Jane Street told its employees that India’s securities regulator made “many erroneous or unsupported assertions” about its trading activity in the country, and the firm intends to defend itself against the accusations https://t.co/9kdWcG8qOf ...

Core Viewpoint - The article emphasizes the importance of regulating quantitative trading to enhance market liquidity and reduce volatility, while balancing market efficiency and fairness [3][4][5]. Summary by Sections Overview of Quantitative Trading - Quantitative trading refers to the use of mathematical models, statistical analysis, and computer technology for securities investment, aiming to reduce emotional interference and improve trading efficiency [7]. - The development of quantitative trading in China has been driven by policy evolution and technological breakthroughs over the past two decades, with significant milestones including the introduction of futures and regulatory frameworks [8][9]. Impact of Quantitative Trading on the Market - Positive impacts include increased market liquidity, reduced volatility, and improved pricing efficiency. Quantitative trading generates numerous orders, enhancing market depth and narrowing bid-ask spreads [15][16][17]. - Negative impacts may involve market manipulation, exacerbation of volatility during extreme conditions, and potential fairness issues due to the speed of high-frequency trading [18][19][20]. Regulatory Framework for Quantitative Trading - China's regulatory approach focuses on automated and programmatic aspects of quantitative trading, with specific regulations for high-frequency trading established under the "Securities Market Programmatic Trading Management Measures" [21][22]. - Internationally, the U.S. and Germany have implemented strict regulations to prevent market disruption and ensure fair trading practices, with specific measures for high-frequency trading [23][24][25]. Recommendations for Healthy Development of Quantitative Trading - Suggestions include optimizing the regulatory framework with differentiated access for high-frequency and other quantitative institutions, enhancing risk control measures, and balancing market efficiency with fairness [26][27][28].

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 106.5 billion yuan at a stable interest rate of 1.40%, resulting in a net liquidity withdrawal of 225 billion yuan due to 331.5 billion yuan of reverse repos maturing on the same day [1] - The central bank's net liquidity withdrawal in the previous week was 1.3753 trillion yuan, with daily net withdrawals exceeding 250 billion yuan, indicating a tightening of the funding environment [1] - Despite the accelerated pace of net withdrawals by the central bank, the funding market is showing a seasonal trend of easing, with overnight and 7-day funding rates hitting new lows for the year [1] Group 2 - The upcoming week (July 7-11) will see a decrease in the scale of reverse repos maturing to 652.2 billion yuan, with government bond net payments expected to rise to 251.1 billion yuan, primarily concentrated on Monday [2] - The market is anticipated to experience a "stable period" in funding prices, with overnight rates expected to fluctuate around the OMO ±5 basis points range and 7-day funding rates likely to remain below 1.5% [2] - The central bank has not announced any buyout reverse repos or government bond trading operations for June, with 1.2 trillion yuan of buyout reverse repos maturing in July, creating a potential funding gap [3] Group 3 - The market may face a 1.3 trillion yuan medium- to long-term funding gap until the MLF renewal on July 25, making the central bank's decision on whether to conduct buyout reverse repo auctions a key variable for the funding market [3] - The expectation is that the supply of government bonds in July will not significantly increase compared to June, and the central bank's desire to prevent long-term yields from declining unilaterally remains [3] - The central bank's proactive stance on liquidity and the continued decline in money market rates are seen as the most certain factors, with short-term rates potentially having further room to decline [4]

