A[A number of brokerages won the bid for the third swap facility, and tens of billions of funds will be used to increase their holdings of stocks and stock ETFs] On November 3, on the day when the 100 billion yuan swap facility quota was launched, brokerages took the lead in showing their respective "claim orders." On November 3, the central bank launched the third securities, funds, and insurance company swap facility (SFISF) operation, with an amount of 100 billion yuan. 31 securities and fund companies participated in the bidding, and the winning rate was 10bp. After the announcement, Cathay Haitong and CITIC Securities successively disclosed that they had won bids of 10 billion yuan each, Soochow Securities had won 5 billion yuan, and SDIC Securities had won 6 billion yuan; GF Securities, Orient Securities, China Merchants Securities, Guosen Securities, Ping An Securities, Great Wall Securities, Guolian Minsheng, and Huafu Securities also announced winning bids. Only a few securities firms that have disclosed the amount have taken a total of more than 34 billion yuan. What is worth looking forward to is that several brokerages have stated that the swap facility will be used to increase holdings of stocks and stock ETFs. Cathay Haitong said that all the quotas will be put into use as soon as possible, and Soochow Securities said that it will speed up the implementation of the quotas and further increase its holdings of stocks and stock ETFs. Ping An Securities said that staffing, business processes, technical systems and collateral preparations are all in place. Huafu Securities stated that it will speed up the use of the winning bid quota and the implementation of the business. From winning the bid to entering the market, tens of billions of funds are already on the way. A[The rise of the large financial sector expanded, Yinzhijie and other stocks hit the daily limit] On November 2, the large financial sector continued to rise during the day, and the securities and Internet finance directions continued to lead the rise. Yinzhijie hit the daily limit of 20cm. Previously, China International Finance Securities, Pacific, and Hang Seng Electronics hit the daily limit, and Watson Coopers, Tianyang Technology, Huijin Technology, Wintime, and Compass all rose by more than 10%. B[Zhu Hexin meets with a delegation from the Peterson Institute for International Economics] October 27th: Recently, Zhu Hexin, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, met with visiting Adam Posen, director of the Peterson Institute for International Economics, Klaas Nott, former president of the Netherlands Bank, and Lee Chang-yong, former governor of the Bank of Korea. The two sides exchanged views on the international economic and financial situation. Li Hongyan and Li Bin, deputy directors of the State Administration of Foreign Exchange, accompanied the meeting. A[The large financial sector continues to rebound, Huijin Technology hits the 20cm daily limit] On October 23, the large financial sector continued to rebound in the afternoon, and Huijin Technology hit the 20cm daily limit. Previously, Hualin Securities hit the daily limit, and Tonghuashun, Great Wisdom, Huaxin Cooperation, Huijin Shares, Huaxin Shares, etc. followed suit. B[The Central Bank and other departments: Support the concentration of financial resources in international science and technology innovation centers] On October 19, the Central Bank and other departments issued the "Guiding Opinions on Financial Support for the Construction of International Science and Technology Innovation Centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area." The opinion proposes to support the concentration of financial resources in international science and technology innovation centers. Relying on the Beijing National Financial Management Center, we will give full play to the advantages of financial institution headquarters and asset management highlands, support Beijing in undertaking the implementation and development of national-level science and technology finance infrastructure, and build a hub for international cooperation in science and technology finance. Support the Beijing Stock Exchange and the National Equities Exchange and Quotations (NEEQ) in further strengthening their role as the main frontier in serving innovative small and medium-sized enterprises and improving their technology insurance service functions. Accelerate the construction of Shanghai as an international financial center, improve financial infrastructure, enhance the global competitiveness of financial institutions, expand high-level two-way opening up of finance, support the Shanghai Stock Exchange in building a global science and technology innovation transaction pricing hub, build a science and technology innovation investment ecosystem suitable for global institutional investors, and strive to improve the investment and financing service functions covering the entire life cycle of technology-based enterprises. Relying on the advantages of Hong Kong as an international