Group 1 - The core viewpoint of the article is the signing of an updated Memorandum of Understanding (MoU) between the China Securities Regulatory Commission (CSRC) and the New Zealand Financial Markets Authority (FMA), marking a new phase in regulatory cooperation between the two countries [1] - The updated MoU focuses on the needs of capital market development and cross-border cooperation, enhancing the regulatory collaboration between China and New Zealand [1] - The CSRC has established bilateral regulatory cooperation MoUs with 67 countries and regions, creating a smooth mechanism for cross-border regulatory and enforcement cooperation [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) held the ninth China-Singapore Securities and Futures Regulatory Roundtable, agreeing to deepen practical cooperation in capital markets and enhance communication mechanisms to build a high-quality, forward-looking partnership between the two countries [1] Group 1: Cooperation and Achievements - Both parties reviewed the important consensus reached by the leaders of the two countries on deepening multi-field innovative cooperation [1] - They positively evaluated the achievements in capital market cooperation in recent years, including the continuous deepening of ETF mutual access, strengthening index cooperation, and supporting financial institutions from each side to invest and operate in the other's market [1] Group 2: Regulatory Discussions - Extensive discussions were held on various topics, including the latest measures in capital market reform and development, investor protection mechanisms, futures and derivatives regulation, risk monitoring of non-bank financial institutions, and the regulation of listed companies [1]

——风险提示—— 登录新浪财经APP 搜索【信披】查看更多考评等级 全国"质量月"活动是在国家相关主管部门的倡导和部署下，每年9月在全国范围内开展的主题活动。今 年全国"质量月"活动主题为"加强全面质量管理，促进质量强国建设"。 "质量月"活动是推动证券期货业标准化建设的重要契机，通过倡导"知标准、学标准、用标准"的理念， 能够有效提升行业对标准化工作的认知与实践，进而形成全行业重视标准、践行标准的良好氛围。长城 基金积极开展对标实践，践行 "知标准、学标准、用标准"，将标准化方法深度融入生产、经营及管理 各环节，切实发挥标准的基础性和制度性作用。 | 序号 | 标准编号 | 标准中文名称 | | --- | --- | --- | | 1 | GB/T 45249.1-2025 | 证券期货业与银行间业务数据交换协议 第1部分：三方存管、银期 转账和结售汇业务 | | 2 | GB/T 45252-2025 | 证券交易数据交换协议 | | 3 | GB/T 45254-2025 | 期货市场客户开户数据接口 | | 4 | JR/T 0313—2024 | 证券发行人信息披露文件编码规则 | | 5 | ...

二是支持北仲等试点仲裁机构加强专业仲裁员队伍建设。按照《试点意见》相关规定，支持、推动试点 仲裁机构拓宽仲裁员选聘渠道，按照《仲裁法》规定，从证券期货监管机构及自律组织的专业人员、证 券期货行业专家、从事证券期货领域研究或科研的高校学者、相关仲裁经验丰富的人员中选聘仲裁员。 证监会系统工作人员担任仲裁员的，应当具备良好的专业素质，勤勉尽责，清正廉明，恪守职业道德， 同时要遵守证监会系统干部管理要求。 三是积极引导证券期货纠纷当事人自愿选择仲裁方式解决争端。证券期货行业协会、交易所等可研究制 定标准化仲裁条款，并结合不同业务特征，推动、引导经营机构在专业性较强、权利义务关系复杂、具 有跨境属性等类型的业务合同中约定通过仲裁方式解决纠纷，积极支持引导证券期货争议当事人主动选 择证券期货仲裁中心作为仲裁机构，提高行业纠纷化解效率。交易所、登记结算机构、行业协会等资本 市场自律组织可在会员章程中载明会员之间证券期货业务纠纷的仲裁条款，规定或约定通过仲裁方式解 决的争议范围，并选择证券期货仲裁中心作为仲裁机构。 四是进一步深化仲调对接机制。推动证券期货行业调解组织与试点仲裁机构建立健全证券期货纠纷仲裁 与调解有效衔接的 ...

