In order to further optimize the securities trading mechanism, promote stable market operation, and better meet the needs of investors, the three major stock exchanges, Shenzhen Stock Exchange (referred to as "Shenzhen Stock Exchange"), Shanghai Stock Exchange (referred to as "Shanghai Stock Exchange"), and Beijing Stock Exchange (referred to as "Beijing Stock Exchange"), have recently publicly solicited opinions on revising their trading rules. Based on the revised content, the Shanghai and Shenzhen Stock Exchanges plan to expand the scope of securities eligible for fixed price trading after hours from the Science and Technology Innovation Board and the ChiNext Board to all A-shares and trading open-end funds. The Beijing Stock Exchange plans to launch fixed price trading after hours, increase risk disclosure arrangements for risk warning stocks and delisted stocks, and set a daily purchase limit for risk warning stocks. According to the newly revised trading rules, the Shenzhen Stock Exchange plans to introduce a market maker system on the ChiNext board to further improve pricing efficiency, promote market vitality and resilience; We plan to adjust the confirmation time for bulk trading of ChiNext stock agreements from 15:00 to 15:30 to 9:30 to 11:30 and 13:00 to 15:30. The relevant person in charge of the Shenzhen Stock Exchange stated that the relevant adjustments will help improve the adaptability of the trading system, meet the diversified trading needs of investors, and attract medium and long-term funds to enter the market. The Shanghai Stock Exchange plans to adjust the trading method of funds during the closing stage to be consistent with the same stocks, that is, from 14:57 to 16:00 as the closing call auction, and generate the closing price through the closing call auction. The relevant person in charge of the Shanghai Stock Exchange stated that adjusting the fund closing trading mechanism from continuous bidding to call auction will help improve the efficiency and stability of closing pricing, and enhance the consistency of the mechanism. The relevant provisions of the "Notice on Adjusting the Price Limit Ratio of Main Board Risk Warning Stocks and Related Matters" that have been publicly solicited for opinions have also been included in the revised content of the Shanghai and Shenzhen Stock Exchanges. It is proposed to adjust the price limit ratio of Main Board Risk Warning Stocks from 5% to 10%. The exchange stated that unifying the price limit ratio of risk warning stocks on the main board and other stocks on the main board is conducive to maintaining market trading order and protecting the legitimate rights and interests of investors, especially small and medium-sized investors. In addition, in order to further facilitate market participation, meet the diversified trading needs of investors, strengthen investor protection, improve market transparency, and regulate trading order, the Beijing Stock Exchange plans to revise its trading rules from four aspects, including launching fixed price trading after hours, clarifying arrangements for entrustment, declaration, and market disclosure, and providing rich trading channels for investors who intend to trade at the closing price; Optimize the bulk trading system and adjust the range of bulk trading prices for stocks without price limit; Increase the risk disclosure arrangements for risk warning stocks and delisted stocks, and set a daily purchase limit for risk warning stocks to guide investors to invest rationally; Improve trading supervision arrangements, increase severe abnormal fluctuations, and provide publicly available trading information such as classified trading statistics for supporting investors. (New Society)