A股大消息！明日实施

Core Viewpoint - The implementation of the "Procedural Trading Management Implementation Rules" marks a shift in quantitative trading from a focus on speed to a focus on depth, promoting a transition towards medium and low-frequency strategies in the industry [1][4][6]. Regulatory Changes - The new rules, effective from July 7, 2023, specifically target irregular high-frequency trading behaviors rather than the core logic of quantitative investment [1][3]. - Clear standards for high-frequency trading have been established, including thresholds of 300 orders per second and 20,000 orders per day for a single account [3][4]. - Many institutions have already adapted to these requirements, indicating that the overall impact on the industry will be limited [3][4]. Industry Trends - The new regulations are expected to drive a trend towards medium and low-frequency trading strategies, with a focus on factors such as trend, momentum, volatility, and volume analysis [5][8]. - The average trading frequency across the industry is anticipated to decrease, while mid-frequency strategies will remain a core source of alpha [5][6]. Competitive Landscape - The implementation of the new rules is likely to accelerate the process of industry consolidation, favoring institutions that prioritize risk control and sustainable returns [7][8]. - Smaller firms may need to innovate in niche areas to survive, while larger firms will benefit from their technological and compliance advantages [8][10]. - The market is expected to evolve into a more diverse ecosystem where both large and small institutions coexist, catering to varying investor needs [10][11]. Future Outlook - The quantitative investment landscape is projected to grow, but the excess returns may decline as the scale of management increases [10][11]. - The diversity of strategies in quantitative investment is expected to expand, addressing the current issue of strategy homogeneity [10][11].