史上最严量化新规来了？

The Strictest Quant Regulation in History Arrives?

量化时代的速度终章：一场重新定义A股交易秩序的监管重构

The Final Chapter of the Speed Era in Quant Trading: A Regulatory Reconstruction That Redefines the Order of A-Share Trading

一、监管突然加速：一份"提前一年落地"的文件，改变了谁？

I. Sudden Regulatory Acceleration: Who Is Changed by a Document “Implemented One Year Ahead of Schedule”?

原计划 2026 年实施的公平交易方案，被正式宣布将在 1 个月内落地。

The fair-trading plan originally scheduled for 2026 was officially announced to be rolled out within one month.

在 A 股监管史上，这种加速度极为罕见。

Such acceleration is extremely rare in the history of A-share regulation.

这意味着：

This means:

→ 市场结构、交易方式、量化生态、券商业务线

→ market structure, trading methods, quant ecosystem, and brokerage business lines

将在未来 30 天内迎来十年级别的重塑。

will undergo a decade-level reshaping within the next 30 days.

监管为何突然前置？

Why did the regulator suddenly move the timeline forward?

答案只有两个关键词：

The answer boils down to two keywords:

"技术平权" "市场稳定性"

"technological equality" and "market stability"

当量化交易在活跃时段占比超过 50%，速度优势已从"效率提升"异化为"信息不对称套利"。

When quant trading accounts for over 50 % of turnover during active sessions, speed advantages have morphed from “efficiency gains” into “information-asymmetry arbitrage”.

监管正在切断的，是过去八年量化崛起的根基 ------ 速度垄断。

What the regulator is cutting off is the very foundation of quant’s eight-year rise—speed monopoly.

【图解①】本轮监管六大核心措施（券研社版）

[Illustration 1] Six Core Measures of the New Round of Regulation (Quan Research version)

A股量化交易链路重构：六大监管主轴

Reconstructing the A-Share Quant Trading Chain: Six Regulatory Pillars

1. 市场统一加延时（+200 km光纤）

1. Market-wide uniform latency increase (+200 km fibre loop)

2. 券商端口共享（取消单客户独享）

2. Broker port sharing (ending single-client exclusivity)

3. 高频交易限制（300笔/秒，2万笔/日）

3. High-frequency caps (300 orders/sec, 20 000/day)

4. 穿透式监管（账户、策略、算法备案）

4. Penetrative supervision (account, strategy and algorithm filing)

5. 杠杆与持仓限制（单账户不超5%）

5. Leverage & position limits (≤5 % per account)

6. 实施节奏加速（1个月落地）

6. Accelerated implementation (one-month rollout)

二、"速度神话"终结：监管正在拆掉量化的护城河

II. End of the “Speed Myth”: The Regulator Is Dismantling Quant’s Moat

过去十年，中国量化行业靠两样东西崛起：

Over the past decade China’s quant industry rose on two things:

① 靠"专属机柜 + 低延时链路"跑在前面

① “exclusive co-location + low-latency links” to stay ahead

② 靠"申撤单速度"制造微观优势

② “order-placement & cancellation speed” to create micro-advantages

这两件事，正在同时被监管点名。

Both are now being called out by the regulator.

1）统一增加 200 km 光纤延时：从根上抹平速度差

1) Uniform +200 km Fibre Delay: Erasing Speed Differences at the Root

这是本轮改革的"灵魂条款"。

This is the “soul clause” of the reform.

为什么是延时？

Why latency?

因为量化的核心优势从来不是"更聪明的模型"，

Because quant’s core edge was never “smarter models”；

而是 更快的链路、更近的机柜、更高的带宽。

it was faster links, closer racks, fatter bandwidth.

在毫秒级交易里：

In millisecond-level trading:

快 1 毫秒 = 多抢 N 桶流动性

1 ms faster = grabbing N more buckets of liquidity

快 10 微秒 = 容易吃掉整条盘口

10 µs faster = sweeping the entire order book

统一加延时，就是监管对量化说：

Uniform latency increase is the regulator telling quant:

"你们的速度优势全部清零，从同一起跑线开始。"

“Your speed advantages are reset to zero; start from the same line.”

