According to CoinMeta, a research report from GF Securities indicates that the implementation of the hundred-billion yuan swap facility has been facilitated, and policies to stabilize the market continue to be strengthened. Attention should be paid to the opportunities for recovery in the securities sector. On November 3rd, the People's Bank of China carried out the third batch of swap operations (sfisf), with a scale of 100 billion yuan (the winning bid rate was 10bp). As of November 6th, 26 securities firms had confirmed their wins. In terms of institutional construction, the re-loan for stock repurchases and share increases has been converted into a long-term institutional arrangement, and interest rates have been lowered. The China Securities Regulatory Commission (CSRC) plans to optimize the rules for market-protection repurchases and will work with exchanges to study the optimization of margin trading risk control indicators in order to moderately release financing space. The first batch of 18 active ETF projects raised over 35 billion yuan and will accelerate the establishment of positions. The Shanghai and Shenzhen exchanges are also revising the mandatory clauses in the risk disclosure documents for the Hong Kong Stock Connect. Overall, the swap facility is accelerating its transformation towards equity allocation, and combined with the improvement of market-stabilizing tools and the advancement of counter-cyclical adjustments in margin trading, it is expected to boost market liquidity and broaden the business space for securities firms.