Looking ahead to the future market, Cao Liulong, chief strategy analyst at Western Securities, believes that capital market reforms continue to show results. Large-cap blue-chip stocks are not highly valued, and there is no need to be pessimistic about the A-share market in the medium to long term. Cao Liulong said that securities fund insurance swaps are a reliable channel for institutions to provide liquidity support, and special reloans to repurchase and increase holdings provide a source of real money for listed companies and major shareholders. The two instruments effectively blocked the negative spiral during the period of market pressure and fixed the desire of institutions to increase their holdings; as interest rates on related instruments were lowered and turned into long-term arrangements, the market's ability to stabilize itself was supported by the system.

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