Core Viewpoint - The recent revisions to the ETF risk management guidelines by the Shanghai and Shenzhen Stock Exchanges aim to enhance risk management for ETF operations and protect investors' rights, reflecting the rapid growth and complexity of the ETF market [1][3][5]. Group 1: New Regulations - The new regulations, effective from August 1, include enhanced risk management requirements for fund managers and clearer guidelines for member clients regarding ETF trading behavior [3][4]. - Fund managers are required to strengthen the management of ETF subscription and redemption lists, improve internal control systems, and optimize emergency drill arrangements [3][4]. - Member clients must establish management systems and processes for ETF trading, including client classification management and enhanced risk management for high-risk trading behaviors [4][5]. Group 2: Market Growth and Development - The ETF market has seen significant growth, with total ETF assets reaching 4.32 trillion yuan as of July 6, 2024, up from 1.11 trillion yuan in 2020 [5]. - The China Securities Regulatory Commission (CSRC) has issued policies to promote the development of index investment, aiming to enhance the scale and proportion of index-based investments in the capital market [5]. - The exchanges plan to continue optimizing ETF institutional mechanisms and strengthen self-regulation to promote high-quality development in the ETF market [5][6].

Company Movements - Douyin has launched a new regulation prohibiting minors under 16 years old from live streaming, and those aged 16 to 18 must obtain written consent from parents or guardians to broadcast [5] - The Shanghai Stock Exchange's M&A Review Committee approved China Shipbuilding's share swap merger with China Shipbuilding Industry Corporation, marking the completion of the largest absorption merger in A-shares in nearly a decade before the registration with the CSRC [5] - Ping An Life announced it continues to increase its stake in Postal Savings Bank's H-shares, surpassing 13% ownership [6] - Saily Medical reported significant uncertainty regarding the success of its therapeutic hypertension vaccine project trial [6] - Jilin Jin Kong and its concerted actions plan to acquire all issued shares of Jilin's first rural commercial bank, which intends to delist from the Hong Kong Stock Exchange [6] Industry News - The second batch of new floating rate funds has been officially submitted, with multiple fund companies including E Fund, Huatai-PB, and others applying for both market-wide and industry-specific products [4] - The Shanghai and Shenzhen Stock Exchanges revised the ETF risk management guidelines, requiring fund managers to enhance the management of ETF subscription and redemption lists [4] - New regulations for algorithmic trading will take effect on July 7, with recent rumors about high-frequency trading frequency changes being denied by several quantitative private equity firms [4] - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy, focusing on development planning, market regulation, and safety supervision [2] - The Ministry of Industry and Information Technology held a meeting on the photovoltaic industry to address low-price competition and guide capacity optimization, with industry leaders supporting policy directions [2]

Core Viewpoint - The recent revisions to the ETF risk management guidelines by the Shanghai and Shenzhen Stock Exchanges aim to enhance risk management, protect investor rights, and maintain market order, reflecting the commitment to high-quality development in index investment [1][2][4]. Group 1: Regulatory Changes - The Shanghai Stock Exchange revised its guidelines for ETF risk management, originally issued in April 2012, while the Shenzhen Stock Exchange updated its guidelines from September 2010 [2]. - The revised guidelines include 42 articles across 8 chapters for the Shanghai Stock Exchange and 40 articles across 7 chapters for the Shenzhen Stock Exchange [2]. Group 2: Key Provisions - The revisions emphasize the need for fund managers to strengthen risk control in ETF operations, including better management of subscription and redemption lists and internal control systems [2][3]. - Member firms are required to enhance their risk management processes for client ETF trading behaviors, including establishing monitoring mechanisms and categorizing clients [2][3]. Group 3: Impact on Fund Managers and Investors - The new guidelines are expected to help fund managers better identify and respond to risks, thereby reducing potential losses from mismanagement or unforeseen events [4][5]. - The revisions aim to bolster investor confidence in the ETF market by clarifying risk management responsibilities and ensuring a more secure trading environment [5]. Group 4: Market Development - The ETF market has seen rapid growth, surpassing 4 trillion yuan in total scale by mid-year, playing a crucial role in wealth management and market stability [1]. - The revisions are anticipated to promote the overall high-quality development of the ETF market, benefiting fund companies and expanding business opportunities [5].