程合红指出，仲裁是多元纠纷化解机制的重要组成部分，是保护投资者权益的重要法律手段，也是国际 通行的商事纠纷解决机制，具有专业性强、程序灵活、经济高效、裁决可依法强制执行等优势，在服务 经济高质量发展和高水平对外开放中发挥着重要作用。 2021年中办、国办印发《关于依法从严打击证券违法活动的意见》提出"开展证券行业仲裁制度试点"。 同年10月，证监会和司法部联合印发《关于依法开展证券期货行业仲裁试点的意见》，提出"支持、推 动证券期货业务活跃的北京、上海、深圳三地开展证券期货行业仲裁试点"。 人民财讯9月25日电，9月25日，在中国(北京)证券期货仲裁中心启用仪式上，证监会首席律师程合红在 致辞中表示，目前深圳、上海已先后实现证券期货行业仲裁试点落地，自试点以来，上海、深圳的4家 试点仲裁机构共受理证券期货类案件2600余件，涉案争议金额1000多亿元，为证券期货行业仲裁试点积 累了宝贵经验。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report presents a daily data tracking of stock index futures on September 23, 2025, including index trends, the impact of sector fluctuations on indices, basis and annualized opening costs of stock index futures, and points differences in contract roll - over and their annualized costs [1] 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 23, the Shanghai Composite Index fell 0.18% to 3821.83 points with a trading volume of 1071.698 billion yuan; the Shenzhen Component Index fell 0.29% to 13119.82 points with a trading volume of 1422.684 billion yuan [1] - The CSI 1000 Index fell 1.09% with a trading volume of 503.96 billion yuan, opening at 7500.62, closing at 7408.07, with a high of 7504.23 and a low of 7261.67 [1] - The CSI 500 Index fell 0.61% with a trading volume of 495.069 billion yuan, opening at 7240.85, closing at 7180.71, with a high of 7250.82 and a low of 7045.56 [1] - The SSE 50 Index fell 0.09% with a trading volume of 168.987 billion yuan, opening at 2917.99, closing at 2919.51, with a high of 2938.12 and a low of 2891.78 [1] - The CSI 300 Index fell 0.06% with a trading volume of 680.514 billion yuan, opening at 4536.76, closing at 4519.78, with a high of 4560.73 and a low of 4459.73 [1] 3.2 Impact of Sector Fluctuations on Indices - The CSI 1000 Index dropped 81.41 points compared to the previous close, with sectors such as Computer and Medicine & Biology significantly pulling the index down [2] - The CSI 500 Index dropped 44.42 points compared to the previous close. The Power Equipment sector significantly pulled the index up, while sectors like Medicine & Biology, Non - Banking Finance, and Computer pulled it down [2] - The CSI 300 Index dropped 2.83 points compared to the previous close. Sectors such as Bank, Communication, and Electronics pulled the index up, while Computer, Medicine & Biology, and Non - Banking Finance pulled it down [2] - The SSE 50 Index dropped 2.67 points compared to the previous close. Sectors such as Bank, Non - Ferrous Metals, and Public Utilities pulled the index up, while Non - Banking Finance, Electronics, and Medicine & Biology pulled it down [2] 3.3 Basis and Annualized Opening Costs of Stock Index Futures - IM00 had an average daily basis of - 107.49, IM01 of - 195.71, IM02 of - 281.02, and IM03 of - 488.76 [12] - IC00 had an average daily basis of - 112.22, IC01 of - 186.93, IC02 of - 254.9, and IC03 of - 426.14 [12] - IF00 had an average daily basis of - 23.49, IF01 of - 36.88, IF02 of - 51.72, and IF03 of - 78.0 [12] - IH00 had an average daily basis of - 0.65, IH01 of - 1.94, IH02 of - 0.77, and IH03 of 0.52 [12] 3.4 Points Differences in Contract Roll - over and Their Annualized Costs - For IF, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs fluctuated. For example, at 09:45, IF00 - 01 was - 12.31678 [24][26] - For IH, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs also fluctuated. For example, at 09:45, IH00 - 01 was 0.707 [29] - For IM, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs changed. For example, at 09:45, IM00 - 01 was - 73.02267 [31] - For IC, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs varied. For example, at 09:45, IC00 - 01 was - 68.64222 [32]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to continuous improvement and rectification following the third round of inspections, emphasizing the importance of political leadership and comprehensive reforms in the capital market [1][17]. Group 1: Rectification and Reform Measures - The CSRC will deepen reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, enhancing the issuance and listing systems to cultivate patient capital [2][17]. - The CSRC aims to accelerate the development of a multi-tiered bond market and improve the regulatory framework for futures markets, ensuring