今年4月3日，沪深北三大交易所同时发布了程序化交易管理实施细则。实施细则于2025年7月7日开始正式 实施。中间间隔的3个月时间，是为市场主体进行适应性调整、做好技术准备，预留过渡期。 "通过加强程序化交易监测监控、健全高频交易监管等措施，有助于降低程序化交易相对普通投资者的过度优 势，维护市场公平。同时，通过规范程序化交易行为，可以减少市场操纵和过度投机行为，提升市场的整体稳 定性，交易监管正在进一步细化和加强，资本市场长期稳定运行可期。"东莞证券分析师卢立亭认为。 另外，中证协也在近日向券商发布了《程序化交易委托协议（示范文本）》，以更好指导券商规范开展程序化 交易，进一步明确各方主体的权利义务和责任范围。 明确高频交易认定标准 据悉，上交所的实施细则对证监会《证券市场程序化交易管理规定（试行）》规定的四类程序化异常交易行为 作了进一步细化。 瞬时申报速率异常，是指极短时间内申报笔数巨大，即1秒钟内申报、撤单笔数达到一定标准。频繁瞬时撤 单，是指日内频繁出现申报后迅速撤单、全日撤单比例较高，即全日发生多次1秒钟内申报又撤单的情形，且 全日撤单比例达到一定标准。 上交所实施细则从多个方面进一步加强高频交易监 ...

Group 1 - The implementation of detailed regulations for algorithmic trading by the Shanghai and Shenzhen Stock Exchanges aims to promote a more standardized and efficient quantitative trading industry [1] - The new rules specify four types of abnormal trading behaviors, including rapid order submission, frequent cancellations, and large transactions within a short time frame, with high-frequency trading defined by specific thresholds [1] - Quantitative private equity firms are making significant adjustments to their trading models and risk management practices to comply with the new regulations, including real-time monitoring and strict control of trading volumes [1] Group 2 - The regulatory scrutiny on high-frequency trading has intensified, leading many large and medium-sized quantitative private equity firms to implement corrective measures, including dedicated personnel for compliance management [2] - As of mid-last year, the number of high-frequency trading accounts in the market decreased by over 20%, and behaviors triggering abnormal trading monitoring standards dropped by nearly 60% in the past three months [2] - The new regulations are seen as a means to foster healthy industry development, encouraging capable firms to thrive while reducing irrational trading behaviors and risks [2]

Core Points - The article discusses a massive financial fraud involving a company named Xin Kang Jia, which resulted in the disappearance of 12.9 billion yuan within 48 hours through sophisticated money laundering techniques using Bitcoin [1][3][34] - The fraud scheme involved converting funds into Bitcoin, using a mixing service called Tornado Cash to obscure the money's origin, and then distributing the funds across multiple shell companies in the Cayman Islands [3][5][34] - The operation was meticulously planned, indicating that the perpetrators had been preparing for this moment for a long time, ultimately leading to significant financial losses for ordinary investors [6][34] Company and Industry Analysis - The fraudulent company, Xin Kang Jia, presented itself with a facade of legitimacy, including false partnerships with high-profile entities like the Dubai royal family and China National Petroleum Corporation, which were merely fabrications [8][12] - The company employed a multi-level marketing structure that incentivized participants to recruit others, creating a pyramid scheme that ultimately harmed many families [16][18] - The article highlights the vulnerability of investors, particularly older individuals and those with limited financial literacy, who were drawn in by promises of unrealistic returns [20][22][24] Regulatory Environment - The incident underscores significant gaps in the financial regulatory framework, particularly in the context of emerging technologies like blockchain and cryptocurrency, which are difficult to monitor and regulate effectively [30][32][41] - Despite some immediate actions taken by authorities, such as freezing 120 million yuan, the vast majority of the funds transferred overseas remain challenging to recover due to the complexities of international law and asset protection in jurisdictions like the Cayman Islands [34][36] - The article calls for a comprehensive upgrade of the regulatory system to address the challenges posed by digital financial crimes, emphasizing the need for better investor education and international cooperation [39][43]

