Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - International precious metal futures generally closed higher, while oil prices declined due to OPEC's production increase. Base metals showed mixed performance. The financial market had various developments including corporate dividends, fund self - purchases, and investment strategies. Industries such as real estate, agriculture, and manufacturing also had significant events [2][27][34] - The report suggests focusing on five strong industrial trend industries in asset allocation and avoiding unclear capital relay trading [29] Summary by Related Catalogs Overnight Night - Market Trends - COMEX gold futures rose 0.13% to $3458.2 per ounce, with a weekly increase of 1.72%. COMEX silver futures rose 0.56% to $38.51 per ounce, with a weekly increase of 4.28%. The rise was due to policy concerns and increased market uncertainty [2] - U.S. oil and Brent crude oil futures declined. U.S. oil fell 0.83% to $63.35 per barrel, with a weekly decline of 5.91%. Brent crude fell 0.17% to $66.32 per barrel, with a weekly decline of 4.81%, affected by OPEC+ production increase [2] - London base metals showed mixed performance. LME copper, zinc, and aluminum rose, while nickel, lead, and tin declined slightly. The market was significantly affected by Fed policies and tariffs [2] Important Information Macroeconomic Information - The 8th - 2025 China (Zhengzhou) International Futures Forum will be held from August 19th to 20th [4] - Five futures exchanges issued程序化交易 management measures to strengthen supervision [4] - In July, national passenger car retail sales were 1.826 million, a year - on - year increase of 6.3%. The cumulative retail sales this year were 12.728 million, a year - on - year increase of 10.1% [5] - As of August 8th, the Shanghai Export Container Freight Index and the China Export Container Freight Index declined [5] - In July, the national CPI was flat year - on - year. The average CPI from January to July decreased by 0.1% compared to the same period last year [7] - Fed Governor Bowman supports interest rate cuts in the remaining three meetings this year [7] Energy and Chemical Futures - As of August 7th, PVC social inventory increased 7.49% month - on - month to 776,300 tons, a year - on - year decrease of 17.52% [9] - As of August 7th, the weekly output of Chinese styrene factories was 359,200 tons, a decrease of 0.64%. The capacity utilization rate was 77.73%, a decrease of 1.19% [9] Metal Futures - The Guangzhou Futures Exchange added two new registered brands for polysilicon futures [11] - Last week, the nickel ore inventory at 14 Chinese ports increased by 389,800 wet tons to 10.3334 million wet tons, an increase of 3.92% [13] - Last week, copper, zinc, nickel, and tin inventories at the Shanghai Futures Exchange increased, while aluminum and lead inventories decreased [14] - The mining end of Ningde Times' Jiaxiaowo Mine will stop production starting from August 10th with no short - term resumption plan [14] Black - Series Futures - Due to rainfall, 12 out of 21 Inner Mongolia power coal mines reduced production or stopped production, with a total capacity of 67.5 million tons. Nine open - pit mines will resume production on the evening of August 8th [16] - Last week, the capacity utilization rate of independent coke enterprises increased by 0.34% to 74.03%. Coke daily output increased, inventory decreased, and coking coal inventory decreased [16] - On August 8th, the blast furnace operating rate of 247 steel mills was 83.75%, a week - on - week increase of 0.29 percentage points. The profitability of steel mills increased by 3.03 percentage points [16] - The inventory of imported iron ore at 45 and 47 Chinese ports increased, and the daily handling volume increased [18] - Coke started the sixth round of price increase, with an increase of 50 - 55 yuan [18] - Last week, the inventory of 60 independent ferrosilicon enterprises increased by 9.42% to 71,700 tons, while the inventory of 63 independent ferromanganese enterprises decreased by 2,500 tons [19] Agricultural Futures - As of August 8th, the self - breeding and self - raising pig farming profit was 45.13 yuan per head, and the profit from purchasing piglets for farming was a loss of 134.14 yuan per head [21] - Due to the anti - dumping investigation on Canadian rapeseed, the domestic far - month rapeseed procurement progress is slow, and the supply may be tight in the later stage [21] - From August 2nd to 8th, the actual soybean crushing volume of oil mills was 2.1775 million tons, with an operating rate of 61.21%, 35,500 tons lower than expected [22] - In July, the FAO Food Price Index rose 1.6% to 130.1 points, reaching a two - year high [24] - From August 1st to 10th, Malaysia's palm oil exports were expected to be 482,576 tons, a 23.3% increase from the same period last month [25] Financial Market Finance - Nearly 50 A - share companies have disclosed mid - term dividend plans, with some companies having high - value dividends and high dividend yields [27] - The Hong Kong Investment Management Limited has invested in over 100 projects, and more than 10 companies are applying for listing in Hong Kong [27] - Southern Fund self - purchased three equity - based ETFs worth 230 million yuan. This year, nearly 130 public funds have self - purchased over 5 billion yuan [27] - CITIC Securities suggests focusing on five strong industrial trend industries and avoiding unclear capital relay trading [29] - CITIC Construction Investment believes that the short - term A - share market has upward resistance but is in a bull - market relay, and suggests paying attention to new low - position sub - sectors [29] - Southbound funds have a cumulative net inflow of over HK$900.8 billion this year, and Hong Kong stocks are considered a more inclusive capital haven [29] Industry - Beijing Yizhuang issued policies to support the development of embodied intelligent robots [32] - The Hubei Brain - Computer Interface Industry Innovation Development Alliance was established, and the first medical service price standard for brain - computer interfaces was released [34] - From January to July, real estate companies had over 50 executive changes, with a focus on the marketing department. Some companies are introducing composite talents [34] - The Ministry of Agriculture and Rural Affairs will implement comprehensive regulation of pig production capacity and guide the reduction of about 1 million sows [34] - The first domestic shield/TBM big data mining community was established in Zhengzhou, and a vertical large - model was released [34] Overseas - U.S. Treasury Secretary believes Trump's tariff policy aims to bring manufacturing back to the U.S., and hopes the next Fed Chairman has "forward - looking thinking" [35] - The U.S. will stop providing tax credits for electric vehicles from September 30th. Electric vehicle sales may set a record in Q3 and decline in Q4 [35] - In 2024, Japan's population decreased by about 554,500, a decline of 0.44% [36] - The French government plans to save 4.2 billion euros from the national budget by canceling two public holidays in 2026 [36] International Stock Market - Jinglin Asset adjusted its U.S. stock holdings, adding technology stocks and clearing some positions [37] - The UK Competition and Markets Authority approved Boeing's acquisition of Spirit AeroSystems [37] Commodity - The gold futures price in the New York Mercantile Exchange hit a new high. "Interest - rate cut trading" and "Trump 2.0" will continue to catalyze the gold price [38] Bond - In the three months since the new policy on science and technology innovation bonds was implemented, the issuance scale reached 880.659 billion yuan, with a low average coupon rate [40] Foreign Exchange - Ten years after the "8·11 exchange - rate reform", the RMB exchange - rate marketization level has continuously improved, and two - way fluctuations have become the norm [41] Upcoming Economic Data and Events - Economic data such as Italy's July harmonized CPI annual rate final value, June trade balance, and Canada's national economic confidence index will be released [43] - There will be 54.48 billion yuan of reverse repurchase maturities in the Chinese central bank's open market. The revision plan of the Hang Seng Innovative Drug Index and related indices will be implemented [45] - The 2025 (Second) China Solid - State Battery Technology Industry Development Conference will be held from August 11th to 13th in Hangzhou. Hongyuan Co., Ltd. on the Beijing Stock Exchange will be available for subscription [45]