a coordinated approach to investment and financing [2][17]. - A comprehensive mechanism for punishing third-party collusion in market manipulation will be established, alongside more robust measures to protect investors' rights [2][17]. Group 2: Political Responsibility and Supervision - The CSRC's Party Committee views the rectification as a major political task, ensuring that the implementation of central directives is prioritized and effectively monitored [3][4]. - A responsibility system covering the entire rectification process has been established, with the Party Secretary taking direct leadership of the rectification efforts [3][4]. Group 3: Enhancing Market Stability and Investor Protection - The CSRC is focused on enhancing the political nature and public interest of capital market work, ensuring that policies are effectively implemented to stabilize and invigorate the market [5][6]. - Measures to protect the rights of small and medium investors will be strengthened, including the establishment of a review mechanism for major policy changes affecting investor rights [6][7]. Group 4: Systematic Reform and Regulatory Enhancement - The CSRC is committed to a systematic approach to reform, emphasizing the need for a comprehensive and forward-looking strategy in capital market reforms [7][8]. - The implementation of a registration-based IPO system will be prioritized, with strict oversight of intermediary responsibilities and the optimization of new stock pricing mechanisms [7][8]. Group 5: Risk Management and Compliance - The CSRC will enhance its risk monitoring and prevention capabilities, establishing a comprehensive risk monitoring and early warning system [10][11]. - A focus on compliance will be maintained, with increased scrutiny of financial misconduct and a commitment to raising the costs of violations in the capital market [9][10]. Group 6: Long-term Development and Party Governance - The CSRC will continue to promote comprehensive and strict governance of the Party, ensuring that political responsibilities are clearly defined and enforced [19][20]. - Long-term rectification measures will be implemented, with a focus on preventing regression and ensuring that improvements are sustained over time [19][20].

Group 1 - The securities and futures industry has released a standard list for the period of 2024-2025, which includes various data exchange protocols and guidelines [2] - Key documents in the standard list include data exchange agreements for securities trading, futures market client account opening, and information disclosure coding rules [2] - Additional standards focus on blockchain technology, data standards, and operational maturity for securities and futures institutions [2] Group 2 - The financial market transaction report data element guidelines include a global unique product identification code [3] - The listing company industry statistical classification and codes are also part of the released standards [3]

Market Overview - The Hang Seng Index fell by 8.05 points, a decrease of 0.03%, closing at 26,438.51 points [1] - The total turnover for the day on the main board was 294.069 billion HKD [1] - The Hang Seng China Enterprises Index increased by 1.63 points, up 0.02%, closing at 9,386.39 points [1] - The Hang Seng Tech Index rose by 34.05 points, an increase of 0.56%, closing at 6,077.66 points [1] Blue-Chip Stocks - Tencent Holdings rose by 0.23%, closing at 645 HKD [1] - Hong Kong Exchanges and Clearing increased by 0.53%, closing at 451.8 HKD [1] - China Mobile decreased by 0.63%, closing at 87.1 HKD [1] - HSBC Holdings rose by 0.66%, closing at 107.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.42%, closing at 37.76 HKD [1] - Sun Hung Kai Properties decreased by 1.34%, closing at 95.55 HKD [1] - Henderson Land Development rose by 0.5%, closing at 28.18 HKD [1] Chinese Financial Stocks - Bank of China increased by 0.23%, closing at 4.43 HKD [1] - China Construction Bank rose by 0.26%, closing at 7.77 HKD [1] - Industrial and Commercial Bank of China fell by 0.34%, closing at 5.95 HKD [1] - Ping An Insurance decreased by 2.22%, closing at 55.05 HKD [1] - China Life Insurance fell by 2.44%, closing at 22.36 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation remained unchanged, closing at 4.22 HKD [1] - China National Petroleum Corporation fell by 0.81%, closing at 7.35 HKD [1] - CNOOC Limited decreased by 0.87%, closing at 19.31 HKD [1]

