上证报中国证券网讯（实习生 朱洁莹 记者 刘礼文）10月23日，上海金融法院与上海财经大学共同主办 的金融司法国际论坛在上海举行。围绕人工智能领域立法、高频交易监管等当前的热门话题，中央财经 大学法学院教授邢会强现场谈到："在人工智能技术快速发展的背景下，监管机构应秉持包容审慎的监 管理念，既要鼓励技术创新，推动市场发展，又要防范技术滥用带来的潜在风险，维护市场的稳定和公 平。" 来源：上海证券报·中国证券网 "信息监管是应对复杂金融市场的重要手段。我国对高频交易的法治回应表明，监管机构在对人工智能 技术应用进行监管时，首先考虑的是资本市场的稳定性，其次是对其他投资者的公平性，最后才是市场 效率。"邢会强说。 他认为，通过要求程序化交易投资者、高频交易投资者报告详细的交易信息，监管机构可以实时监测市 场动态，及时发现和处理异常交易行为。程序化交易报告制度和高频交易报告制度的实施，为监管机构 提供了丰富的数据支持，提高了监管效率和精准度。 "人工智能无疑有助于提高效率，但在对人工智能的应用场景进行监管时，价值目标应该是多元的，市 场稳定和市场公平也极为重要。"邢会强表示，对人工智能应用带来的法律责任问题进行立法 ...

Market Performance - The A-share market showed mixed results with the Shanghai Composite Index up by 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.7% and 1.21% respectively, with over 3200 stocks rising overall [1][3] Sector Performance - The shipbuilding, electric power, real estate, and internet e-commerce sectors performed strongly, while the biopharmaceuticals, weight loss drugs, and AI mobile phone sectors saw significant declines [1][3] Notable Stocks - Real estate stocks surged, with companies like Yucheng Development, Shahe Shares, and Nanshan Holdings hitting the daily limit, while others like Haitai Development and JinDi Group also saw gains [3] - Electric power stocks experienced a notable rally, with nearly 10 stocks including Shaoneng Shares and Huayin Electric reaching the daily limit [3] Stock Price Movements - Significant stock price increases included: - Disen Shares (+18.56% to 7.09) - Nanguang Technology (+14.72% to 35.46) - Shaoneng Shares (+10.07% to 6.12) - Huayin Electric (+10.02% to 6.70) - Shimao Energy (+10.01% to 21.00) [4] Capital Flow - Main capital inflows were observed in the real estate and banking sectors, while education and engineering machinery sectors experienced net outflows [5] - Individual stocks with notable net inflows included Qingdao Kingking, Tianyu Digital Science, and Hailian Jinhui, attracting 642 million, 611 million, and 514 million respectively [6] - Stocks facing significant net outflows included Zhongji Xuchuang, Xinyi Sheng, and Dongfang Caifu, with outflows of 692 million, 496 million, and 378 million respectively [7] Institutional Insights - Citic Securities highlighted the mid-year reporting period as a critical window for identifying structural opportunities, emphasizing the importance of performance-driven investments in sectors like solid-state batteries, copper, aluminum, and pharmaceuticals [8] - Guo Cheng Investment noted that small-cap stocks are under pressure due to new regulations on algorithmic trading, which may lead to decreased liquidity in this segment [8] - Zhongxin Jian Investment pointed out that the Shanghai Composite Index reached a new high since 2025, driven by improvements in macroeconomic conditions, market sentiment, and positive mid-year earnings forecasts [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" on June 13, which will be implemented on October 9, 2025, aiming to strengthen the regulation of programmatic trading in the futures market and maintain trading order and market fairness [1] Group 1: Regulatory Framework - The new regulations consist of 7 chapters and 37 articles, establishing a comprehensive regulatory framework for programmatic trading [1] - The regulations clearly define programmatic trading and high-frequency trading, creating a complete reporting management system [1] Group 2: Reporting System - A robust reporting management system for programmatic trading has been established, requiring traders to report relevant information before engaging in programmatic trading [3] - Futures companies must sign a delegation agreement with programmatic trading clients to clarify the rights and obligations of both parties [3] - The reporting process involves clients reporting to futures companies, which then verify and report to the relevant futures exchanges [3] Group 3: High-Frequency Trading Regulation - The new regulations implement significant regulatory measures for high-frequency trading, defining its characteristics and establishing specific standards for monitoring [4] - Futures exchanges are responsible for real-time monitoring of programmatic trading, focusing on abnormal trading behaviors such as high order cancellation rates [4] - The regulations allow futures exchanges to implement differentiated management of trading fees for high-frequency trading to guide market behavior [4] Group 4: System Access Management - System access management has been significantly strengthened, requiring futures companies to incorporate external system access management into their compliance risk control systems [4] - Programmatic traders' technical systems must have effective anomaly monitoring and threshold management capabilities [4] - Futures companies are prohibited from granting management permissions of trading information systems to clients, preventing illegal trading activities [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" which will take effect on October 9, 2025, aiming to define programmatic and high-frequency trading, ensure fair resource allocation, and maintain market order [1]. Group 1: Definitions and Characteristics - The regulations define programmatic trading as the automated generation or submission of trading instructions via computer programs in futures exchanges. High-frequency trading is characterized by a high frequency of order submissions and cancellations within a short time frame, with specific standards to be set by the futures exchanges [2][7]. Group 2: Fairness and Compliance - Participants in programmatic trading must adhere to relevant laws and regulations, follow the principles of fairness, and not disrupt the security and normal trading order of futures exchanges [3]. - The regulations require that programmatic trading agreements include essential clauses, and both futures companies and clients must report accurate information regarding their trading activities [4]. Group 3: Technical System Requirements - Programmatic traders must use technical systems equipped with effective anomaly monitoring and threshold management functions. Futures companies are responsible for testing the systems of their clients and must not grant management access to clients [5]. Group 4: Seat Management and Resource Allocation - Futures exchanges are required to establish a reporting system for mainframe hosting and a seat management system, ensuring fair allocation of trading seats. Futures companies must manage hosting resources reasonably and are prohibited from providing services to clients with frequent abnormal trading behaviors [6][8]. Group 5: Risk Management and Monitoring - The regulations outline six key requirements for risk management and monitoring, including compliance responsibilities for programmatic traders and futures companies, real-time monitoring of trading activities, and specific focus on high-frequency trading behaviors [9][10].

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]