The circuit breaker of A-share fantasy crusoe

"When a person can't have it, the only thing he can do is not forget. ”

- Proust, "Reminiscences of the Past"

01

introduction

This is actually an old article, which was launched on the afternoon of January 5, 2016, called "Rong Mama Dong Shi Xiaofeng, Sick A Share Xizi Holds the Heart", but it was "fused" that night.

Half a year later, the short-lived circuit breaker system has long been a thing of the past, and the regulatory authorities have long been reborn. Standing on this hot summer afternoon in 2016, I couldn't help but think of January 4, the 67th year of the Republic of China, which was the first trading day of the new year when the only remaining leeks in the Chinese stock market were fused and harvested.

On that day, I was wandering alone in the playground, breathing in the rare fresh air of PM 2.5 only 20, and when I met Mr. A, he came to me and asked, "Did Xiang Shuai write anything about leeks?" and I said "no". He told me, "Xiang Shuai should write something, leeks loved to read Xiang Shuai's articles when he was alive." ”

It's been a long time since 1:13 a.m. on January 4, 2016, and the forgotten Savior has already come, and I need to write something. I will tell you a little bit about the "circuit breaker" as a thin offering of the growing leek, before the muttered spirit.

02

The past and present lives of the circuit breaker

October 19, 1987 was the famous "Black Monday" in the U.S. stock market, the Dow fell 22.7%, and the New York stock market evaporated $500 billion in wealth in one day, forcing the then president and the chairman of the Federal Reserve to come forward to clarify that "our U.S. economic fundamentals are very good." This abnormal irrational fluctuation has attracted the attention of the regulators, who have begun to consider how to give the market a cooling-off period when the market is excessively volatile, so as to prevent blind followers and stampedes.

"Black Monday"

After a year of research, research, and preparation, the New York Stock Exchange (NYSE) has introduced a mechanism called "circuit breaker" to suspend trading in the entire market when the market price (e.g., stock index) fluctuates more than a certain amount. The Chinese translation of Circuit breaker is "circuit breaker". Middle school physics textbooks tell us that the purpose of this device is to blow the fuse and cut off the circuit when the current is overloaded or short-circuited, so as to ensure the safety of electricity. This principle of operation is exactly the same as "suspend trading when the market price fluctuates too much". Therefore, we are accustomed to translating this mechanism as "circuit breaker".

When this mechanism was introduced in the United States, there was also a lot of discussion. Eugene Fama, winner of the 2013 Nobel Prize in Economics, believes that "(in the same direction) investors will rush to complete transactions before the circuit breaker and accelerate the arrival of the circuit breaker", and another Telser of the University of Chicago also believes that "(inverse) traders will delay trading in order to wait for a better price and accelerate the arrival of the circuit breaker" - this is the "magnetic effect" of the circuit breaker mechanism that has been widely discussed since then. This effect has been well demonstrated in the A-share market yesterday.

On December 4, 2015, China's three major exchanges (Shanghai Stock Exchange, Shenzhen Stock Exchange, and China Financial Exchange) announced that they would implement a circuit breaker mechanism on January 1, 2016 on the basis of retaining the price limit of individual stocks. The rules are very long, but in a nutshell, when the CSI 300 Index rises or falls by more than 5% (from the previous trading day), all financial trading (except Treasury futures) is suspended for 15 minutes. The market reopened after 15 minutes. If the CSI 300 Index rises or falls by more than 7% from the previous trading day, trading will be suspended throughout the day, and everyone will go back to their homes and find their mothers[1].

On January 4, the first trading day of 2016, the Shanghai Composite Index fell 4% in early trading – a drop that many expected. The stock index rose rapidly in the early stage, but the economic fundamentals were full of mourning and no support, the RMB exchange rate has recently faced depreciation pressure, and the lock-up period for major shareholders and senior executives during the bailout period is approaching, and the market is under pressure.

The cliff-like fall of two circuit breakers

After more than 10 o'clock, there was information about the "circuit breaker". It began to spread like a virus in the market. In an environment where the overall market sentiment is extremely fragile, the melt mama that was originally used to "curb panic" has become a huge shadow on the heads of the little swallows, and the afternoon open, the sell-off is surging, and in just 13 minutes, the CSI 300 index fell to 5%, triggering the circuit breaker mechanism. According to the rules, market trading is suspended for 15 minutes.