Core Viewpoint - The new regulations for algorithmic trading in China's futures markets will be implemented starting October 9, 2025, with a 6-month transition period for traders to comply with reporting and agreement requirements [1][2]. Group 1: Regulatory Framework - The new algorithmic trading management measures emphasize strong regulation, risk prevention, and high-quality development, with a focus on fairness and strict oversight [1][2]. - The regulations require a "report first, trade later" approach, detailing requirements for reporting management, system access, and risk management [1][2]. Group 2: Transition Period and Compliance - A 6-month transition period will allow algorithmic traders to complete necessary agreements and reporting [1]. - During this period, traders must adhere to new reporting requirements to enhance market transparency and regulatory oversight [3]. Group 3: Market Reactions and Trends - The new regulations have received unanimous support from market participants, who believe they address market concerns and promote the standardized development of algorithmic trading [2]. - Industry experts predict that the regulations will lead to a diversification of trading strategies, increased compliance costs, and improved market fairness [2][3].

Core Points - The five futures exchanges in China have released the "Procedural Trading Management Measures," which will be implemented on October 9, 2025, to strengthen the regulation of algorithmic trading and maintain market order and fairness [1][2] - The management measures emphasize a "report first, trade later" approach, focusing on strict regulation, risk prevention, and promoting high-quality development in the futures market [2][3] Group 1: Regulatory Framework - The management measures include detailed regulations on reporting management, system access management, mainframe hosting and seat management, trading monitoring and risk management, and supervisory management [2][3] - The measures were developed after public consultation, with feedback from domestic and foreign investors and market institutions, indicating overall support for the regulations [2] Group 2: Reporting Requirements - The procedural trading report includes three main aspects: the scope of traders required to report, the content of the reports, and the reporting pathways [3][4] - Traders must report if they meet specific criteria, such as executing 10 or more orders within one second or using proprietary algorithmic trading software [3][4] Group 3: Transition Period - A six-month transition period will be established after the implementation of the management measures, allowing traders to complete necessary agreements and reporting [5] - For example, futures company members must sign agreements with clients by April 8, 2026, and traders must accurately report trading information starting April 9, 2026 [5]

