Steady market-boosting liquidity continues to flow in, with efforts focused on enhancing the internal stability of A-shares.

Policy guidance and market forces are resonating in unison, translating into an intrinsic stabilizing force for the A-share market. The State Council executive meeting held on November 6 proposed to "improve the market stabilization mechanism for the capital market," releasing a clear signal of policy support for the market. Institutional sources interviewed believe that as channels for medium- and long-term capital to enter the market continue to widen and the market stabilization tool system becomes increasingly complete, A-shares' resilience in withstanding external shocks and smoothing fluctuations is expected to strengthen steadily. Authoritative data show that over the past two years, the National Social Security Fund, basic pension funds, annuity funds, and insurance funds have collectively made net purchases of A-shares exceeding 1.5 trillion yuan. Since the beginning of this year, medium- and long-term capital such as the National Social Security Fund, annuity funds, and insurance funds have made net purchases of A-shares exceeding 600 billion yuan. During the latest round of market volatility, medium- and long-term capital including public funds, securities companies, insurance funds, and the National Social Security Fund increased their positions against the trend, generally maintaining net purchases. Foreign capital is also voting with real money. Third-quarter reports of listed companies show that as of the end of the third quarter this year, QFIs held a total of 13.685 billion A-shares, with a market value of 270.726 billion yuan, up 56.4% and 79.87% year-on-year respectively. Among them, the Abu Dhabi Investment Authority, UBS, Goldman Sachs, Morgan Stanley, JPMorgan and other foreign institutions ranked at the top in terms of market value of holdings.