According to the latest data from the China Securities Association, by the end of 2025, securities, funds, and insurance companies had a cumulative operating amount of 105 billion yuan in exchange facilities, bringing clear incremental capital to A-shares. As the 2025 annual reports of listed brokerage firms were revealed one after another, several institutions announced the details of carrying out convenient swap operations, and some brokerage firms held pledge balances of several billion yuan. At the regular meeting of the central bank's monetary policy committee for the first quarter of 2026, statements such as “making good use of the convenience of securities, funds, and insurance companies to exchange” were no longer mentioned. Industry insiders believe that as a countercyclical adjustment tool, the pace of operation is closely related to the market environment. The current policy focus has been adjusted, but the stock scale is still playing a role in stabilizing the market.

According to the latest data from the China Securities Association, by the end of 2025, securities, funds, and insurance companies had a cumulative operating amount of 105 billion yuan in exchange facilities, bringing clear incremental capital to A-shares. As the 2025 annual reports of listed brokerage firms were revealed one after another, several institutions announced the details of carrying out convenient swap operations, and some brokerage firms held pledge balances of several billion yuan. At the regular meeting of the central bank's monetary policy committee for the first quarter of 2026, statements such as “making good use of the convenience of securities, funds, and insurance companies to exchange” were no longer mentioned. Industry insiders believe that as a countercyclical adjustment tool, the pace of operation is closely related to the market environment. The current policy focus has been adjusted, but the stock scale is still playing a role in stabilizing the market.