V-Test(SH:688372) Zheng Quan Shi Bao Wang·2024-10-21 00:38Core Viewpoint - The central viewpoint of the article is that the recent launch of the Securities, Fund, and Insurance Company Swap Convenience (SFISF) operation by the central bank is expected to provide efficient financing channels for financial institutions while accurately directing liquidity into the capital market [1] Group 1: Operational Details - The SFISF operation features flexible terms and market-based pricing, with a swap duration of one year that can be extended based on circumstances [1] - The range of acceptable collateral includes bonds, stock ETFs, constituent stocks of the CSI 300, and public REITs, with discount rates set according to the risk characteristics of the collateral [1] - Funds obtained through the SFISF operation are strictly regulated to be directed towards the capital market, specifically for investments in stocks and stock ETFs [1] Group 2: Market Impact - The swift implementation of the tool and high institutional participation reflect the regulatory authority's commitment to maintaining stability in the capital market [1] - The SFISF tool was proposed on September 24, officially decided on October 10, and launched on October 18, showcasing a rapid execution timeline of less than one month [1] - Currently, 20 securities and fund companies have been approved to participate in the SFISF operation, with the first batch of application quotas exceeding 200 billion yuan [1] Group 3: Long-term Implications - In the medium to long term, the SFISF operation is expected to introduce substantial incremental funds from the institutional side for counter-cyclical adjustments, boosting market confidence and activity [1] - The operation is anticipated to enhance capital efficiency and long-term return on equity (ROE) for participating institutions, particularly benefiting leading firms with strong investment capabilities and risk management [1]