Huatai Securities said that as China's asset revaluation market, which is driven by the “924” policy package, has gradually cooled down from an “overheated” state, and daily market turnover declined somewhat last week, but recently there has been a steady trend, or reflecting a “new steady state” of capital. We suggest: ① The intensity of retail inflows has declined somewhat since 10.8, and the activity of financing transactions has cooled down since last Friday. However, among countertrend funds, the scale of the majority shareholders' holdings reduction plan has narrowed in the latter half of last week, reflecting a slowdown in capital holdings reduction pace There has been no further weakening, ② but looking back, we are focusing on several types of incremental capital The first is northbound capital. As of 10.9, there were two consecutive net inflows of active and passive foreign capital, focusing on northbound Q3 holdings. Second, the progress of policy support capital entry into the market. CICC and CITIC have reported exchange facilitation plans and refinancing loans are progressing one after another.

Huatai Securities said that as China's asset revaluation market, which is driven by the “924” policy package, has gradually cooled down from an “overheated” state, and daily market turnover declined somewhat last week, but recently there has been a steady trend, or reflecting a “new steady state” of capital. We suggest: ① The intensity of retail inflows has declined somewhat since 10.8, and the activity of financing transactions has cooled down since last Friday. However, among countertrend funds, the scale of the majority shareholders' holdings reduction plan has narrowed in the latter half of last week, reflecting a slowdown in capital holdings reduction pace There has been no further weakening, ② but looking back, we are focusing on several types of incremental capital The first is northbound capital. As of 10.9, there were two consecutive net inflows of active and passive foreign capital, focusing on northbound Q3 holdings. Second, the progress of policy support capital entry into the market. CICC and CITIC have reported exchange facilitation plans and refinancing loans are progressing one after another.