上期所就《上海期货交易所程序化交易管理办法（征求意见稿）》公开征求意见。意见提出，对程序化 交易行为实行实时监控。交易所对报 撤单频率高、报撤单成交比高等程序化异常交易行为予以重点监 控。突出对高频交易的重点监管。交易所实行报撤单收费、交易限额等制度，并可以对高频交易手续费 实施差异化管理。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised and introduced new regulations and management measures to promote high-quality development in the industry and maintain market order and fairness, which benefits leading futures companies that provide comprehensive services to industrial clients and long-term institutional funds [1][2]. Summary by Sections Regulatory Changes - On June 13, the CSRC released the "Futures Company Classification Evaluation Regulations (Draft for Comments)" and the "Futures Market Program Trading Management Regulations (Trial)" to enhance compliance and risk management capabilities of futures companies while focusing on serving the real economy [2][3]. Key Revisions in Regulations - The main revisions in the regulations emphasize the addition of positive indicators for serving industrial clients and long-term institutional funds, improving the comprehensive evaluation system for business income [3]. - The deduction items have been revised to no longer specify particular violations, instead applying general regulatory measures for penalties, except for cases of risk management failures and margin warnings [3]. - Positive indicators have been optimized to support participation from industrial clients in commodity futures and long-term funds in financial futures, while the income evaluation system has been restructured to differentiate between brokerage income and futures consulting income [3]. Implications for Leading Futures Companies - The new regulations establish a comprehensive income evaluation system that favors leading futures companies with diversified operations [3]. - Leading futures companies are better positioned to provide integrated services, including futures brokerage, risk management, and asset management, to industrial clients and long-term institutional funds, enhancing their competitive advantage in the market [3].

Group 1 - The State Council of China, led by Premier Li Qiang, is promoting the replication of pilot measures from the China (Shanghai) Free Trade Zone and is reviewing new models for real estate development [2] - The U.S. stock market experienced a decline, with major indices falling over 1%, including the Dow Jones down 1.79% and the Nasdaq down 1.3% [2] - International gold prices rose, with spot gold increasing by 1.4% to $3433.35 per ounce, while oil prices also surged, with WTI crude oil up 7.55% to $73.18 per barrel [3] Group 2 - The European stock indices all fell, with Germany's DAX down 1.07% and France's CAC40 down 1.04% [4] - As of the end of May, China's M2 money supply reached 325.78 trillion yuan, growing by 7.9% year-on-year, while M1 increased by 2.3% [5] - The China Securities Regulatory Commission has issued new regulations for the management of algorithmic trading in the futures market, effective from October 2025 [6] Group 3 - The Ministry of Industry and Information Technology is seeking public opinions on the "Automobile Data Export Security Guidelines (2025 Edition)" [7] - The Chinese defense ministry has expressed strong dissatisfaction with Japan's recent military provocations and has called for an end to such actions [8] - The official report on the "Luo Mouyu Fall Incident" indicates that the case was ruled a suicide, with investigations ongoing [8] Group 4 - Guizhou Moutai announced an adjustment to its profit distribution plan for 2024, increasing the cash dividend per share from 27.624 yuan to 27.673 yuan [14] - Tencent has clarified that it is not considering acquiring Nexon, dispelling market speculation [15] - Ant Group has changed its legal representative to CEO Han Xinyi, while the core management team remains unchanged [16] Group 5 - Huaxia Happiness's debt restructuring has faced challenges, with a significant portion of shareholders opposing a key proposal [19] - Zijin Mining reported that its largest copper mine, Kamoa-Kakula, is expected to see a production decrease of over 22% year-on-year due to operational suspensions [25] - The company Chasing has denied rumors regarding a failed bet and is actively addressing false information spread about it [27]

