Recently, the State Council issued “Certain Opinions on Strengthening Supervision and Risk Prevention and Promoting High-Quality Development of the Capital Market”, which is the third “National Nine Rules” for the capital market. Zhang Qiyao, chief strategy analyst at Societe Generale Securities, said that compared to the previous two “National Nine Rules”, the new “National Nine Rules” focus more on “investor-based” and promote the resolution of deep-seated conflicts accumulated over time in the capital market through “strong supervision, risk prevention, and promotion of high-quality development.”