Quantitative Models and Construction Methods 1. Model Name: Barra Style Factors - **Model Construction Idea**: The model aims to capture the performance of various style factors in the equity market, such as momentum, size, and residual volatility[12][27] - **Model Construction Process**: The model calculates the returns of different style factors over a specified period. For example, the momentum factor return is calculated as: $$ \text{Momentum Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Momentum Scores})}{\sum \text{Momentum Scores}} $$ where the momentum scores are derived from the past performance of stocks[12][27] - **Model Evaluation**: The model effectively captures the performance of different style factors, providing insights into market trends and investor behavior[12][27] 2. Model Name: Excess Return Monitoring Model - **Model Construction Idea**: This model monitors the relative performance of small and mid-cap indices against a large-cap benchmark to capture market style rotation signals[86] - **Model Construction Process**: The model calculates the rolling 20-day excess returns of indices such as CSI 2000, CSI 1000, and CSI 500 relative to the CSI 300. For example: $$ \text{Excess Return} = \text{CSI 1000 Return} - \text{CSI 300 Return} $$ The model then tracks the percentile rank of these excess returns over a three-year period to identify significant deviations[86] - **Model Evaluation**: The model provides a systematic approach to detect market style rotations, aiding in strategic asset allocation decisions[86] Model Backtest Results - **Barra Style Factors**: - **Momentum Factor**: Weekly return 0.61%, monthly return 0.96%, annualized Sharpe ratio 2.20[12][27] - **Size Factor**: Weekly return 0.56%, monthly return 1.71%, annualized Sharpe ratio -1.78[12][27] - **Residual Volatility Factor**: Weekly return -0.48%, monthly return -0.77%, annualized Sharpe ratio -1.65[12][27] - **Excess Return Monitoring Model**: - **CSI 1000 vs. CSI 300**: 20-day rolling return -3.32%, 3-year percentile 17.0%[86] - **CSI 2000 vs. CSI 300**: 20-day rolling return -4.78%, 3-year percentile 15.1%[86] - **CSI 500 vs. CSI 300**: 20-day rolling return 1.21%, 3-year percentile 66.7%[86] Quantitative Factors and Construction Methods 1. Factor Name: Momentum - **Factor Construction Idea**: The momentum factor captures the tendency of stocks that have performed well in the past to continue performing well in the future[12][27] - **Factor Construction Process**: The momentum score for each stock is calculated based on its past returns over a specified period, typically 12 months. The factor return is then computed as: $$ \text{Momentum Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Momentum Scores})}{\sum \text{Momentum Scores}} $$ where the momentum scores are derived from the past performance of stocks[12][27] - **Factor Evaluation**: The momentum factor has shown consistent positive returns, indicating its effectiveness in capturing market trends[12][27] 2. Factor Name: Size - **Factor Construction Idea**: The size factor captures the performance difference between small-cap and large-cap stocks[12][27] - **Factor Construction Process**: The size score for each stock is calculated based on its market capitalization. The factor return is then computed as: $$ \text{Size Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Size Scores})}{\sum \text{Size Scores}} $$ where the size scores are derived from the market capitalization of stocks[12][27] - **Factor Evaluation**: The size factor has shown mixed performance, reflecting the varying investor preferences for small-cap versus large-cap stocks over time[12][27] Factor Backtest Results - **Momentum Factor**: Weekly return 0.61%, monthly return 0.96%, annualized Sharpe ratio 2.20[12][27] - **Size Factor**: Weekly return 0.56%, monthly return 1.71%, annualized Sharpe ratio -1.78[12][27] - **Residual Volatility Factor**: Weekly return -0.48%, monthly return -0.77%, annualized Sharpe ratio -1.65[12][27]