Core Viewpoint - The Shanghai, Shenzhen, and Beijing Stock Exchanges have released detailed implementation rules for algorithmic trading, effective from July 7, 2025, aimed at enhancing regulation and ensuring market fairness, particularly for the majority of retail investors in China [1] Group 1: Regulatory Framework - The implementation rules are designed to comply with the overall regulatory framework established by the China Securities Regulatory Commission (CSRC) in May 2022, which emphasizes the need for detailed business rules and specific measures for algorithmic trading [1] - The rules focus on promoting the standardized development of algorithmic trading while ensuring the protection of retail investors, reflecting a commitment to fairness and strict regulation [1] Group 2: Types of Abnormal Trading Behavior - Four categories of abnormal trading behaviors have been identified: 1. **Instantaneous Declaration Rate Anomalies**: High-frequency trading can lead to excessive declaration rates, necessitating regulatory measures to limit these rates and protect trading system integrity [2] 2. **Frequent Instantaneous Order Cancellation**: The ability of algorithmic traders to frequently submit and cancel orders can disrupt normal market order, prompting the need for regulations to reduce cancellation rates and encourage longer order durations [2] 3. **Frequent Price Manipulation**: Algorithmic trading may lead to minor price manipulations across multiple stocks, which can affect liquidity and cause rapid price fluctuations, thus requiring regulatory oversight to mitigate these impacts [2] 4. **Large Transactions in Short Timeframes**: Concentrated trading by a single institution during volatile market conditions can exacerbate market fluctuations, necessitating combined regulatory oversight of all products managed by the same institution [3] Group 3: Enforcement Measures - The implementation rules empower stock exchanges to take various measures against investors engaging in abnormal trading behaviors, including self-regulatory actions, disciplinary measures, and potential suspension of trading privileges for repeat offenders [3] - In cases of repeated abnormal trading, exchanges may require the investor to designate a trading member to suspend their use of the exchange's resources, and relevant authorities may be notified for further action [3]

Core Viewpoint - The recent implementation of the "Procedural Trading Management Implementation Rules" by the Shanghai, Shenzhen, and Beijing Stock Exchanges signals a new regulatory framework aimed at balancing technological innovation with market fairness and stability in China's capital markets [1][2]. Group 1: Current State of Algorithmic Trading - Algorithmic trading has rapidly gained traction in China's securities market, accounting for approximately 29% of A-share trading volume as of last April, with high-frequency trading making up about 60% of algorithmic trading [1]. - While algorithmic trading enhances market pricing efficiency and liquidity, it also raises concerns regarding fairness due to the concentration of technological advantages, which can amplify market volatility [1]. Group 2: Regulatory Framework and International Practices - The new rules establish a comprehensive regulatory framework for algorithmic trading, detailing standards for identifying algorithmic and high-frequency trading, as well as outlining specific abnormal trading behaviors [2]. - Internationally, mature markets like the US and EU have implemented electronic identifiers to distinguish between algorithmic and manual trading, and require simulation testing for high-frequency trading programs [2]. Group 3: Future Directions for Regulation - Future regulatory efforts should focus on enhancing trading behavior oversight, increasing data regulation, and strengthening collaborative supervision to improve market efficiency and fairness [3]. - A proposed mechanism includes lifecycle management for algorithmic strategies, differentiated fee structures for high-frequency traders, and the introduction of a digital sandbox for algorithm review and risk simulation [3]. Group 4: Strengthening Collaborative Supervision - The regulatory network should integrate administrative oversight with self-regulatory practices, clarifying the roles of various regulatory bodies such as the CSRC, exchanges, and industry associations [4]. - Continuous improvement of legislative measures and penalties for violations in algorithmic trading is essential to ensure compliance and accountability [4].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating an expectation for the sector to outperform the overall market [2]. Core Insights - The recent notification from the Financial Regulatory Bureau expands the investment scope for insurance funds, allowing direct investments in unlisted companies and broadening the range of investable industries to include technology, big data, and modern agriculture [2]. - As of the end of 2024, the balance of long-term equity investments by insurance funds reached 2.46 trillion yuan, accounting for 7.4% of total investments, suggesting a shift towards equity investments to enhance returns amid declining long-term interest rates [2]. - The report highlights the potential for insurance companies to optimize asset allocation and support the real economy through these new investment opportunities [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,861.50 with a decline of 1.4% during the week of March 31 to April 4, 2025, while the non-bank index closed at 1,763.44, down 1.3% [5]. - The insurance sector saw a slight decline of 0.7%, while the multi-financial sector increased by 0.3% [5]. Non-Bank Industry Insights - The report notes that the insurance sector's performance is influenced by regulatory changes, with a focus on enhancing the investment landscape for insurance funds [2]. - The brokerage sector experienced a decline of 1.78%, with a notable increase in trading activity, as evidenced by a 70.2% year-on-year increase in stock trading volume for Q1 2025 [2]. Key Data Tracking - As of April 3, 2025, the average daily trading volume was 11,014.61 billion yuan, reflecting a decrease of 27.91% compared to the previous month [35]. - The margin trading balance reached 19,120.12 billion yuan as of April 2, 2025, indicating a growth of 474.29 billion yuan since the beginning of the year [37].