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have released revised risk management guidelines for Exchange-Traded Funds (ETFs) to enhance the safety and stability of the rapidly growing ETF market, effective from August 1 of this year [1]. Group 1: ETF Risk Management Guidelines - The guidelines specify the responsibilities of fund managers and members in managing ETF risks, aiming to ensure the healthy development of the ETF market [1]. - Fund managers are required to strengthen the management of the Purchase and Redemption List (PCF) and set important parameters cautiously, including cash substitution indicators and guarantee ratios [5]. - Fund managers must establish a risk monitoring system with automatic alert functions to monitor ETF operations in real-time, focusing on four major abnormal situations [6][7]. Group 2: Member Client Risk Management - The guidelines outline risk management requirements for member clients (investors trading through securities companies), emphasizing the need for improved management systems and client classification [8]. - Members are required to establish a monitoring mechanism for client trading behaviors and maintain a list of ETFs that require close monitoring based on various risk indicators [8]. - Members must classify clients who frequently engage in high-risk trading activities, such as day trading of monitored ETFs, and manage them as priority clients [8].

7 月 4 日晚间，上交所、深交所均发布修订后的 交易型开放式基金风险管理指引 ，为快速 发展的 ETF 市场装上新的 " 安全阀 " 。 此次发布的《上海证券交易所基金自律监管规则适用指引第 4 号 —— 交易型开放式基金风 险管理》和《深圳证券交易所证券投资基金业务指引第 4 号 —— 交易型开放式基金风险管 理》（以下简称《指引》），旨在规定基金管理人和会员在 ETF 风险管理中的具体职责，保 障 ETF 市场健康发展。 新规将从今年 8 月 1 日起施行。 | 关于发布《上海证券交易所基金自律监管规则适用指引第4号——交易型开放式基金风险管 | | --- | | 理》的通知 | | 2025-07-04 G A+ A- | 【导读】影响4万亿元ETF市场，沪深交易所发布修订后的 ETF 风险管理指引 中国基金报记者 吴君 强化基金管理人 ETF 风险防控要求 审慎设置申购赎回清单重要参数 《指引》强化基金管理人 ETF 运作风险防控要求。《指引》要求基金管理人 加强 ETF 申购 赎回清单（ PCF ）管理 ，审慎设置申购赎回清单重要参数，完善内部控制制度，优化应急 演练安排，并进一步明确基金份额参 ...

Core Viewpoint - The recent revision of the ETF risk management guidelines by the Shanghai and Shenzhen Stock Exchanges aims to enhance risk management and better protect investors' rights, in line with the China Securities Regulatory Commission's initiative to promote high-quality development of index investment [1]. Group 1: ETF Risk Management Guidelines - The revised guidelines strengthen the requirements for fund managers regarding ETF operational risk control, mandating improved management of the subscription and redemption list, careful setting of key parameters, and enhanced internal control systems [1][2]. - Fund managers are required to establish a team for ETF operations that includes at least two personnel responsible for the subscription and redemption list and reference net asset value calculations [1][3]. - Significant adjustments to the subscription and redemption list parameters must follow a dedicated process, particularly in cases of equity distribution, index component adjustments, and major corporate actions [1][2]. Group 2: Client and Trading Behavior Management - Fund managers must prudently set important parameters for the subscription and redemption list, including cash substitution indicators and limits on cash substitution ratios [2]. - Member clients are required to improve management systems and processes, enhance client classification management, and strengthen monitoring of ETF trading behavior and risk management [2][3]. - Fund managers should establish an automated risk monitoring system to track ETF operations in real-time, ensuring that any abnormal trading activities are reported and addressed promptly [3]. Group 3: Future Developments - The Shanghai and Shenzhen Stock Exchanges plan to enhance self-regulation of ETFs and continue to optimize ETF institutional mechanisms to promote high-quality market development [3].

沪深交易所最新发布。 7月4日，沪深交易所均修订发布ETF风险管理指引。这是贯彻落实中国证监会《促进资本市场指数化投资 高质量发展行动方案》，强化ETF风险管理，更好保护投资者合法权益的重要举措。 近年来，ETF市场快速发展，在满足投资者财富管理需求、吸引中长期资金入市、维护市场稳定运行等方 面发挥着重要作用。结合当前指数化投资发展趋势和监管实践，沪深交易所均对10余年前发布的ETF风险 管理指引进行修订。 证券时报记者注意到，ETF风险管理指引此次修订内容包括两方面。一是强化基金管理人ETF运作风险防 控要求，要求基金管理人加强ETF申购赎回清单管理，审慎设置申购赎回清单重要参数，完善内部控制制 度并优化应急演练安排。 具体来看，修订后的ETF风险管理指引要求ETF运作团队应至少包括两名负责申购赎回清单与参考净值 计算文件生产等事务的人员，应建立申购赎回清单和参考净值计算文件的生成、复核与发布系统。 基金管理人对于申购赎回清单参数的重大调整应当制订单独流程，可能引起申购赎回清单参数重大调整 的情形包括：ETF权益分派；指数成份股调整；影响重大的特殊成份股停复牌等重要公司行为信息；各 类市场突发事件。 基金管 ...