当前金融"黑灰产"跨领域渗透特征显著，需以国家金融监管总 局与公安部门相关政策为框架，构建执法和司法的协同体系， 横向打通金融数据共享平台，纵向压实机构风控责任，才能依 靠穿透式监管斩断金融黑灰产资金流与信息流。 作者： 陈植 封图：图虫创意 "去年，证券投顾代理维权公司数量增至约800家，今年数量还会更多，因过去不少从事银行保险 领域代理维权的人员也纷纷转投过来。"上述那位王先生透露，2023年底自己不做证券投顾代理维 权后，仍不断有人找他咨询如何入行。 尤其是每逢年中、年底等特别时点，政府部门要完成民众投诉解决率的考核指标，让证券投顾机构 退还服务费的成功概率很高。 这就催生了一个庞大的代理产业，以此为业者也有非常丰厚的收入。 "一旦服务费退还成功，我们能获得至少30%的分成。"上述那位王先生直言。在"法律咨询"与短视 频庞大流量的双重加持下，2022—2023年期间他所在的公司业务量激增逾6倍，自己月收入轻松突 破2万—3万。 他还声称，自己不是"吃到"证券投顾代理维权最大红利的那批人，据他所知，在这个领域营收最高 的三家公司年收入均超过5000万元，净利润也都突破了2000万元。 但是另一面的证券投顾 ...

Core Viewpoint - The strong regulatory environment for IPOs in China's A-share market remains unchanged, despite an increase in the number of IPO applications and approvals [1][5]. Group 1: IPO Regulatory Environment - In June, the A-share IPO market saw a surge with 150 IPO applications accepted, with June 30 being the peak day for approvals this year [1][2]. - On July 3, 12 companies were selected for on-site inspections, a significant increase compared to only 4 companies inspected throughout the previous year [1][3]. - The China Securities Regulatory Commission (CSRC) has increased the coverage of on-site inspections to at least 1/3 of newly applied IPOs, with a minimum inspection ratio of 25% [3][5]. Group 2: Company Details - The 12 companies selected for inspection include various sectors, with 11 having their IPO applications accepted in June and 1 in May [2]. - Among these, 9 companies are in the accepted status, while 3 are in the inquiry stage [2]. - The companies are primarily aiming to list on the Shanghai and Shenzhen stock exchanges, with 8 on the Shanghai Stock Exchange and 4 on the Shenzhen Stock Exchange [2]. Group 3: Market Dynamics - The increase in IPO applications is seen as a sign of market recovery, but the regulatory environment remains stringent, emphasizing the need for companies to meet high standards [5][6]. - The regulatory approach is characterized by a dual focus: maintaining strict financial compliance for traditional industries while offering differentiated standards for high-quality tech companies [5][6]. - Recent reforms in the Sci-Tech Innovation Board aim to enhance inclusivity and adaptability for tech companies, while still ensuring rigorous entry standards [6].

今年4月3日， 沪深北交易所同步发布《程序化交易管理实施细则》 ，对程序化交易报告管 理、交易行为管理、信息系统管理、高频交易管理等作出细化规定， 将于7月7日开始正式实 施。 量化交易新规明日正式实施，将会对市场产生何种影响备受各方关注。 新规落地将会带来哪些影响？ 近年来，随着新型信息技术广泛运用，程序化交易已成为重要的交易方式。尽管近年来程序化 交易监管大网日益收紧，但新规的核心是规范而非扼杀。随着新规的落地，证券公司、量化机 构将会受到不同程度的影响。 有证券公司人士表示，《实施细则》正式实施，为证券公司开展程序化交易客户管理提供了更 具操作性、更加规范化的指引，也有利于量化交易机构加强自我约束，规范交易行为。 有头部量化人士表示，强监管的趋势是明显的，对当前实际业务影响不会太大。 一方面，头 部量化在资管产品上很少有高频量化，亦有量化机构开始开发基于更长周期的量化策略，换手 率更低；二是监管在实操层面所研究的交易报告管理、交易行为管理等要求，已经在执行了。 不过有私募人士表示， 《实施细则》的正式实施，对于依赖高频交易的管理人影响相对更大 。为满足《实施细则》要求，尤其是高频交易调整系统以适应监控标 ...