With a big brain, you can know how many grass and mud horses are galloping past in the hearts of investors in this long and silent 15 minutes. I was afraid to sell or not, and I decided to make a quick move, and I was hesitant to buy at the bottom and decided to wait and see, and no longer buy...... Considering the investor structure of China's A-share market, with a large number of retail investors and a large number of institutions trading like retail investors (there should be a smiley face), following the crowd is almost the only and optimal choice. After 15 minutes, the transaction was restarted, and everyone took the word "sell" first, went to the soup and fire, never gave up, and made up their minds to be loyal to the "circuit breaker" to the end.

Sure enough, after the resumption of trading, the "magnetic" selling order took the initiative with the posture of the autumn wind sweeping the leaves, and the whole market showed a downward slope of almost 80 degrees, and only 6 minutes later, the CSI 300 index triggered the circuit breaker threshold of 7%, and the A-share market closed 1 and a half hours early.

So far, obscure terms such as "circuit breaker mechanism" and "magnetic attraction effect" have been most widely recognized in China's A-share market. The regulator's good intentions and real operation have taught Chinese investors a vivid, interesting, tense and lively financial popularization lesson. From the liquidity spiral (stock market crash) in June-July 2015 to the "magnetic effect" in 2016, the A-share market has repeatedly provided fertile soil for empirical research on financial theory.

[1] The main circuit breaker rules jointly issued by the three major exchanges are: if the CSI 300 Index rises or falls by 5% or more for the first time compared with the close of the previous trading day, the index will be suspended for 15 minutes and then resume trading, and the index circuit breaker that is not completed before 11:30 will continue until the trading session after 13:00 until expiration. During the period from 14:45 to 15:00, if the CSI 300 Index rises or falls by 5% or more for the first time compared with the previous trading day, the index will be closed to 15:00 on the same day. In addition, if the CSI 300 Index rises or falls by 7% or more from the close of the previous trading day, trading will be suspended throughout the day. If the above situation occurs in the opening call auction, the index circuit breaker will be implemented at 9:30. Only one circuit breaker per level per day can be triggered. When the circuit breaker is triggered, the Shanghai Stock Exchange and the Shenzhen Stock Exchange will suspend the trading of stocks, funds, convertible bonds, separable bonds, stock options and other stock-related varieties in the whole market, and the specific securities varieties of the circuit breaker shall be subject to the announcement. Trading of all stock index futures products (including CSI 300, CSI 500 and SSE 50 stock index futures) will be suspended simultaneously, but the trading of treasury bond futures will continue as normal.

03

橘到淮北则为枳:熔断的A股移植

"Spring is gone, and the flowers are falling again. Good intentions but empty, how to describe my pain, love to let go of your hand all my life. ”

The A-share market launched a circuit breaker in 2016 after the 2015 stock market crash, which looks similar to the U.S. market's first circuit breaker in 1988 after the 1987 stock market crash. According to the data, after the introduction of this mechanism in the U.S. market, the volatility calculation of the mechanism was revised 4 times, and finally set three thresholds of 7%, 13%, and 20%, the first two levels are suspended for 15 minutes, and the 20% threshold will be completely stopped for the whole day.

From the history of the U.S. stock market, since the implementation of the mechanism in 1988, in the 27 years, there have been three intraday circuit breakers on October 27, 1997, May 6, 2010, and July 8, 2015. According to the calculation of more than 220 trading days per year, there is about a circuit breaker in 2,000 trading days, and there has never been a stock market crash like in 1987. Based on this historical experience, there are many discussions that "the circuit breaker mechanism effectively prevents the occurrence of large-scale stock market crashes", especially after the 2015 stock market crash in China, which is essential for "preventing excessive stock market volatility" Because of this, on September 7, 2015, the three exchanges issued a draft for comments on the introduction of a circuit breaker mechanism, and less than three months later, on December 4, 2016, the mechanism was officially launched, which was implemented from January 4, 2016. From introduction, to design, to implementation, it took less than 90 days.

It is of course excellent to learn from advanced international experience. But first look at the soil in which this experience was born. Otherwise, it is inevitable to encounter the dilemma of "orange to Huaibei is orange". First of all, as the largest and most well-established capital market on the planet, the U.S. market has gone through a journey of hundreds of years and has become a standard institutional investor market.

