these exclusive trading units was previously high, often requiring assets of several million yuan and annual fees [2][5]. Group 2: Impact on Trading Strategies - The limitation on exclusive trading units is expected to compress the operational space for strategies that rely on high-speed trading and "board-hitting" tactics [5][7]. - The "board-hitting strategy" has gained popularity, with a reported average return of 10.2% in the first half of 2025, but the number of stocks hitting the limit has decreased compared to the previous period [6]. - While the new regulations aim for fairness, there are concerns about potential loopholes, such as large accounts managing multiple smaller accounts to circumvent restrictions [7].