Position limit refers to the maximum number of unilateral positions held by members or customers on a contract as stipulated by the exchange. When the same customer opens positions in different members, the total number of unilateral positions in a contract shall not exceed the position limit of the customer. The main purpose of implementing the position limit system is to prevent the manipulation of market prices and the excessive concentration of market risks on a few investors. The position limits of customers and members are as follows: (1) The customer number of speculative trading. The limit of unilateral positions in the contract is 100 lots. The customer number positions of hedging and arbitrage transactions shall be implemented in accordance with the relevant regulations of the Exchange, and are not limited by the 100 lot position limit. (2) If the total unilateral position of a contract exceeds 6,543,800 lots after settlement, the unilateral position of the settlement member in the next trading day shall not exceed 25% of the total unilateral position of the contract. For members or customers who really need to use stock index futures for hedging, they can apply for hedging quota according to the relevant requirements in the hedging management measures of the exchange to avoid the position restrictions. (Provided by CICC. The content of this column is for reference only, not as a basis for investment; Please refer to the formal rules for business rules. )