According to Wande data, as of the press release on October 27, the disclosure rate of the A-share three-quarter report was about 41.76%. Judging from the current three-quarter report data, the characteristics of structural increases in medium- to long-term capital positions are outstanding: the number of new entrants and targets for increasing holdings of social security funds exceeds the target of reduced holdings; basic pension insurance funds have bucked the trend; corporate annuities in the transition period of long-term assessment and rectification have maintained a very low turnover rate, and overall holdings have stabilized; public funds have appeared on the list of the top ten tradable shareholders with a total of 1,590 individual shares, including 141 additional holdings and 22 new additions. What is more noteworthy is that currently, benefiting from the continued advancement of policy-side reforms, the Changqian market entry channel is accelerating its breakthrough into a single transaction model in the secondary market, extending to diversified paths such as fixed growth, strategic placement, public REITs, and pension products.

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