中国各期货交易所将通过明确界定违规行为来加大对程序化交易不当行为的整治力度。此举旨在防范跨资产风险，避免给本就面临重重困境的国内股市带来额外压力。
China’s futures exchanges will intensify a crackdown on malfeasance linked to programme trading by defining specific violations, as Beijing seeks to contain any cross-asset risk that could place additional strain on the nation’s already struggling stock markets. Participants who failed to report and inspect clients’ programme trading, also known as quantitative trading, in compliance with the rules would be subject to disciplinary action, according to separate statements on the websites of China’s five futures bourses including the China Financial Futures Exchange and the Shanghai Futures Exchange.
根据中国金融期货交易所、上海期货交易所等五家期货交易所官网发布的公告，未按规定对客户进行的程序化交易——即量化交易进行报告与核查的参与者，都将面临纪律处分。此外，因未能建立有效的内部控制及风险管理机制而引发风险的机构同样会受到处罚，其中最严厉的处罚措施为永久禁止其进入市场。目前各交易所正就相关规则及处罚措施的修订方案公开征求社会意见，截止时间为本周一。
Those who caused risks by failing to establish efficient internal controls or risk management would also be penalised, with a permanent market ban as the most severe punishment. The exchanges are soliciting public comment on revisions to the rules and punishments until Monday. The announcements came just days after the China Securities Regulatory Commission convened a meeting with market participants, signalling possible stabilisation measures if stocks fell further.
这些公告发布之际，中国证券监督管理委员会刚刚召集市场参与者开会，释放出若股市进一步下跌或将出台稳定措施的信号。今年以来，高层决策层高度重视金融稳定工作，因为资本市场能够为本土企业提供资金支持，是北京推进技术自主化战略的重要一环。
Top policymakers have placed great emphasis on financial stability this year, as the capital markets are a critical part of Beijing’s tech self-reliance drive, given their ability to generate funding for home-grown companies. Stocks in China and the US have been on diverging paths recently.
近期，中美两国股市走势出现分化：美国主要股指在国债收益率居高不下的背景下仍维持在历史高位附近，而中国的主要股指则持续走低。周二，沪深300指数下跌1.2%，有望创下14个月来的最低收盘水平；以芯片企业为主的科创板50指数跌幅达2.2%，或将跌至4月份以来的最低点位。
US equity benchmarks are trading near record highs, withstanding elevated Treasury yields, while China’s key gauges have suffered extended declines. The CSI 300 Index fell 1.2 per cent on Tuesday, heading for its lowest close in 14 months, and the chip-heavy Star Market 50 gauge retreated 2.2 per cent, poised to finish at a level not seen since April.
部分投资者将中国股市表现不佳归因于国内消费需求疲软，以及政府不愿出台力度更大的刺激措施。一家中国大型对冲基金则指出，大型保险公司抛售科技股是导致股指下跌的主要原因。
Some investors attributed the underperformance to China’s weak economic domestic demand and Beijing’s reluctance to introduce more forceful stimulus measures. A top Chinese hedge fund blamed the decline on big insurers selling technology stocks.
高频程序化交易也被指出为导致中国股票长期表现不佳的因素之一。上海和深圳证券交易所于2024年推出措施以遏制此类交易，因为散户投资者抱怨这给使用它的人带来了不公平的优势。
High-frequency programme trading was also highlighted as one of the factors contributing to the perennial underperformance of Chinese stocks. The Shanghai and Shenzhen stock exchanges rolled out measures in 2024 to curb such trading, as retail investors complained it gave an unfair edge to those who used it.
“稳定市场的意义不仅在于管理短期波动，还在于通过稳定预期，为基金的长期配置、上市公司的融资以及产业转型创造一个稳定的市场环境，”中泰证券分析师许迟表示。
“The significance of stabilising markets is not only to manage short-term volatility but also to create a stable market environment for funds’ long-term allocations, listing companies’ financing and the industry transition by stabilising expectations,” said Xu Chi, an analyst at Zhongtai Securities.
期货交易所表示，将对未遵守规则的参与者进行惩处，并在紧急情况下采取适当措施，声明如是。违规者可能面临警告、批评、最多12个月限制开设新仓位、取消相关会员资格或最高50万元人民币（约合74,684美元）的罚款。
The futures exchanges said they would punish participants that failed to follow rules and take appropriate measures in the event of emergencies, the statements said. Violators could face warnings, reprimands, restrictions on opening new positions for up to 12 months, cancellations of relevant memberships or fines of as much as 500,000 yuan (US$74,684).
中国金融期货交易所是中国大陆唯一提供金融衍生品交易的场所。它提供与沪深300指数挂钩的期货合约和期权，以及跨期限的国债挂钩合约。
The China Financial Futures Exchange is the sole place in mainland China offering trading of financial derivatives. It provides futures contracts and options linked to the CSI 300 Index as well as contracts tied to government bonds across maturities.
上海期货交易所专注于商品交易，涵盖从铜、铝到原油和橡胶的25个品种。
The Shanghai Futures Exchange focuses on commodity trading, covering 25 items ranging from copper and aluminium to crude oil and rubber.