Core Viewpoint - The new regulations for algorithmic trading issued by five futures exchanges in China aim to enhance supervision and maintain market order, effective from October 9, 2025 [1] Group 1: Regulatory Framework - The new rules detail management of algorithmic trading reports, system access, host custody, seat management, trading monitoring, and risk management to ensure effective implementation of the regulatory requirements [1] - A six-month transition period will be established post-implementation for traders to complete necessary agreements and reports [1] Group 2: Reporting Obligations - Traders must report if they meet any of the following conditions: executing over 10 orders in one second, using automated decision-making for core trading elements, employing custom trading software, or other situations identified by the exchanges [2] - Required report contents include basic account information, trading and software details, and any other information mandated by the exchanges [2] Group 3: Compliance and Verification - Algorithmic traders must report significant changes within 30 trading days and ensure the accuracy and completeness of their reports [3] - Futures companies and foreign brokers must verify the information and report to the exchanges within five trading days if no discrepancies are found [3] Group 4: Reporting Pathways and Transition Arrangements - Algorithmic trading clients must report through the designated system, and non-member participants must report through member services before engaging in algorithmic trading [4] - By April 8, 2026, futures companies must sign agreements with clients outlining rights and obligations, and from April 9, 2026, non-compliant traders will be prohibited from algorithmic trading [4] Group 5: Monitoring and Enforcement - Exchanges may require testing of trading systems for high-frequency traders or those with frequent erroneous orders [5] - Violations of the regulations may result in corrective actions, including notifications, reporting requirements, and restrictions on trading [5][6]

Core Viewpoint - The newly implemented regulations for algorithmic trading in the futures market aim to enhance supervision, standardize trading behavior, and maintain market order and fairness [1][4]. Group 1: Regulatory Framework - The China Securities Regulatory Commission (CSRC) released the "Interim Measures for the Management of Algorithmic Trading in the Futures Market" on June 13, 2023, followed by detailed management measures from five futures exchanges on August 8, 2023 [1]. - The regulations specify reporting requirements, transitional arrangements, and detailed management in areas such as report management, system access, host custody, seat management, trading monitoring, risk management, and supervision [1][4]. Group 2: Reporting Requirements - Algorithmic traders must report if they meet certain criteria, such as executing over 10 orders or cancellations within one second, using automated trading systems, or employing proprietary trading software [1]. - Significant changes in reporting information, such as changes in trader name or trading strategy, must be reported within 30 trading days [2][3]. Group 3: Monitoring and Risk Management - Exchanges will implement real-time monitoring of algorithmic trading, focusing on abnormal trading behaviors that could affect market order and system security [3]. - Specific monitoring criteria include high frequencies of orders and cancellations, significant trading volumes, and other conditions deemed necessary by the exchanges [3]. Group 4: Supervision and Compliance - The exchanges have the authority to enforce corrective measures on algorithmic traders and futures company members, including notifications, meetings, and restrictions on trading [4]. - The regulations aim to create a comprehensive and traceable regulatory framework that covers all aspects of algorithmic trading, ensuring effective risk identification [4]. Group 5: Industry Impact - The new regulations are expected to lead to a more precise and stringent supervision of algorithmic trading, encouraging technological innovation while managing risks [4]. - As high-frequency trading costs rise, mid-frequency strategies may become more prevalent, potentially leading to a more stable market structure [5].

Core Viewpoint - The new regulations for algorithmic trading management issued by five futures exchanges in China aim to strengthen supervision and maintain market order and fairness, effective from October 9, 2025 [1]. Group 1: Regulatory Framework - The new rules detail requirements for algorithmic trading reporting, system access management, host custody, seat management, trading monitoring, risk management, and supervision [1]. - A six-month transition period will be established after the new regulations come into effect, during which algorithmic traders must complete the signing of commission agreements and trading reports [1]. Group 2: Reporting Obligations - Traders must fulfill reporting obligations if they meet certain conditions, such as executing 10 or more orders in one second or using self-developed trading software [3]. - Required reporting content includes basic account information, trading and software details, and any other information requested by the exchanges [3]. Group 3: Transition Period Arrangements - By April 8, 2026, futures company members must sign commission agreements with clients, outlining rights, obligations, and reporting management [7]. - From April 9, 2026, traders must report algorithmic trading information accurately and through specified channels; failure to do so will prohibit them from engaging in algorithmic trading [7]. Group 4: Regulatory Measures - Exchanges will take corrective actions against algorithmic traders who violate regulations, including notifications, reporting requirements, and restrictions on trading [8]. - For futures company members and other participants, similar corrective measures will apply, with severe cases subject to further regulatory actions [8].

