[Head-level public offerings actively speak out, and hundreds of billions of yuan of swap convenience help counter-cyclical layout] On November 5, the "combination of multiple measures to stabilize the market and stabilize expectations" is continuing to work hard. On November 3, the central bank’s official website released an announcement showing that the People’s Bank of China launched the Securities, Funds, and Insurance Companies Interchange Facility (SFISF) operation on November 3, 2026. The operation amounted to 100 billion yuan and adopted a rate bidding method. 31 securities and fund companies participated in the bidding, and the winning rate was 10 basis points. This is the largest operation since SFISF was established in October 2024. Many public fund companies interviewed said that the timely introduction of this new round of swap facilitation policies will help improve capital market liquidity, enhance the capital allocation capabilities and countercyclical investment capabilities of professional institutional investors, boost market confidence, and create synergy with other market stabilization policies. In the long run, the continued optimization of swap facilities will help attract more medium and long-term funds to enter the market, improve the inherent stability mechanism of the capital market, and provide strong support for the smooth operation and long-term healthy development of the capital market. (Shanghai Securities News)