Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of propylene futures and options at the Zhengzhou Commodity Exchange, ensuring a smooth launch and stable operation [1] - The second batch of 11 floating fee funds has been submitted for approval, including 2 stock funds and 9 mixed equity funds, focusing on themes such as high-end equipment, pharmaceuticals, and manufacturing [2] - Multiple quantitative private equity firms have clarified that the rumor regarding high-frequency trading frequency being limited to 30 times per second is false, as the current regulatory standards remain unchanged [2] Group 2 - GGII reported that in the first five months of 2025, global power battery installations reached approximately 369.8 GWh, with a year-on-year growth of 35%, driven by a 28% increase in global new energy vehicle sales [3] - Several paper companies have raised the price of corrugated paper by 30 yuan per ton, indicating a normal adjustment range as the industry gradually recovers [3] - IDC predicts that by 2028, the market size for security intelligent agents in China will reach $1.6 billion, with a compound annual growth rate exceeding 230% [4] Group 3 - Xinhua Insurance has invested 11.25 billion yuan to subscribe to the National Fengxinghua Honghu Zhiyuan Phase III private equity fund, which has a total fund size of 22.5 billion yuan [7] - Anhui Construction has won three projects with a total bid price of 9.156 billion yuan, including a highway project with an estimated total investment of 7.487 billion yuan [8] - Times New Material has signed sales contracts for wind turbine blades worth approximately 2.711 billion yuan, covering both offshore and onshore wind power [9] Group 4 - Chip Motion Technology expects a net profit increase of 144.46% to 199.37% for the first half of 2025, with projected revenue growth of 66.04% to 102.45% [10] - Pulit anticipates a net profit increase of 38.88% to 66.65% for the first half of 2025, with a projected net profit of 200 million to 240 million yuan [11] - Haitong Development expects a net profit decrease of 60.78% to 69.04% for the first half of 2025, with a projected net profit of 7.5 million to 9.5 million yuan [12] - Whirlpool forecasts a net profit increase of approximately 559% for the first half of 2025, with a projected net profit of about 205 million yuan [13]

Core Viewpoint - Jane Street, a US quantitative trading giant, has been banned from the Indian market by the Securities and Exchange Board of India (SEBI) after reportedly making $4.3 billion in profits over two years, with the regulator planning to confiscate its "illegal gains" of ₹48.4 billion (approximately $570 million) [1][2]. Group 1: Regulatory Actions - SEBI issued a 105-page interim order accusing Jane Street of using significant funds to manipulate futures and spot market prices on weekly index options expiry days, misleading and enticing many small retail investors [1][2]. - The interim order immediately prohibits Jane Street from entering the securities market and from directly or indirectly buying or trading securities [3]. - SEBI had previously warned Jane Street in January to avoid such trading practices, but investigations revealed that the firm continued these strategies in May, leading to severe sanctions [3]. Group 2: Market Impact - The ban is expected to have a chilling effect on the global high-frequency trading industry, with Jane Street's local trading partner, Nuvama Wealth Management, seeing a 6.8% drop in stock price following the news [1]. - Other high-frequency trading firms may temporarily reduce trading activities, potentially impacting market trading volumes in the short term [1]. - SEBI's actions reflect growing vigilance towards foreign institutional activities in India's lucrative derivatives market, especially as algorithmic trading has led to significant profits for foreign funds while retail investors have incurred substantial losses [2]. Group 3: Profitability and Market Dynamics - Jane Street reportedly earned approximately ₹365 billion ($4.3 billion) from trading in India's derivatives and spot markets between January 2023 and March 2025, making it one of the most active foreign participants in the largest derivatives market globally [2]. - SEBI's research indicates that foreign funds and local proprietary trading firms using algorithms generated $7 billion in gross profits in the 12 months ending March 2024, while retail investors lost $21 billion over the same period [2]. - SEBI has implemented several restrictions on options trading since November of the previous year to protect retail investors, including raising minimum investment limits and increasing trading volumes, which have effectively reduced trading activity this year [2].