Compared with the young and reckless A-share market, the volatility of the US stock market has been relatively flat. For example, in the U.S. market, where there is no price limit system to "prevent excessive market volatility", the average monthly volatility of the Dow Jones index was about 4.26% from 95 to 2014, while in the A-share market with a price limit system, the Shanghai Composite Index was 8.36% over the same period, which is almost twice the volatility of the U.S. market. Especially since 2015, the index of A-shares has fluctuated like an electrocardiogram of a heart patient.

If we use daily high-frequency data, in just two weeks from June 29 to July 10, 2015, there were about 10 intraday circuit breakers. In a market with high volatility, it is unbelievable that such a low circuit breaker threshold has been set. As a result, of course, A-shares have repeatedly fused. Coupled with the magnetic attraction effect and herd behavior, it will be a high probability event to achieve a second complete circuit breaker from 5% to 7%...... In the future, the circuit breaker of the A-share market will become the "new normal", and the brokerage will become the most popular profession - the end of work will be greatly advanced.

In addition, regulators with a good desire to "stabilize the market" have forgotten some basic financial common sense. There are a few important words in the terminology of finance, one is called "synchrony" and the other is "herding". According to modern financial theory, the price of a stock is determined by the future cash flow of the company. In an efficient market, the stock price will quickly reflect all the information about the future cash flow of the business. The situation of each company is very different, so the various stock prices in the market will also show different trends and dynamics, which means that the stock prices are less synchronized.

On the contrary, if in a highly uncertain market environment, the stock price has a slightly weaker ability to respond effectively to information, there will be a kind of "convergence", and investors will begin to imitate and follow when a trend arises (think about whether we see the market falling, we will sell in a hurry, and when we see the market rising, we will buy in a hurry?), so all stocks in the market, regardless of good and bad, will show a trend of "rising and falling together". China A-shares are known as one of the most synchronized capital markets in the world.

What does synchronicity mean? It means that individual stocks and the broader market are almost in the same fate (think about it, is the 1,000-share limit often accompanied by a decline of more than 5% in the broader market?). In this sense, in the A-share market, the market circuit breaker mechanism and the individual stock price limit system are really fraternal twins, which look different, but are actually the same genes [3]. Its role, in the words of industry insiders, is really a double contraceptive measure of condom + ligation, except for the comrades of the Family Planning Commission, I can't see how useful this is. (If you want to talk to me about how sterilization and condom sales can boost GDP, that's a different story.)

In addition, one of the things that has been criticized is that the price limit is harmful to market liquidity. In the 2015 stock market crash, the allotment collapsed, the stock price fell, because there is a price limit system, so the liquidation procedure will directly hit the price to the down limit the next morning, and the market liquidity is damaged. Judging from the current research and practice, the pros and cons of the price limit system for the volatility and liquidity of the mainland market have not been conclusive. At present, the circuit breaker mechanism with 5% and 7% as the threshold is more stringent in terms of volatility, and the scope has expanded from individual stocks to the whole market. The impact on market liquidity is unquestionable. In a situation where the mechanism is still in doubt, the rash introduction of a more radical similar policy must be to "better" control market volatility within the "smaller, reasonable" range. However, it is a pity that the ideal is plump and the reality is skinny.

More than 2,000 years ago, "Yanzi Spring and Autumn" told us, "Oranges born in Huainan are oranges, and those born in Huaibei are oranges." The leaves are similar, but the taste is different. So what's the difference?" Institutions are the same as species, even good institutions can only survive in an environment that suits them, and if they change the soil, they may produce different fruits.

[2] In response to the flash crash of 2010, in which several stocks fell by 100% intraday, the United States introduced a five-minute trading restriction rule in 2013 that would suspend trading for 5 minutes when the price of a stock exceeded 5%-20% of the average price of the previous 5-minute evaluation. There is a significant difference between these and the price limit.

[3] In fact, from the perspective of finance, the circuit breaker mechanism and the price limit system are both designed to prevent the market from blindly following the trend in abnormal and irrational situations, resulting in excessive market volatility. Because of this, the price limit system can also be regarded as a special circuit breaker for individual stocks.

Tang Ya

The first draft was published on January 5, 2016

The second draft was published on June 17, 2016

in Peking University Yan Garden

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.35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .. 1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .1) 6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .5) 3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme: dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),,body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .. 15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;-- weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);-weui-tag-background-red: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, ..) 1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .. 1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .) 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.., wx-root{--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, .1);--weui-FG-4: rgba(0, 0, 0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, .1);-- weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .. 9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .. 5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: 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#373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6); --weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .) 6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme: dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .. 6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}