China International Capital Corporation report suggests that since late September, positive signals have been released by macro policies, investor sentiment has improved, A-share funds have become active, and since October, the daily average turnover of A-shares has exceeded 2 trillion yuan, corresponding to a turnover ratio of over 5% calculated based on free float market value, entering the most active phase of funds since 2015. Individual investors have been active, with the number of new A-share accounts on the Shanghai Stock Exchange rebounding to 6.85 million in October (vs. 1/1.83 million in August/September), the third highest level on record for a single month. Financing balance has risen significantly, trading activity has improved, and as of November 21, the financing balance has rebounded to 1.83 trillion yuan, higher than the level in 2021. In comparison, there has been no significant increase in holdings by public and private equity funds or northbound funds. Individual investors entering the market driving incremental funds favor small cap styles. In addition, since September 24, the mergers and acquisitions sector has attracted widespread attention from investors, relatively benefiting small cap styles.