financial center and the Greater Bay Area as an international financial hub, we will promote the Shenzhen Stock Exchange to accelerate the construction of a global asset allocation platform with innovative market characteristics, and support the Guangdong-Hong Kong-Macao Greater Bay Area in building an industrial financial center and patient capital formation center that integrates Hong Kong and Macao and links the world. B[The major financial sector rose again in the afternoon, Jinlong shares hit the daily limit] On October 15th, the major financial sector rose again in the afternoon, and Jinlong shares hit the daily limit. Previously, Hualin Securities closed the daily limit, and Watson Coopers, Huijin Shares, Wealth Trends, Great Wisdom, Huaxin Shares, Oriental Fortune, etc. quickly surged higher. B[Northbound funds adjust their positions in the third quarter, and the market value of positions in the banking and pharmaceutical sectors has increased significantly] On October 15th, the shareholding data of Shanghai and Shenzhen Stock Connect at the end of the third quarter of 2026 was released, and the trends of northbound funds in the third quarter also surfaced. Wind data shows that as of the end of the third quarter of 2026, northbound funds held a total of 3,531 stocks, with a total holding size of 2.577 trillion yuan, a drop of more than 550 billion yuan from the 3.127 trillion yuan at the end of the second quarter, but basically the same as the 2.572 trillion yuan at the end of the first quarter. Structurally, northbound funds increased their allocation to dividends and pharmaceutical sectors in the third quarter, while reducing their allocation to AI, overseas chains and other directions. Looking at different industries, the value of northbound funds' holdings in the banking sector increased significantly by 67.336 billion yuan compared with the previous quarter, an increase of 47% from the previous quarter, ranking first among the 31 S&W industries. During the same period, the overall banking sector index increased by more than 16%. In addition, the value of northbound capital holdings in large financial and consumer sectors such as pharmaceuticals and biology, non-bank finance, transportation, household appliances, food and beverages, etc. has increased significantly. (Shanghai Securities News) B[The major financial sectors moved up, Nanhua Futures and Huajin Capital rose by the daily limit] On September 21, the major financial sector moved higher in the afternoon, with Nanhua Futures and Huajin Capital rising by the daily limit, Watson Coopers rose by more than 10%, Xiangcai Holdings, Huachuang Yunxin, Hualin Securities, Huaan Securities, West China Securities, etc. followed suit. B[Central Bank Lu Lei: During the "15th Five-Year Plan" period, financial statistics, payment, treasury, and cash service systems will be improved] On September 10, at a press conference of the State Council Information Office, Lu Lei, deputy governor of the People's Bank of China, said that during the "15th Five-Year Plan" period, the People's Bank of China will comprehensively consolidate the foundation for the performance of the central bank's duties, continue to optimize financial infrastructure and the central bank service system, improve the quality and efficiency of the central bank's financial services, and improve financial statistics, payment, treasury, and cash service systems. A[Eight central financial enterprises will replenish capital and increase capital by a total of 360 billion yuan] On September 6, eight central financial enterprises including the Industrial and Commercial Bank of China announced capital increase plans to replenish core tier-one capital. According to statistics, eight central financial enterprises plan to increase capital by a total of 360 billion yuan, which will help further enhance their ability to operate steadily, resist risks, and serve the real economy.
According to the announcement, two large state-owned commercial banks, Industrial and Commercial Bank of China and Agricultural Bank of China, plan to issue A shares to specific targets, the Ministry of Finance, China Tobacco Corporation and related subsidiaries, and plan to raise funds of no more than 100 billion yuan and 160 billion yuan respectively. In addition, the Ministry of Finance will inject 30 billion yuan and 10 billion yuan respectively into two policy financial institutions, the Export-Import Bank of China and China Export and Credit Insurance Corporation.
On the same day, four state-owned commercial insurance companies announced capital increase plans. The People's Insurance Company of China plans to issue A-shares to a specific target, the Ministry of Finance, and plans to raise no more than 15 billion yuan. The Ministry of Finance injected 35 billion yuan and 7 billion yuan into China Life Group and China Taiping respectively. China Re plans to have the Ministry of Finance subscribe for domestic shares in cash and plans to raise 3 billion yuan.
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