On April 3, 2025, the three major exchanges released the “Implementation Rules for Program based Trading Management”, which was officially implemented on July 7 last year. On April 3, 2026, the Shanghai, Shenzhen, and North stock exchanges released the “Implementation Rules”, which had been in effect for one year. In the Implementation Rules, if an investor’s trading behavior involves a maximum of 300 or more transactions per second for a single account, or a maximum of 20000 or more transactions per day, it is recognized as high-frequency trading. At the same time, abnormal trading behavior has been refined and differentiated supervision has been implemented, especially differentiated fee arrangements, to increase transaction costs. Has high-frequency quantitative trading been effectively controlled one year after the release of the new regulations on quantitative trading? Among them, there is a set of data worth paying attention to. According to publicly available data, as of the first quarter of this year, the number of quantified enterprises in China has expanded to 61, with an overall management scale approaching 2 trillion yuan. From the perspective of management scale, the current management scale is close to 2 trillion yuan, but it has increased by nearly 400 billion yuan compared to the end of the fourth quarter of last year, and has significantly increased by about 800 billion yuan compared to the same period last year. From the perspective of the investment scale of top quantitative institutions, there are already several top quantitative institutions with investment scales exceeding 80 billion yuan, just one step away from a hundred billion yuan investment scale. On the one hand, the investment management scale of top quantitative institutions is becoming larger and larger. On the other hand, the pace of survival of the fittest among small and medium-sized quantitative institutions is significantly accelerating, and the entire industry is showing a clear Matthew effect phenomenon. Top quantitative trading institutions continue to achieve excess investment returns, leveraging AI, big data, and other methods to gain sustained investment advantages in the stock market, thereby increasing the difficulty for retail investors to make money. This is also the most profound experience for retail investors in recent years. For the stock market, it is essentially a place for wealth redistribution. If an institution obtains excess returns in the stock market, it will mean that some investors will lose money in the market. The high-frequency quantitative trading in the A-share market is highly controversial, and investors’ focus is on the standards for identifying high-frequency trading and the severity of penalties for high-frequency abnormal trading and illegal trading. Under the influence of the new regulations on quantitative trading, if the maximum number of declarations and cancellations per second for a single account reaches 300 or more, it will be recognized as high-frequency trading. However, how to determine the trading behavior of a single account with a maximum of 299 declarations and cancellations per second is undoubtedly a concern for the market. Quantitative trading has only been developing in the A-share market for about 10 years, and the real time to achieve explosive growth is probably after 2020. For the European and American stock markets, quantitative trading has been around for decades, and currently contributes over 80% of the liquidity to the local market. The impact of quantitative trading on the local market cannot be underestimated.