Core Points - National Investment Corporation (国投资本) has undergone significant leadership changes, with General Manager Lu Jun resigning on July 2, 2024, and Chairman Cui Hongqin taking over his responsibilities temporarily [2][3] - The company has four major financial segments: securities, trust, fund, and futures, with National Investment Securities (国投证券) reversing a two-year profit decline due to strong proprietary trading performance [2][11] - The trust and futures segments continue to face profit declines, while the fund business is experiencing both scale and performance pressures [2][11] Leadership Changes - Lu Jun, who served as General Manager for only 1 year and 2 months, has left for a work transfer, and Cui Hongqin has been elected as the new Chairman [3][24] - Cui Hongqin has extensive financial management experience and previously held various senior positions within the National Development Investment Group [3][24] - The former Chairman, Duan Wenwu, has transitioned to a role at China Minmetals and is expected to resign from his position as Chairman of National Investment Securities soon [5][24] Business Performance - National Investment Securities reported a revenue of 10.78 billion yuan in 2024, a 1.95% increase year-on-year, with a net profit of 2.53 billion yuan, up 30.49% [11][23] - The significant profit increase is attributed to a remarkable 834.62% rise in proprietary trading income, while other business segments like brokerage and asset management saw declines [11][12] - The overall revenue for National Investment Corporation in 2024 was 15.06 billion yuan, a decrease of 13.76%, marking the lowest level in four years [23] Segment Analysis - National Investment Securities accounts for over 71.62% of National Investment Corporation's revenue, highlighting its critical role in the overall business [11][23] - The trust segment, National Investment Taikang Trust, reported a revenue decline of 22.17% to 1.466 billion yuan, and net profit fell by 29.75% [16][23] - National Investment Futures has faced a continuous decline in net profit for three consecutive years, with a reported net profit of 215 million yuan in 2024, down 15.69% [20][21] Market Environment - The performance of National Investment Corporation's various segments reflects the broader market conditions, with the securities sector benefiting from a recovering market while trust and futures face challenges [23][24] - The recent leadership changes may impact the company's strategic direction and operational stability, raising concerns about team cohesion and market confidence [23][24]

7日，北京证券交易所发布的《北京证券交易所程序化交易管理实施细则》（以下简称"《实施细 则》"）正式实施。业内人士认为，对于程序化交易细则实施新规，市场前置应对充分，无需担忧其实 际的边际影响；细则实施有助于提升监管能力，推动量化行业从单纯的速度竞争转向策略创新，长期来 看有利于行业的健康可持续发展。 市场对新规实施影响已平滑 值得一提的是，《实施细则》对高频交易实施差异化收费预留下政策空间。财经评论员郭施亮表示，程 序化交易新规的实施，主要强调的是规范，并且对高频交易有一个明确的认定标准。可以预期，未来高 频交易的量化机构交易成本将会大幅增加，套利空间也会因交易成本增加而显著下降，这也有助于进一 步加强高频交易监管和引导量化机构规范运作。 《实施细则》是北交所针对中国证监会2024年5月发布的《证券市场程序化交易管理规定（试行）》制 定的业务规则和具体举措，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、监 督检查等事项作出细化规定。该细则于2024年6月开始征求意见，在2025年4月正式发布，自2025年7月7 日起施行。 《实施细则》对中国证监会上述管理规定规定的四类程序化异常交易行为作 ...

一、适用基金 ■ 为了更好地满足广大投资者的理财需求，融通基金管理有限公司（以下简称"融通基金"）与上海好买基 金销售有限公司（以下简称"上海好买"）协商一致，从2025年7月7日起，融通增悦债券型证券投资基金 在上海好买参加前述机构开展的赎回费率优惠活动。现将有关事项公告如下： 四、其他提示 二、优惠时间 自2025年7月7日起至2025年7月30日。 三、费率优惠内容 1.优惠内容 活动期间，投资者通过上述销售机构赎回上述基金，其赎回费率享有如下优惠： ■ 2.优惠说明 赎回费用在投资人赎回基金份额时收取，投资者在优惠期间通过上海好买赎回上述基金，优惠后的赎回 费将100%归入基金资产，此次费率优惠不会对基金份额持有人利益造成实质性的不利影响。 1.本次优惠活动结束后，上述基金的相关费率继续按原费率标准实施。 客户服务电话：400-700-9665 2.融通基金管理有限公司 网址：www.rtfund.com 2.本公告的最终解释权归融通基金管理有限公司所有。 3.投资者欲了解基金的详细情况，请仔细阅读各基金《基金合同》和《招募说明书》等法律文件。 五、咨询方式 1.上海好买基金销售有限公司 网址：www ...

Group 1: Core Insights - In the first half of 2025, a total of 158 companies successfully listed on the New Third Board, with 50 in the basic tier and 108 in the innovative tier [1][5] Group 2: Main Underwriters' Performance - 43 securities firms provided sponsorship services for the 158 companies, with Guotai Junan and CITIC Securities both sponsoring 12 listings, ranking first [2][5] - The third place was held by Kaiyuan Securities, which sponsored 11 listings [2] Group 3: Law Firms' Performance - 42 law firms provided legal services for the listed companies, with Shanghai Jintiancheng leading with 22 cases, followed by Beijing Zhonglun with 19 cases, and Guohao (Shanghai) with 12 cases [5] Group 4: Accounting Firms' Performance - 29 accounting firms provided auditing services, with Rongcheng and Tianjian both leading with 27 cases each, and Lixin in third place with 24 cases [5]

