文 / 全国政协委员、全国政协经济委员会委员，中泰证券股份有限公司董事、总 经理 冯艺东 规范的量化交易对市场涨跌走势并无主观偏好，对增强市场流动性和降低 市场波动性具有一定积极作用。本文从量化交易的定义与发展历程出发， 结合其对市场的正面与负面影响，对比分析国际监管经验，提出以分类监 管、风险监测、信息披露为核心的制度优化建议，旨在推动量化交易在规 范中实现高质量发展，进一步平衡市场效率与公平。 量化交易的发展历程 中国量化投资发展历经二十年政策演进与技术突破的双重驱动。2005年前后，首批量化基金引入海外动 量策略、趋势跟踪等模型，但受限于数据体系缺失和市场基础薄弱，发展相对缓慢。2010年前后，沪深 股指期货上市，丰富了风险对冲工具，丰富了量化策略空间。随后，证监会发布《期货市场异常交易监 控指引》《程序化交易认定指导意见》等制度框架，量化投资获得规范发展空间。此时互联网与大数据 技术发展迅速，程序化交易开始借助计算机算力不断突破，多样的交易策略开始相继发展。 2015年行业迎来关键转折，监管层出台《证券期货市场程序化交易管理办法》构建申报核查、指令审核 等全流程监管体系，七大证券、期货交易所同步推出实 ...

Core Insights - The recent regulatory changes allow for the trial of company bond renewals and asset-backed securities expansions, marking a significant shift in the financing landscape for companies [1][3] - CITIC Securities and China Merchants Securities have announced the first cases of bond renewals under the new regulations, with CITIC planning to issue up to 3 billion yuan and China Merchants up to 2 billion yuan [1][2] Group 1: Company Bond Renewals - CITIC Securities plans to issue a renewal of its company bonds on May 30, with a scale not exceeding 30 billion yuan, maintaining a coupon rate of 2.03% [1] - The bond has a term of 3 years, with the principal repayment date set for March 6, 2028, and the subscription price range is between 99.500 yuan and 102.500 yuan [1] - China Merchants Securities will also issue a renewal of its short-term company bonds on May 30, with a scale not exceeding 20 billion yuan, maintaining a coupon rate of 1.87% [2] Group 2: Fund Utilization - The proceeds from CITIC Securities' bond renewal will be used entirely to supplement operational funds [2] - China Merchants Securities plans to allocate up to 1.5 billion yuan for repaying maturing bonds and up to 500 million yuan for supplementing working capital [2] Group 3: Regulatory Framework - The Shanghai Stock Exchange has released updated guidelines for company bond and asset-backed securities issuance, facilitating the trial of bond renewals and expansions [3]

金十数据5月27日讯，野村证券全球市场研究分析师表示，美元/日元的看跌立场在6月份看来仍是有效 的。分析师们在一份报告中说，美国以国家安全为由征收额外行业关税的可能性仍然很高，这意味着美 元买盘将继续面临挑战。强势美元削弱了美国出口产品在海外的竞争力。此外，分析人士说，虽然美国 和欧盟达成了推迟关税上调的协议，但美国和欧盟之间的紧张关系仍在继续。分析师补充说，关税对欧 元区经济产生负面影响的担忧可能会导致投资者在抛售美元时青睐日元。 野村证券：美/日的看跌形态可能会持续至6月 ...

Group 1 - The first batch of 26 new floating rate funds has been launched, with 16 funds available for subscription today, indicating strong regulatory support for innovation in the public fund sector [1] - The rapid approval and issuance of these funds, with only one trading day between approval and launch, reflects a streamlined regulatory process aimed at enhancing market liquidity [1] - Investors can subscribe through various channels, which is expected to attract more capital into the fund management industry, positively impacting related sectors [1] Group 2 - China Merchants Securities has appointed two "post-70s" executives as vice presidents, showcasing the company's internal talent development capabilities [2] - The new vice presidents, Zhang Xing and Wang Zhijian, bring extensive experience in compliance risk management and investment banking, respectively, which may enhance the company's operational efficiency [2] - Frequent changes in senior management may raise short-term concerns about company stability, but the professional backgrounds of the new appointees are likely to bolster investor confidence in the long run [2] Group 3 - Western Securities is actively pursuing the acquisition of controlling stakes in Guorong Securities, indicating its intent to expand within the securities industry [3] - The acquisition process is currently under regulatory review, and the progress of this review will be a focal point for market observers, potentially affecting investor expectations regarding the company's future performance [3] Group 4 - Oriental Red Asset Management has announced a self-purchase of 10 million yuan in its floating rate fund, demonstrating confidence in its product and reinforcing the alignment of interests between fund managers and investors [4] - This self-purchase initiative is expected to enhance market trust in fund managers and could lead to increased capital inflows into related sectors, positively influencing overall market sentiment [4]