【图解②】技术平权逻辑图

[Illustration 2] Logic Map of Technological Equality

过去：机构拼速度 → 拼机房 → 拼链路 → 普通投资者永远慢

Past: institutions race on speed → race on server rooms → race on links → retail forever slower

↓ （被切断）

↓ (cut off)

现在：交易所统一加延时 → 差异化速度全部抹平 → 重新公平竞争

Now: exchange adds uniform latency → all speed differences erased → fair competition restored

三、为什么监管要现在动手？------因为量化占比已突破"系统阈值"

III. Why Act Now?—Because Quant Share Has Breached the “System Threshold”

券研社梳理过去一年的交易数据发现：

Quan Research’s analysis of last year’s data shows:

● 部分时段量化成交占比超过 50 %

● quant turnover > 50 % in some sessions

● 高频策略占申报总量 30 %+

● HF strategies > 30 % of order submissions

● 高频撤单成为市场噪音的主要来源

● HF cancellations are the main source of market noise

当市场噪音过大，监管要做的就是"削峰填谷"。

When noise is too loud, the regulator “clips the peaks and fills the valleys”.

【图解③】A 股市场结构的变化（文字版）

[Illustration 3] Evolution of A-Share Market Structure (text version)

2015-2017：量化是补充流动性

2015-2017: quant provided supplementary liquidity

2018-2020：量化占比~15%，被视为效率提升

2018-2020: quant ~15 %, seen as efficiency gain

2021-2023：量化占比30%-40%，成为主流流动性来源

2021-2023: quant 30-40 %, mainstream liquidity source

2024-2025：量化占比突破50%，开始影响价格形成机制

2024-2025: quant >50 %, starts affecting price formation

↑

↑

市场风险阈值触发

market-risk threshold triggered

当量化成为"主导力量"，监管自然要把"市场公平性"重新放到优先级第一。

When quant becomes the “dominant force”, fairness is moved back to priority one.

四、三大新规，对量化行业的真实冲击

IV. Real Impact of the Three New Rules on the Quant Industry

券研社从行业调研发现，本轮新规对量化的影响等级不同：

Industry surveys by Quan Research show tiered impacts:

1）高频策略：主力受限，冲击最大

1) High-frequency strategies: core business restricted, hardest hit

高频依赖的正是：

HF relies on:

- 与交易所距离越近越好

- proximity to exchange

- 延时越小越好

- minimal latency

- 每秒申撤单越多越好

- max order placements/cancellations per second

三条监管主线正中要害。

All three are directly struck.

高频策略将出现明显"策略失效"甚至"模型报废"。

HF strategies will see obvious “strategy failure” or even “model scrappage”.

2）低频/中频量化：冲击有限，但竞争要重新洗牌

2) Low-/mid-frequency quant: limited shock, but competition reshuffled

这类策略主要依赖因子、数据、统计规律。

These rely on factors, data, statistical laws.

未来的竞争会从：

Future competition shifts from:

速度竞争 → 数据竞争 → 资金稳定性竞争

speed → data → capital stability

真正有投研能力的量化机构会更突出。

Firms with real research capacity will stand out.

3）传统机构：压力反而变成机会

3) Traditional institutions: pressure turns into opportunity

没有专属链路

No exclusive links,

没有高频

no high-frequency,

没有极速机柜

no ultra-fast racks—

过去这意味着"输在起跑线"，

once meant “losing at the start”,

现在意味着：

now means:

他们突然站在与量化同样的速度下。

they suddenly run at the same speed as quant.

未来谁能胜出，将由投研水平决定，而不是机房位置。

Future winners will be decided by research, not server-room location.

五、为什么券商最紧张？------这是一次行业洗牌

V. Why Are Brokers Most Nervous?—This Is an Industry Shake-up

本轮监管给券商设置了一个非常硬的门槛：

The regulator gave brokers a hard deadline:

"下周面谈 + 限时答复"

“face-to-face next week + reply within deadline”

监管的信号极强：

The signal is crystal-clear:

→ 不给你拖延

→ no delays

→ 不给你空间变相保留小通道

→ no grey loopholes

→ 不给你搭灰色缓冲区

→ no buffer zones

（1）中小券商：重创

(1) Small & mid-size brokers: heavy blow

原因如下：

Reasons:

1. 专属设备是他们吸引量化的唯一卖点

1. Exclusive gear was their only selling point to quants

2. 清退机柜 = 客户迁移

2. Rack removal = client exodus

3. 系统改造成本高

3. High system-refit costs

4. 失去高频客户 = 佣金断崖式下滑

4. Losing HF clients = cliff-drop in commissions

不少中小券商的量化客户占营业部收入的 30 %-50 %。

Quant clients account for 30-50 % of branch revenues for many.

