[CITIC Construction Investment: The continued net subscription of broad-based ETFs is expected to provide support for the stabilization and repair of the core index in the market outlook] On October 18, CITIC Construction Investment’s research report pointed out that as of October 16, broad-based ETFs had achieved net inflows for 10 consecutive days, with the cumulative inflow amount exceeding 140 billion yuan. In the short term, the large and rapid inflows of broad-based ETFs in the past 10 trading days have played a positive role in stabilizing market sentiment and protecting market liquidity. Whether this role can be continued and form mid- to long-term support requires a combination of capital flows and price performance: if the CSI 300 and mass entrepreneurship and innovation ETFs continue to receive net subscriptions amid market shocks, and at the same time the decline of the corresponding index narrows and the post-adjustment recovery becomes more stable, the signal that the market is shifting from adjustment to recovery will be clearer. For market investors, the continued and stable increase of large funds in the equity market and the stabilization of market performance mutually confirm each other, which will help improve investors' willingness to allocate equity and investment confidence, and provide a basis for the subsequent gradual increase in core broad-based and equity asset exposures.