程序化交易新规7月7日(下周一)实施在即，近期市场传言称"新规中高频交易频率将从每秒299次降至30 次"，对此，记者向多家量化私募求证，该传言不属实。今年4月3日，沪深北三大交易所发布《程序化 交易管理实施细则》，明确对高频交易管理要求，其中，将"单个账户每秒申报、撤单的最高笔数达到 300笔以上，或单个账户单日申报、撤单的最高笔数达到2万笔以上"认定为高频交易，纳入差异化监管 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。多家量化私募机构表示， 现行监管标准未作调整。(智通财经) ...

RT Arkham ZH (@arkm_zh)🐸$神经蛙 掀起中文meme热潮！ 微信投票本为选英文名，链上玩家却力挺中文“神经蛙”。Arkham链上数据显示，榜一地址HEW8TmjdtJmAeMWZYG2pZd97FwZybtvJMkFjJmqMz64E 精准抄底，操作风格为重仓高频交易，买入神经蛙稳坐不动！目前该代币波动极大，注意风险。这波中文meme热潮的后续你怎么看？快分享你的策略，聊聊链上机会！ ...

Group 1 - Jane Street has signed a lease agreement to occupy 223,437 square feet of office space in the Central Waterfront flagship project, marking the largest single office leasing transaction in Hong Kong's Central business district in decades [1][2] - The rental price for the leased space is set at HKD 137 per square foot per month, which translates to a monthly rent of several tens of millions of Hong Kong dollars for Jane Street [2] - The Central Waterfront project will feature a total of 700,000 square feet of Grade A office and ancillary space, along with over 900,000 square feet of retail space, with the first phase expected to be completed by Q4 2026 [2] Group 2 - Jane Street has experienced explosive growth, with trading revenue projected to reach USD 20.5 billion in 2024, a 94% increase from 2023, and net profit expected to be USD 12.96 billion, significantly up from USD 5.9 billion in 2023 [3] - In Q1 2025, despite global market volatility due to tariff policies, Jane Street's trading revenue further increased to approximately USD 7.2 billion, representing over 60% year-on-year growth [3] - The company currently employs around 400 staff in Hong Kong and is actively recruiting for over 50 positions, indicating its expansion ambitions in the region [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" to enhance the oversight of programmatic trading in the futures market, ensuring fair trading practices and market order [1][3]. Group 1: Definition and Types of Programmatic Trading - Programmatic trading refers to the automated generation or submission of trading instructions via computer programs in futures exchanges. It can be categorized into high-frequency trading and medium-low frequency trading based on trading frequency [2]. - High-frequency trading is characterized by a high number of orders and cancellations within a short time frame, a high number of daily orders and cancellations, or other characteristics recognized by the CSRC. Specific standards for high-frequency trading will be established by futures exchanges [3]. Group 2: Regulatory Requirements - The regulations mandate that entities engaging in programmatic trading must adhere to fairness principles and must not disrupt the security and normal trading order of the futures exchange [3]. - Traders must report relevant information before engaging in programmatic trading and can only proceed after receiving confirmation. Futures companies and exchanges are required to regularly or irregularly verify the reported information [3]. Group 3: Monitoring and Risk Management - The regulations stipulate that futures exchanges will implement real-time monitoring of programmatic trading, focusing on abnormal trading behaviors such as high order and cancellation frequencies [3]. - The China Futures Market Monitoring Center will oversee the monitoring of programmatic trading activities [3]. Group 4: Implementation Timeline - The regulations will take effect on October 9, 2025 [4].

