CICC released a research report stating that on October 18, the central bank announced the official launch of the Securities, Fund, and Insurance Company Interchange Facilitation (SFISF) operation; on the same day, it also jointly issued the “Notice on Accomplishing the Work Related to Exchange Facilitating Securities, Funds, and Insurance Companies” (hereinafter referred to as the “Notice”) to clarify business processes, operating elements, and the rights and obligations of the parties involved in the exchange facilitation operation. Looking at the medium- to long-term impact, the implementation of swap facilitation is conducive to introducing large-scale incremental capital from the institutional side to the capital market for countercyclical adjustment, while injecting confidence and boosting activity into the market from an emotional perspective, and plays an important positive role in maintaining the long-term stable operation of the market; for institutions participating in swap facilitation represented by securities companies, it will help improve their capital use efficiency and medium- to long-term ROE space. Among them, leading institutions with outstanding investment and transaction capabilities and leading risk management levels are expected to benefit more.