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Core Viewpoint - The article discusses the evolving global investment landscape characterized by a shift towards technology-driven opportunities, particularly in AI and renewable energy sectors, as highlighted during the investment salon held in Hangzhou [3][5]. Group 1: Investment Environment - Since the second quarter of 2025, the global investment environment has shown a pattern of "East rising, West declining," influenced by tariff policies and geopolitical tensions, alongside breakthroughs in AI technology accelerating global industrial restructuring [3]. - The domestic landscape is driven by high-frequency policy initiatives and deepening technology, making emerging themes a focal point for investment [3]. Group 2: Event Overview - The "King of Small Two Club National Tour Investment Salon" was held in Hangzhou, focusing on the theme "Winds of Technology, Opportunities Hidden Within" [3]. - The event was supported by various partners, including博时基金 and nearly 30 securities firms, fostering discussions on investment opportunities in the context of the technology wave [3][5]. Group 3: AI Investment Opportunities - 博时基金's manager 尹浩 emphasized that the AI industry in 2025 resembles the PC internet era of 1995, with a closed-loop system driven by three core components: large models, computing power, and applications [11]. - 博时基金 has a diverse product layout in the泛AI theme, pharmaceuticals, and technology sectors, providing investors with a value map for the AI era [11]. Group 4: Solar Energy Sector Insights - 中国银河证券's star advisor 秦杰 discussed structural growth opportunities within the solar energy sector, analyzing industry policies, supply-demand dynamics, and value across the solar industry chain [15]. Group 5: Market Analysis and Strategies - 周澍铭 from 广发证券 presented insights on "Value Opportunities in 2025," analyzing the current macroeconomic situation and market structure through various dimensions such as policy, funding, and value [17]. - The salon included interactive discussions among advisors and guests, focusing on technology-driven investment opportunities for the latter half of the year [19][30].

Group 1 - The global economic situation in 2025 is complex, with significant challenges and opportunities in the financial sector, including a notable increase in global economic volatility and a restructuring of international trade order [2] - The domestic economy is undergoing important adjustments, with a focus on stabilizing internal demand and managing the transition between old and new growth drivers, while preventing overheating in emerging industries and capacity excess [2] - Financial risks in areas such as the real estate market, local government debt, and small financial institutions remain key areas of concern [2] Group 2 - The 2025 "Excellent Financial Award" aims to comprehensively review the development of the financial system across various sectors, including banking, insurance, securities, and fintech, leveraging the influence of mainstream financial media [3] - The evaluation process will follow principles of independence, objectivity, and scientific rigor, ensuring fairness and social value through multiple layers of assessment, including market indicators and expert reviews [3][4] - Award categories include various segments such as annual bank awards, insurance company awards, and fintech awards, reflecting a wide range of financial services [4] Group 3 - Evaluation dimensions include policy responsiveness to financial supply-side structural reforms, industry leadership in financial metrics, innovation in financial technology, and support for the real economy, particularly in promoting inclusive finance for small and micro enterprises [4]

Core Viewpoint - Guosheng Securities predicts that the yield on China's 10-year government bonds is expected to decline to a range of 1.4% to 1.5% within the year due to stronger demand for fixed income assets compared to supply [1] Group 1 - Guosheng Securities' chief fixed income analyst Yang Yewei indicates that the demand for fixed income assets in China will exceed supply in the coming months [1] - This trend, if strong, will drive interest rates further down [1] - The anticipated decline in the 10-year government bond yield reflects broader market conditions [1]

Group 1 - The Tianhong Credit Bond ETF (159398) experienced a slight increase of 0.03% as of May 26, with a net inflow of over 900 million yuan in the past week [1] - The latest circulating scale of the Tianhong Credit Bond ETF reached a historical high of 5.267 billion yuan [1] - The People's Bank of China conducted a reverse repurchase operation of 382 billion yuan at a fixed rate of 1.4% on May 26, with a net injection of 247 billion yuan [1] Group 2 - The liquidity in the market remains stable, supported by the central bank's operations, despite seasonal pressures and the need for banks to manage liabilities [2] - Credit bonds are expected to perform strongly, with credit spreads narrowing across all maturities, indicating a potential trend of "deposit migration" [2] - The strategy suggests focusing on short to medium-term credit opportunities, as the market lacks a clear mainline direction [2]

Core Viewpoint - The company has announced the addition of Dongfang Securities and Guotai Haitong Securities as agents for subscription and redemption services for specific exchange-traded funds (ETFs) starting from May 26, 2025 [1][5]. Group 1: Fund Details - Dongfang Securities will serve as the agent for the following ETFs: - Guolian An CSI All Share Securities Company ETF (Trading Code: 159848) - Guolian An CSI Consumer 50 ETF (Trading Code: 159670) - Guolian An ChiNext Technology ETF (Trading Code: 159777) - Guolian An Guozheng ESG 300 ETF (Trading Code: 159653) [1] - Guotai Haitong Securities will specifically act as the agent for the Guolian An Guozheng ESG 300 ETF [5]. Group 2: Investor Consultation - Investors can contact Dongfang Securities at 95503 or visit their website at www.dfzq.com.cn for more information [2]. - For inquiries regarding Guotai Haitong Securities, investors can call 95521 or visit www.gtht.com [6]. - The company encourages investors to read the relevant fund contracts, prospectuses, and product summaries before engaging in fund transactions [2][6].