本轮改革对他们来说是"结构性失血"。

This reform is “structural blood loss” for them.

（2）头部券商：短期阵痛 → 长期利好

(2) Top-tier brokers: short-term pain → long-term gain

因为：

Because:

- 有能力快速按监管要求重构系统

- can swiftly rebuild systems to spec

- 有能力搭建"标准化交易链路"

- can build “standardised trading links”

- 有能力从量化转向"普惠服务"

- can pivot from quant to “inclusive services”

未来的格局将变成：

The future landscape:

大型券商提供商品化链路，中小券商被迫退出量化链路竞争。

Big brokers sell commoditised links; smaller ones exit the race.

【图解④】券商格局变化

[Illustration 4] Brokerage Landscape Shift

过去：拼链路速度 → 拼机柜 → 拼距离 → 中小券商更灵活

Past: race on link speed → racks → distance → smaller brokers nimbler

未来：拼系统稳定性 → 拼投研工具 → 拼客户服务 → 头部券商优势更大

Future: race on stability → research tools → client service → top brokers dominate

六、穿透式监管：量化的"黑盒时代"结束了

VI. Penetrative Supervision: The End of Quant’s “Black-Box Era”

这是行业最敏感、但也是最关键的部分。

This is the most sensitive yet crucial part.

新规要求：

New rules require:

- 量化账户全部备案

- full filing of quant accounts

- 策略需披露核心逻辑

- disclosure of core strategy logic

- 异常行为实时监控

- real-time monitoring of anomalies

穿透式监管意味着：

Penetrative supervision means:

"算法黑箱"模式无法继续存在。

the “black-box algorithm” model can no longer exist.

未来量化要适应的，是：

Quants must adapt to:

透明度提升

higher transparency

风控前置

ex-ante risk control

策略合规化

strategy compliance

交易数据公开化

public trading data

这是一个深刻的结构转型。

This is a profound structural shift.

七、未来两年预测：量化行业的三条演进路径

VII. Two-Year Outlook: Three Evolution Paths for the Quant Industry

券研社根据国内外历史经验，总结未来 24 个月量化行业的三条主线：

Quan Research, drawing on global experience, sees three main lines:

1）高频萎缩 → 中低频崛起

1) HF shrinks → low-/mid-frequency rises

美国市场 NASDAQ 的模式验证：

NASDAQ pattern:

- 高频份额下降

- HF share falls

- 统计套利、生研策略崛起

- stat-arb, bio-tech arbitrage rise

A 股将复制同样路径。

A-shares will follow.

2）量化行业将产生"二次分化"

2) Quant industry will “re-bifurcate”

头部量化：转向中性、宏观、CTA、AI大模型

Top quants: shift to neutral, macro, CTA, AI large models

中腰部量化：转向多资产

Mid-tier: multi-asset

散量机构：逐步退出

boutiques: gradual exit

3）券商交易系统将迎来十年来最大一次升级

3) Broker trading systems will see the biggest upgrade in ten years

未来竞争将完全不同：

Future competition:

不是谁更快

not who is faster

而是谁更稳、更开放、更普惠、更合规

but who is stabler, more open, more inclusive, more compliant

八、这次监管，到底改变了什么？------结语：A股的"技术平权元年"

VIII. What Has Really Changed?—Epilogue: A-Shares’ “Year One of Technological Equality”

如果用一句话总结：

In one sentence:

本轮新规不是"打压量化"，而是"重建市场秩序"。

This round is not “suppressing quant” but “rebuilding market order”.

它的目标是：

Its goals:

- 让价格回归真实供需

- let prices reflect real supply & demand

- 让普通投资者重新站在公平的起跑线

- let retail investors stand on a fair starting line

- 让券商回归服务本质

- let brokers return to their service essence

- 让量化行业从"拼硬件"转向"拼研究"

- let quant shift from “hardware race” to “research race”

这是一次由监管主导的深度结构改革。

This is a regulator-led deep structural reform.

它的意义，不亚于 2016 年的熔断改革，

Its significance is no less than the 2016 circuit-breaker reform,

甚至可能重新定义未来十年的 A 股交易生态。

and may redefine the A-share trading ecosystem for the next decade.

2025 年，将被写入 A 股交易制度史：------"技术平权元年"。

2025 will be written into A-share history as the “Year One of Technological Equality.”