The Guangfa Securities Research Report said that the 100 billion exchange has been easily implemented, the market stabilization policy continues to be strengthened, and attention is being paid to recovery opportunities in the securities sector. On November 3, the People's Bank of China launched the third batch of convenient exchange operations, with a scale of 100 billion yuan. As of November 6, 26 brokerage firms had confirmed winning the bid. In terms of institution-building, stock repurchases to increase holdings and reloans have been reduced to long-term institutional arrangements and interest rates have been lowered. The Securities Regulatory Commission plans to optimize back-up rules and work with the exchange to study and optimize risk control indicators for the two loans to moderately release financing space; the first batch of 18 active ETFs raised more than 35 billion yuan and will speed up position opening; and the Shanghai and Shenzhen Stock Exchange revises the essential provisions of the Hong Kong Stock Exchange Risk Disclosure Book. Overall, the facilitation of swaps accelerates the transformation to equity allocation, and is expected to boost market trading activity and broaden brokers' business space by combining the improvement of the market stabilization toolbox and countercyclical adjustment of the two financings.

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