Core Viewpoint - Yingrun Technology has established itself as a significant player in the domestic storage market since its inception in 2017, evolving from a controller manufacturer to a comprehensive solution provider, with a focus on meeting the diverse needs of clients in various sectors, including consumer, industrial, and enterprise applications [1][3][4]. Group 1: Product Development and Market Strategy - Yingrun Technology has launched 10 main control chips covering consumer, industrial, and enterprise applications, with plans to introduce a 64TB QLC SSD and potentially expand to 128TB [1]. - The company has successfully transitioned from the consumer market to the enterprise-level storage market, leveraging its experience and technological reserves [7]. - The introduction of the IG5222 PCIe Gen4 DRAMless controller targets the consumer market, supporting storage capacities up to 8TB and optimizing performance, power consumption, and chip size [3][10]. Group 2: AI and High-Performance Storage Solutions - In response to the explosive growth in AI computing demands, Yingrun Technology has launched the Dongting-N3 series PCIe 5.0 SSD, designed for data-intensive AI scenarios, achieving sequential read speeds exceeding 14GB/s and low read/write latencies [5][6]. - The Dongting-N3X series enterprise SSD addresses the high-performance and low-latency storage needs for AI server inference, featuring extreme performance metrics such as 13μs read and 4μs write latencies [6]. Group 3: Technological Innovation and Differentiation - Yingrun Technology adopts an innovative strategy of hardware-software co-optimization, utilizing a self-developed hardware acceleration engine to enhance performance without solely relying on advanced process technologies [7][8]. - The integration of RISC-V architecture into storage controllers demonstrates the company's commitment to technological innovation and flexibility, providing customers with more options and improving product performance and reliability [8][9]. Group 4: Future Outlook and Strategic Goals - The company plans to continue product iterations, including the upcoming PCIe 6.0 products to meet the high bandwidth, low latency, and high-density deployment needs of AI-era data centers [13]. - Yingrun Technology is also focusing on collaboration with domestic ecological chains and global expansion, aiming to create differentiated overseas strategies while adapting to the evolving storage control market [13].

跟踪全球股市动态 +订阅 泰国证券交易所将限制高频交易，以缓解波动性。此限制仅限于大型证券，新高频交易规则将于7月7日 生效。 ...

2025年6月5日,第十八届HED峰会暨介甫荣耀之夜颁奖晚宴在上海隆重举行，群英荟萃、共襄盛举。高盈证券、高盈资管董事长吴超凭借金融科技领域开 拓进取的创新理念，股票、期货、期权等品类对冲套利及高频量化领域丰富的实战经验以及依托大数据、云计算、人工智能研发出的全球市场交易平台与 量化回测系统一举斩获2025年"第十八届资产管理·介甫优秀示范案例评选"—"数字化领军人物"大奖。创业十数载，作为智能量化大时代的搏击者，吴超 始终坚持"科技赋能金融"初心，在策略研发、智能风控和合规运营等多个关键领域持续发力，打造AI驱动的投资交易与资产管理平台。 作为金融科技领域的"数字化领军人物"，高盈证券、高盈资管董事长吴超受邀参与第十八届HED峰会主题为"跨越 2025，AI 驱动的全球资产配置新趋 势"的圆桌论坛，与主持人另类投资标准委员会亚太联席关系主管Tina Hu、东吴证券策略首席陈刚、三塔资本联合创始人兼COO洪伟杰一起分享碰撞AI赋 能量化投资、高频交易、另类资产管理方面的前沿话题与洞察。 吴超董事长表示，AI技术在金融投资等非科技领域的应用可能被低估，具有很大的待发掘潜力。例如得益于微观维度的巨大数据量，相比于 ...

Group 1 - Citadel Securities President Jim Esposito warns that the rising U.S. fiscal deficit and government debt levels represent a "ticking time bomb" [1] - Esposito emphasizes the importance of how the Trump administration addresses the fiscal situation, stating that it will be "crucial" [1] - Concerns about the budget deficit have intensified due to a tax bill being reviewed by Congress, which is estimated to increase the U.S. budget deficit by $2.4 trillion over the next decade [2] Group 2 - Citadel Securities has benefited from market volatility, reporting record profits and trading revenues in the first quarter of this year [2] - The firm is expanding its presence in various asset classes and regions, including entering the investment-grade corporate bond market in 2023 [2] - Esposito indicates that the company is looking to expand its cryptocurrency trading business under new regulatory frameworks, viewing cryptocurrency as a serious asset class for institutional and professional investors [2]