For stock market insights, rely on authoritative, professional, timely, and comprehensive analyst reports to help you uncover potential thematic opportunities! According to sources, on the 6th, it was learned that multiple securities firms have completed their first batch of stock purchase operations under the third phase of the Swap Facility for Securities, Funds, and Insurance Companies.
On November 3, the People's Bank of China conducted a swap facility operation for securities, fund, and insurance companies (hereinafter referred to as the swap facility operation). The operation amount was 100 billion yuan, using a rate bidding method, with 31 securities and fund companies participating in the bidding, and the winning rate was 10 basis points.
On November 6, Guotai Haitong Securities had already conducted repo financing transactions and completed its first batch of stock purchase operations; CITIC Securities completed repo financing under the third phase of the "Securities, Fund, and Insurance Swap Facility (SFISF)" business and completed stock purchase operations on the 6th; as of November 6, Galaxy Securities had successfully processed its first repo financing and completed its first batch of investment purchase operations; China Merchants Securities had smoothly completed central bank bill swaps and pledged repo transactions, and landed its first batch of stock investments; Caitong Securities also processed swap central bank bill financing this week and conducted stock purchase operations.
In October 2024, the central bank decided to create the "Swap Facility for Securities, Funds, and Insurance Companies," supporting eligible securities, fund, and insurance companies to use assets such as bonds, stock ETFs, and CSI 300 constituent stocks as collateral to exchange for high-grade liquid assets such as government bonds and central bank bills from the central bank. The funds obtained through this tool can only be invested in the capital market, for investment and market-making in stocks and stock ETFs. Since the creation of this tool, two swap facility operations were conducted in October 2024 and January 2025, with 28 securities companies and fund management companies participating, totaling 105 billion yuan.
Multiple securities firms have stated that they will continue to use the won swap facility funds to carry out long-term asset allocation in the equity market. CITIC Securities stated that it will continue to use the swap facility tool to continuously increase stock holdings, helping to enhance the intrinsic stability of the capital market. China Merchants Securities stated that it will continue to use the third phase of the won 5 billion yuan swap facility funds to deploy investments in the A-share market. Guotai Haitong Securities stated that it will continue to use the swap facility tool to increase holdings of A-share stocks and stock ETFs, leveraging its positioning advantages as long-term capital and patient capital, and making positive contributions to the stable operation and healthy development of the capital market. Galaxy Securities also stated that it will continue to make good use of the swap facility policy tool, fully utilize the integrated funds, continuously carry out long-term asset allocation in the equity market, and fully play the functional role of a leading securities firm, helping the healthy and stable development of the capital market. Caitong Securities stated that next, the company will accelerate the use of new quotas and business implementation, jointly cultivate and strengthen patient capital, help boost market confidence, maximize the social and economic benefits of policy funds, and play a positive role in maintaining the stable operation of the capital market.
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