Core Viewpoint - The article discusses the recent developments in the regulatory framework for algorithmic trading in the futures market, highlighting the introduction of various standards and guidelines aimed at enhancing market order and fairness. Group 1: Regulatory Developments - The China Futures Association (CFA) has solicited opinions on two group standards regarding futures trading information systems and algorithmic trading information systems testing to maintain market order and fairness [1][2] - Multiple exchanges, including the Shanghai Futures Exchange and Dalian Commodity Exchange, have released draft management measures for algorithmic trading, indicating a coordinated regulatory effort [3][11] Group 2: Testing Guidelines - The China Securities Regulatory Commission (CSRC) issued the "Futures Market Algorithmic Trading Management Regulations (Trial)" on June 13, which will be implemented from October 9, establishing a framework for algorithmic trading oversight [4] - The CFA has prepared draft guidelines for testing futures company trading information systems and algorithmic trading systems, which will be open for feedback until July 26, 2025 [4][8] Group 3: Testing Requirements - The draft guidelines for testing algorithmic trading systems outline specific requirements across six areas: interface adaptability, anomaly monitoring, threshold management, error prevention, emergency response, and log recording [5][6][8] - The guidelines aim to enhance the safety, stability, and risk management capabilities of algorithmic trading systems, promoting a more standardized and efficient industry [8][9] Group 4: Market Impact - Industry experts suggest that while the new regulations may increase costs and technical barriers in the short term, they will significantly improve market stability, investor protection, and overall industry efficiency in the long run [9][13] - The introduction of these measures marks a shift towards a more refined regulatory approach to algorithmic trading, emphasizing strategy depth and compliance capabilities over mere speed [13]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The financial data in May is reasonably matched with the real - economy operation. The growth rates of social financing scale, M2, and RMB loans are significantly higher than the nominal GDP growth rate, and the support for the real economy remains stable. Fiscal and industrial policies are more proactive, forming a stronger synergy with monetary policy to promote the continuous recovery of the economy [2]. - The CSRC has announced the "Regulations on the Administration of Programmed Trading in the Futures Market (Trial)", which will be implemented from October 9, 2025. The futures exchange will implement key management of high - frequency trading [2]. - Due to the complex international situation and large market fluctuations, the SHFE has reminded relevant units to take measures to prompt investors to prevent risks and invest rationally [2]. - The nuclear talks between Iran and the US that were originally scheduled to be held in Oman have been indefinitely postponed [3]. 3. Summary by Relevant Catalogs Hot News - **Financial Data**: In May, the year - on - year growth rate of the stock of social financing scale was 8.7%, the year - on - year growth rate of M2 balance was 7.9%, and the year - on - year growth rate of M1 balance was 2.3%. In the first five months, the incremental social financing scale was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year, and RMB loans increased by 10.68 trillion yuan [2]. - **Futures Regulations**: The CSRC announced the "Regulations on the Administration of Programmed Trading in the Futures Market (Trial)" to be implemented on October 9, 2025, with key management of high - frequency trading [2]. - **Market Risk Warning**: The SHFE reminded relevant units to prompt investors to prevent risks due to complex international situations and large market fluctuations [2]. - **Steel Mill Data**: The blast furnace operating rate of 247 steel mills was 83.41%, a decrease of 0.15 percentage points from last week and an increase of 1.36 percentage points from last year; the blast furnace iron - making capacity utilization rate was 90.58%, a decrease of 0.07 percentage points from last week and an increase of 1.05 percentage points from last year; the steel mill profitability rate was 58.44%, a decrease of 0.43 percentage points from last week and an increase of 8.66 percentage points from last year; the daily average pig iron output was 241.61 tons, a decrease of 0.19 tons from last week [3]. - **International Event**: Iran's nuclear talks with the US have been indefinitely postponed after Israel's air strikes on Iran's nuclear facilities and military bases [3]. Key Focus - **Focus Commodities**: Urea, crude oil, rebar, lithium carbonate, and PVC [4]. Night - Session Performance - **Sector Performance**: Non - metallic building materials increased by 2.51%, precious metals by 30.86%, energy by 2.86%, chemicals by 12.93%, grains by 1.40%, agricultural and sideline products by 2.56%, oilseeds and oils by 11.49%, soft commodities by 2.70%, non - ferrous metals by 19.66%, and coal - coking - steel - ore by 13.03% [4][5]. Major Asset Performance | Asset Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.75 | 0.88 | 0.75 | | | SSE 50 | - 0.55 | - 0.08 | - 0.31 | | | CSI 300 | - 0.72 | 0.62 | - 1.80 | | | CSI 500 | - 1.03 | 1.22 | 0.25 | | | S&P 500 | - 1.13 | 1.10 | 1.62 | | | Hang Seng Index | - 0.59 | 2.59 | 19.11 | | | German DAX | - 1.07 | - 2.01 | 18.12 | | | Nikkei 225 | - 0.89 | - 0.34 | - 5.16 | | | UK FTSE 100 | - 0.39 | 0.89 | 8.29 | | Fixed - Income | 10 - year Treasury Bond Futures | 0.02 | 0.27 | 0.09 | | | 5 - year Treasury Bond Futures | 0.04 | 0.15 | - 0.34 | | | 2 - year Treasury Bond Futures | 0.03 | 0.07 | - 0.50 | | Commodity | CRB Commodity Index | 0.00 | 4.25 | 2.04 | | | WTI Crude Oil | 8.39 | 21.44 | 2.54 | | | London Spot Gold | 1.40 | 4.40 | 30.84 | | | LME Copper | - 0.56 | 1.58 | 9.86 | | | Wind Commodity Index | 1.40 | 2.65 | 18.08 | | Other | US Dollar Index | 0.29 | - 1.30 | - 9.53 | | | CBOE Volatility Index | 15.54 | 12.12 | 20.00 | [7]

