[Wu Qing: The institutional system of Changqian Changtou continues to improve] On November 14th, Wu Qing, Chairman of the China Securities Regulatory Commission, said at the 2026 China Capital Market Academic Annual Conference that the investment and financing structure is more coordinated and adaptable. On the investment side, since 2024, the net purchase of A-shares in social security, insurance, and annuities has exceeded 1.5 trillion yuan, the strength of professional institutions has steadily grown, the supply of indexes, ETFs and other products has continued to enrich, and the institutional system for long-term money and long-term investment has continued to improve. On the financing side, the inclusiveness and adaptability of systems such as issuance and listing, mergers and acquisitions, and refinancing continue to improve. Promoting profound adjustments to China's financial structure, in the first nine months of this year, direct financing such as stocks and bonds accounted for nearly 50% of the incremental social financing.