On November 3, the central bank announced the implementation of the third round of exchange and facilitation operations for securities, funds, and insurance companies. The number of participating institutions was expanded to 31. Market reporting requirements exceeded 100 billion dollars, and the scale was close to the cumulative total volume of the first two rounds of operations. Wang Yi, chief economist at Great Wall Securities, said that since its establishment in 2024, the SFISF mechanism has continued to be optimized. This round of one-year renewable institutional arrangements indicates that the tools have moved from pilot measures to normalized and market-based capital market liquidity support tools. The tool uses a securities exchange model to revitalize institutional assets, improve the efficiency of capital use, and strengthen the equity investment and market-making capabilities of non-bank institutions. He believes that this round of large-scale SFISF filings, with extensive institutional participation, will help ease market pressure, calm market fluctuations, and repair market expectations in the short term. In the medium to long term, by revitalizing stocks, optimizing mechanisms, and regulating institutional behavior, it is beneficial to continuously strengthen the endogenous stability of the capital market. As SFISF's operations continue to mature, it will join forces with various capital market support policies to continue to inject long-term liquidity into A-shares and help the capital market achieve stable, healthy and high-quality development.

On November 3, the central bank announced the implementation of the third round of exchange and facilitation operations for securities, funds, and insurance companies. The number of participating institutions was expanded to 31. Market reporting requirements exceeded 100 billion dollars, and the scale was close to the cumulative total volume of the first two rounds of operations. Wang Yi, chief economist at Great Wall Securities, said that since its establishment in 2024, the SFISF mechanism has continued to be optimized. This round of one-year renewable institutional arrangements indicates that the tools have moved from pilot measures to normalized and market-based capital market liquidity support tools. The tool uses a securities exchange model to revitalize institutional assets, improve the efficiency of capital use, and strengthen the equity investment and market-making capabilities of non-bank institutions. He believes that this round of large-scale SFISF filings, with extensive institutional participation, will help ease market pressure, calm market fluctuations, and repair market expectations in the short term. In the medium to long term, by revitalizing stocks, optimizing mechanisms, and regulating institutional behavior, it is beneficial to continuously strengthen the endogenous stability of the capital market. As SFISF's operations continue to mature, it will join forces with various capital market support policies to continue to inject long-term liquidity into A-shares and help the capital market achieve stable, healthy and high-quality development.