01 A股重磅！沪深北交易所程序化交易管理实施细则明起实施 7月7日起，沪深北交易所《程序化交易管理实施细则》正式施行。《实施细则》围绕强监管、防风险、促高质量发展主线，秉 承"趋利避害、突出公平、从严监管、规范发展"的程序化交易监管总体思路，对程序化交易报告管理、交易行为管理、信息系统 管理、高频交易管理、深股通管理、监督检查等作出细化规定。 在高频交易管理方面，《实施细则》明确高频交易标准，即单账户每秒申报、撤单笔数合计最高达到300笔以上，或者单账户全 日申报、撤单笔数合计最高达到20000笔以上。同时，《实施细则》对高频交易作出差异化监管安排，包括额外报告要求、从严 管理异常交易行为、实行差异化收费标准等。 02 央行大消息 7月4日，中国人民银行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。《业务规则（征求意见稿）》共六章 三十一条。对参与者和运营机构账户开立、参与者结算资金归属、参与者流动性管理等业务行为进行规范。明确参与者的业务类 型，对报文权限申请、系统登录、业务种类填写、查询查复等业务行为进行规范。 03 国资委重要 表态 7月3日，国务院国资委党委书记、主任张玉卓到中国有色矿 ...

Group 1 - The introduction of the "environment code" for over 1,700 enterprises in Xi'an City aims to enhance environmental supervision and reduce the frequency of inspections [1][2] - The "environment code" system categorizes enterprises based on their environmental credit scores, with green codes indicating scores above 90, yellow codes for scores between 80 and 90, and red codes for scores below 80 [3][5] - The implementation of the smart regulatory platform has significantly reduced the number of on-site inspections while improving the efficiency and precision of enforcement [3][4] Group 2 - The smart regulatory platform allows real-time access to enterprise information, including energy consumption and pollution data, enhancing the ability of enforcement personnel to conduct checks [3][4] - The platform also serves as a resource for enterprises, providing access to environmental policies, legal standards, and case studies for self-assessment and improvement [5] - The initiative has been recognized as a model for optimizing the business environment in Shaanxi Province, with plans to extend the "environment code" to all 5,000 enterprises under pollution discharge management by the end of the year [5]

5日，在2025年金砖国家工商论坛期间，中国通用技术集团董事长于旭波表示，金砖国家在推动贸易便 利化、加强监管合作、消除贸易壁垒方面有广泛共识，其中监管协同和标准互认尤为关键。 他建议，应推动金砖国家间的监管合作，通过协调非关税措施、加强监管趋同，促进可持续贸易，契合 国际承诺，助力重振多边贸易体制，减少不必要的贸易壁垒。利用国际标准、技术法规和自愿性可持续 标准作为监管趋同的实用工具，在卫生要求、技术性贸易壁垒、绿色认证框架等非关税措施方面加强合 作与协调。同时，可通过学术交流和定期对话加强金砖国家标准化机构间协作，解决监管分歧，尤其在 检验检疫、数字、绿色及可持续发展相关标准领域，扩大互认协议应用范围，推动监管兼容性，重点关 注能源、健康、农业、服务和数字贸易等关键领域。 他强调，2024年中方贸易与投资工作组提出的《贸易发展与标准合作倡议》已写入《金砖国家工商理事 会2024年度报告》。为落实该倡议，2025年4月发布了《贸易发展与标准合作倡议金砖行动计划（2025- 2026）》，该计划以推动全领域贸易标准化和强化多层次标准技术供给为重点，构建多维共进的协作机 制，深化重点领域标准对接，增强标准化能力 ...

Group 1 - The province has implemented a comprehensive electronic traceability management system for bulk food ingredients in schools, becoming the first in the country to do so [1][2] - As of the spring semester, over 3.023 million traceability records have been generated, with a school cafeteria system application rate of 51.88%, and 82.95% for primary and secondary schools [1] - The traceability management system aims to ensure the safety of food served to students by tracking the source, destination, and quality of food ingredients [1][2] Group 2 - The traceability management system includes four main entities: producers, purchasers, suppliers, and sellers of food products, as well as all school cafeterias and external catering units [2] - Key food products under traceability include vegetables, livestock, aquatic products, and pre-packaged foods like rice, flour, oil, and milk [2] - The system utilizes the "Food Safety Liaoning Code" throughout the procurement process in school cafeterias to ensure compliance and safety [2] Group 3 - All 48 agricultural wholesale markets in the province have adopted the "Food Safety Liaoning - Food Quality Safety Traceability System," achieving 100% electronic records for sellers and safety agreements [3] - The traceability system is supported by a mechanism that combines "certificates of conformity" with traceability to ensure comprehensive management [3] - Electronic documentation for food safety, including inspection reports and certificates, is being implemented to facilitate the traceability of food ingredients [3]