"Conveniently exchanging accumulative transactions totaling over a trillion yuan, the stock scale is still playing a stabilizing role in the market."

The latest data from the China Securities Association shows that as of the end of 2025, the cumulative amount of convenient exchanges between securities, funds, and insurance companies reached 105 billion yuan, bringing clear incremental funds to A-shares. As listed securities firms gradually disclose their 2025 annual reports, many institutions have revealed the specific situations of conducting convenient exchange operations, with some securities firms holding tens of billions of yuan in pledged balances. At the first quarter meeting of the People's Bank of China Monetary Policy Committee in 2026, expressions related to "making good use of convenient exchanges between securities, funds, and insurance companies" were no longer mentioned. Industry insiders believe that as a countercyclical tool, the pace of convenient exchanges is closely related to market conditions, and while the policy focus has been adjusted, the size of existing stocks still plays a stabilizing role in the market.