Core Viewpoint - The implementation of the "Procedural Trading Management Measures" by five major futures exchanges in China aims to strengthen the regulation of algorithmic trading and maintain market order and fairness, effective from October 9, 2025 [1] Group 1: Reporting Requirements - The management measures establish a "report first, trade later" requirement for algorithmic trading [1] - The exchanges have outlined specific reporting obligations for traders engaged in algorithmic trading, including conditions under which reporting is mandatory [2] - The report must include basic account information, trading and software details, and any other information required by the exchanges [3] Group 2: Transition Period - A six-month transition period will be set after the management measures take effect, allowing existing algorithmic trading activities to comply with new reporting requirements by April 8, 2026 [4] - Traders must report algorithmic trading information accurately and completely, with non-compliance resulting in a prohibition on engaging in algorithmic trading from April 9, 2026 [4] - Exchanges may require testing of trading systems for high-frequency traders or those with frequent erroneous orders [4]

Core Viewpoint - The five major futures exchanges in China have announced a new set of regulations for algorithmic trading, effective from October 9, 2025, aimed at enhancing regulatory oversight and maintaining market order and fairness [1][5][10] Group 1: Regulatory Framework - The new regulations focus on strong supervision, risk prevention, and promoting high-quality development, with specific guidelines on reporting, system access, and risk management for algorithmic trading [5][11] - The regulations require traders engaging in algorithmic trading to report their activities under certain conditions, such as executing more than 10 orders within one second or using proprietary trading software [7][8] Group 2: Reporting Requirements - Algorithmic trading reports must include trader information, trading and software details, and any other information required by the exchanges [7][8] - A dedicated reporting system will be established for traders to submit their algorithmic trading information, with specific requirements for high-frequency traders to be announced later [8][10] Group 3: Transition Period - A six-month transition period will be implemented, during which traders must complete necessary agreements and reporting requirements [9][10] - By April 8, 2026, futures companies must sign agreements with clients regarding rights and obligations related to algorithmic trading [10] Group 4: Compliance and Penalties - Exchanges will enforce compliance with the new regulations, imposing corrective measures and penalties for violations, including warnings and restrictions on trading activities [11]

Core Viewpoint - Five futures exchanges in China have issued new regulations to strengthen the supervision of algorithmic trading, effective from October 9, 2025, aiming to enhance market order and fairness [2][3]. Group 1: Regulatory Framework - The new management measures focus on strict regulation, risk prevention, and promoting high-quality development, emphasizing the goals of fairness and standardized development in algorithmic trading [3]. - The regulations detail requirements for algorithmic trading reporting, system access management, mainframe hosting, seat management, trading monitoring, risk management, and supervision [3]. Group 2: Reporting Requirements - Algorithmic trading reporting obligations apply to traders who meet specific criteria, such as executing 10 or more orders within one second or using proprietary trading software [6]. - The report must include basic account information, trading and software details, and any other information required by the exchanges [6][7]. Group 3: Transition Period - A six-month transition period will be established post-implementation, allowing traders to finalize agreements and complete reporting requirements [8][9]. - By April 8, 2026, futures companies must sign agreements with clients outlining rights and obligations related to reporting and risk control [10]. Group 4: Compliance and Penalties - Exchanges will enforce compliance by requiring corrections for violations and may impose measures such as notifications, interviews, and trading restrictions [10].

7月11日，沪深交易所分别发布《上海证券交易所证券交易规则适用指引第2号——沪股通投资者程 序化交易报告》《深圳证券交易所证券交易业务指引第3号——深股通投资者程序化交易报告》（以下 统称《报告指引》），按照内外资一致的原则将沪深股通投资者纳入程序化交易报告范畴，对沪深股通 程序化交易投资者的报告内容、报告时限、报告路径、管理要求等作出细化规定。 整体来看，沪深交易所对沪深股通程序化交易投资者的报告要求与内地现有程序化交易报告的有关 规定保持一致，同时兼顾香港市场实际情况，对部分条款及填报字段进行了适应性调整，并为市场预留 了较为充分的准备时间。《报告指引》将于2026年1月12日起正式实施。正式实施后3个月内，存量投资 者应当完成报告。 业内人士普遍认为，《报告指引》是落实《证券法》《证券市场程序化交易管理规定（试行）》 （以下简称《管理规定》）以及相关实施细则中有关规定的重要举措，有助于进一步巩固程序化交易监 管基础，更好促进程序化交易规范发展，维护证券交易秩序和市场公平。 二是有序衔接上位规定。《管理规定》及相关实施细则等均对沪深股通程序化交易投资者报告作出 了规定，《报告指引》与上述规则有序衔接，在吸 ...