4月3日，沪深北交易所发布了《程序化交易管理实施细则》（以下简称《实施细则》），《实施细则》坚持趋利避害、突出公平、从严监管、规范发展的 监管目标导向，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、沪股通管理、监督检查等作出细化规定。 记者从相关人士处了解到，交易所已就股票程序化异常交易行为制定具体监控指标，自2024年4月起开始试运行。从试运行情况看，触发相关指标的主要是 量化私募、券商自营等机构投资者，中小个人投资者基本未发生相关情况，投资者的正常交易行为不会受到影响。 01 突出公平，细化四类异常交易行为 《实施细则》立足于"中小投资者占绝大多数"这个最大国情市情，因势利导促进程序化交易规范发展。一方面，通过程序化交易报告制度、加强机构合规 风控管理、强化信息系统管理等安排，明确监管预期，促进程序化交易行业规范发展。另一方面，通过加强程序化交易监测监控、强化高频交易监管等方 式，更好保障交易安全，维护证券交易秩序和市场公平。 在异常交易认定方面，《实施细则》进行了细化，明确了瞬时申报速率异常、频繁瞬时撤单、频繁拉抬打压以及短时间大额成交四类异常交易行为的构成 要件。 一是瞬时申报速率异 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) has officially released the "Implementation Rules for Algorithmic Trading Management," which is expected to have a neutral impact on the market and aligns with expectations, facilitating a smooth regulatory transition for algorithmic trading [1] Summary by Relevant Sections Algorithmic Trading Regulations - The "Implementation Rules" specify four key monitoring behaviors for algorithmic trading, particularly targeting high-frequency trading (HFT), while ensuring that normal trading activities of retail investors remain unaffected [1] - The rules will take effect on July 7, 2025, allowing ample time for business and technical preparations [1] High-Frequency Trading Standards - The BSE has set the HFT recognition standard at a maximum of 300 orders (including cancellations) per second per account, or a total of 20,000 orders per day per account [2] - This standard is based on both domestic and international market practices and aims to focus regulatory resources on a small number of high-frequency traders who have a significant market impact [2] Continuous Improvement and Monitoring - The "Implementation Rules" build on existing reporting systems for algorithmic trading and allow for adjustments in HFT recognition criteria and differentiated management requirements based on ongoing regulatory practices [3] Enhanced Regulatory Measures - The rules impose additional reporting obligations on investors engaged in HFT, requiring them to report server locations, system testing reports, and emergency plans [4] - Specific standards for abnormal trading behaviors have been established, including monitoring for frequent price manipulation and large transactions within short time frames [4] - The BSE may implement stricter self-regulatory measures for investors exhibiting abnormal trading behaviors and may require members to manage client trading activities more closely [4] Differentiated Fee Structure - A differentiated fee structure will be developed based on HFT recognition standards, potentially imposing higher fees for high-frequency traders to encourage reduced trading frequency and more regulated trading behavior [4]

4月3日，沪深北交易所发布了《程序化交易管理实施细则》（以下简称《实施细则》），《实施细则》坚持趋利 避害、突出公平、从严监管、规范发展的监管目标导向，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、沪股通管理、监督检查等作出细化规定。 记者从相关人士处了解到，交易所已就股票程序化异常交易行为制定具体监控指标，自2024年4月起开始 试运行。从试运行情况看，触发相关指标的主要是量化私募、券商自营等机构投资者，中小个人投资者基 本未发生相关情况，投资者的正常交易行为不会受到影响。 突出公平，细化四类异常交易行为 《实施细则》立足于"中小投资者占绝大多数"这个最大国情市情，因势利导促进程序化交易规范发展。一 方面，通过程序化交易报告制度、加强机构合规风控管理、强化信息系统管理等安排，明确监管预期，促 进程序化交易行业规范发展。另一方面，通过加强程序化交易监测监控、强化高频交易监管等方式，更好 保障交易安全，维护证券交易秩序和市场公平。 在异常交易认定方面，《实施细则》进行了细化，明确了瞬时申报速率异常、频繁瞬时撤单、频繁拉抬打 压以及短时间大额成交四类异常交易行为的构成要件。 一是瞬时申报速率异 ...