Core Viewpoint - The upcoming 11th Nishan World Civilization Forum will introduce a financial culture forum focusing on the integration of traditional Chinese culture with modern financial practices, aiming to explore moral norms, economic ethics, and financial thinking rooted in Chinese traditional culture [1][2]. Group 1: Forum Objectives and Themes - The forum will address the core principles and practical requirements of Chinese financial culture, encapsulated in the "Five Musts and Five Must Nots" [1]. - Three sub-themes will be discussed: "Honesty and Trustworthiness: Cultivating Modern Financial Value Systems through Traditional Culture," "Upholding Integrity and Innovation: Shaping New Advantages in Financial Services for the Real Economy," and "Legal Compliance: Building a New Order for Modern Financial Development" [1]. Group 2: Participants and Contributions - The forum will feature over 70 domestic and international guests from diverse industries and research fields, providing a broad and representative perspective [2]. - International guests from countries such as the United States, Germany, and Malaysia will share overseas experiences, while representatives from major financial institutions like China Construction Bank, Agricultural Bank of China, and others will explore new practical pathways [2]. - Nearly 20 renowned domestic experts and scholars from universities and research institutions will discuss contemporary issues in finance [2]. Group 3: Significance of the Forum - The financial culture forum is positioned as an important platform for promoting Chinese financial culture and facilitating exchanges between academia and industry [2]. - It aims to enhance the financial sector's ability to serve the real economy, promote high-quality financial development, and contribute to the construction of a financial powerhouse [2].

Core Viewpoint - The approval of the first batch of 10 Sci-Tech Bond ETFs, with a total fundraising scale of 30 billion yuan, marks a significant step for individual investors to participate in the national technology strategy [1][2]. Group 1: Product Launch and Market Impact - The first batch of 10 Sci-Tech Bond ETFs was approved and will be launched on July 7, with each fund having a fundraising cap of 3 billion yuan [1]. - The products are linked to three major AAA Sci-Tech Bond indices, focusing on high-grade state-owned enterprise bonds [1][2]. - The launch fills a gap in thematic bond funds and provides a new investment channel for individual investors to access the technology sector [1][2]. Group 2: Investment Opportunities and Characteristics - Sci-Tech Bond ETFs offer stable returns and lower volatility, providing investors with opportunities for risk diversification and enhanced portfolio stability [1][3]. - The ETFs are expected to attract various types of funds to key areas of technology innovation, broadening financing sources for Sci-Tech enterprises [2][3]. - The market for Sci-Tech bonds has reached over 2.22 trillion yuan, indicating a significant growth potential for the ETFs [3][4]. Group 3: Market Dynamics and Investor Behavior - Institutional investors are showing strong interest in the underlying assets of the Sci-Tech Bond ETFs, with many positioning themselves ahead of the launch [5][6]. - The current market environment suggests that institutional and large investors may dominate initial subscription activities, while retail investor participation remains uncertain [5][6]. - The liquidity of Sci-Tech bonds is improving, which enhances the attractiveness of the ETFs to market funds [8][9]. Group 4: Performance Metrics and Risk Assessment - The annualized returns of the three Sci-Tech Bond indices are above 3.70%, with the highest being 3.96% for the Shanghai AAA Sci-Tech Bond Index [7]. - The indices have demonstrated low volatility, with annualized volatility rates between 0.90% and 1.08%, indicating a stable investment environment [7]. - The underlying assets of the ETFs are primarily high-credit quality bonds, making them suitable for conservative investment strategies [7][8].

Group 1 - The company received a decision from Shenzhen Stock Exchange to terminate its stock listing on June 20, 2025, and the stock will be transferred to the delisting board managed by the National Equities Exchange and Quotations [1] - The company has signed a stock transfer agreement with Pacific Securities to act as the main sponsor for the transfer of its stock to the delisting board, which includes handling various related services [2] - The main sponsor, Pacific Securities, is a publicly listed company with a registered capital of 681,631.637 million RMB, established on January 6, 2004, and is based in Kunming, Yunnan Province [2] Group 2 - The company will announce further details regarding the share confirmation, registration, and custody procedures after the stock is delisted [2] - The designated media for information disclosure prior to the stock delisting includes Securities Times, China Securities Journal, Securities Daily, Shanghai Securities Journal, and the Giant Tide Information Network [3]