Macro Highlights - The State Council held a meeting on June 13, emphasizing the need to establish a new model for real estate development, including a comprehensive assessment of supplied land and ongoing projects, and optimizing existing policies to stabilize the real estate market [1] - The People's Bank of China reported that as of the end of May, the broad money supply (M2) was 325.78 trillion yuan, a year-on-year increase of 7.9%, while the narrow money supply (M1) was 108.91 trillion yuan, up 2.3% [1] - The total social financing scale increased by 18.63 trillion yuan in the first five months, which is 3.83 trillion yuan more than the same period last year [2] Company News - GAC Group announced a commitment to ensure the completion of dealer rebate payments within two months, responding to the call for promoting healthy development in the automotive industry [8] - Haimer Technology plans to change its controlling shareholder and actual controller to Fan Zhonghua, with a share transfer of 25.525 million shares at a price of 7.9 yuan per share, totaling 2.02 billion yuan [9] - Bohong Precision plans to acquire 70% of Shanghai Wodian for 420 million yuan, aiming to enter the automotive intelligent equipment market [11] - Dongshan Precision intends to invest up to 5.935 billion yuan in Solstice Optoelectronics to expand its optical communication layout [12] - Honghui Fruits and Vegetables announced a change in its controlling shareholder to Shenze Ruotai, with a share transfer price of 5.68 yuan per share, totaling 860 million yuan [13]

Group 1: Real Estate Market - The State Council emphasizes the importance of constructing a new model for real estate development to promote stable and healthy growth in the market [2] - The meeting calls for solid progress in the construction of "good houses," integrating it into urban renewal mechanisms with policy support in planning, land, finance, and other areas [2] - A comprehensive review of the existing policies regarding supplied land and ongoing projects is necessary to enhance the effectiveness of policy implementation and stabilize market expectations [2] Group 2: Monetary Policy - The People's Bank of China will conduct a buyout reverse repurchase operation of 400 billion yuan with a six-month term to maintain liquidity in the banking system [3] - As of the end of May, the broad money supply (M2) reached 325.78 trillion yuan, growing by 7.9% year-on-year, while the narrow money supply (M1) was 108.91 trillion yuan, up by 2.3% [3] Group 3: Futures Market Regulation - The China Securities Regulatory Commission (CSRC) has released trial regulations for the management of algorithmic trading in the futures market, aiming to strengthen oversight and maintain market order [4] - The regulations include definitions of algorithmic and high-frequency trading, reporting requirements, and risk management protocols to ensure the safety and normal operation of trading systems [5] Group 4: IPO and Stock Market Updates - The CSRC has approved the IPO registration of Jiangxi Aifenda HVAC Technology Co., Ltd. on the ChiNext board [13] - A total of 56 companies will have their restricted shares unlocked this week, amounting to 3.199 billion shares with a total market value of approximately 46.682 billion yuan [16][17] Group 5: Market Reactions to Global Events - Middle Eastern conflicts have led to significant declines in stock markets, with the Egyptian index dropping by 7.4% and the Saudi index falling by 3.6%, indicating heightened regional risk [10][11] - U.S. stock indices also fell over 1%, while international oil prices surged by over 7%, reflecting market volatility due to geopolitical tensions [12]

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].

Group 1 - The State Council's executive meeting emphasized the importance of constructing a new model for real estate development to promote stable, healthy, and high-quality growth in the real estate market, focusing on long-term strategies and systematic policy support [3] - Guangzhou plans to optimize real estate policies by fully canceling purchase restrictions, sales restrictions, and price limits, while also lowering down payment ratios and interest rates to better meet housing consumption needs [4] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, with a term of six months [5] Group 2 - In May, new RMB deposits exceeded 2 trillion yuan, with experts attributing the differences in deposit and loan growth to the diversification of financial institutions' assets and changes in financing structures [6] - The China Securities Regulatory Commission published the "Procedures for Programmatic Trading in the Futures Market (Trial)," which will take effect on October 9, 2025, to enhance the regulation of programmatic trading [29] - The State Council meeting reviewed measures to optimize the collection of drugs and medical supplies, aiming to promote standardized and institutionalized procurement practices [34] Group 3 - The Ministry of Industry and Information Technology held a meeting to address the prevention and governance of telecom network fraud, emphasizing a comprehensive approach to tackle the issue [35] - The market supervision authority announced ongoing efforts to strengthen the recall of defective consumer goods sold online, ensuring consumer rights and market order [37] - Nezha Automobile has officially entered bankruptcy reorganization procedures, indicating a significant development in the company's financial status [38][39]