The full text of the decision is interpreted by the sellers for a long time, and I personally compare the medium- and long-term reform direction of the Capital Market itself. The original text of the guidelines is: improve the function of the Capital Market that coordinates investment and financing, prevent risks, strengthen supervision, and promote the healthy and stable development of the Capital Market. Support long-term capital entry into the market. Improve the quality of listed companies, strengthen the supervision of listed companies and the delisting system. Establish a long-term mechanism to enhance the internal stability of the Capital Market. Improve the restraint mechanism for the conduct of major shareholders and actual controllers. Improve the incentive and restraint mechanism of listed companies. Improve the investor protection mechanism. Promote the docking of regional equity market rules and the unification of standards. "Coordination of investment and financing", this expression directly refers to the pain points in recent years, and subsequent IPOs will pay more attention to quality and shareholder returns, which is also reflected in the higher level documents of the National Nine Articles. The interpretation of the industry is very long, and on the whole, it is a steady and steady way to promote the Chinese-style landing. There is no Unfavourable Information that the market was anxious about before. More details can be learned through the follow-up series of high-quality development theme press conferences.

Previously, the village raised the Margin for margin trading, and the old contracts were still executed according to the previous pattern. For extension or new contracts, they will be executed according to the new regulations. The expansion of the Shanghai-Hong Kong Stock Connect ETF also landed today. The Shanghai Stock Exchange will also launch the Sci-Tech 200 Index. From the perspective of the entire market, measures to maintain the balance between long and short positions, and the channels for large long-term funds to enter the market are accelerating. The People's Bank of China adjusted the 7-day reverse repo Intrerest Rate in the open market operation from the previous 1.80% to 1.70%.

With Biden's withdrawal from the peripheral market and Harris, who is less competitive, coming up, trading Trump's victory may continue. From the comeback of the French and British elections this year, as the right wing or conservatism is strong, the left and middle voters have greatly increased their willingness to vote to protect their rights and interests. So we still need to observe whether there will be any fluctuations. From the final perspective, the core point of trading is not how many people support Trump, but how many people will choose someone they don't look good to prevent Trump from taking office.

In terms of the industry, independent controllable public opinion on weekends is also possible. In fact, this direction is not only about trading Trump, but also the embodiment of the decision of Chinese modernization, as well as the manifestation of confidence and self-improvement. The self-improvement in technology is not just because the United States is holding back. Hisilicon and SMIC have both reached their 20th anniversary. Over the past twenty years, more and more people have been taking the path of self-reliance and self-improvement in technology, and those who have taken this path have also become the way. Therefore, even if there is some fluctuation in trading, the industry trend and cycle remain in favor of the shareholders.
Chairman Chang Cun also reviewed some of the past issues in China's semiconductor industry and clearly identified advanced packaging as the breakthrough direction that fits the current conditions. Advanced packaging is not limited to the storage field. For example, in the automotive chip market transactions last week, the effective core chip independent direction is also advanced packaging. The car chip does not have strict size requirements and can be stacked or multi-layered, although it may sacrifice some energy consumption, it can achieve independence without much problem. Currently, in such a large industry, the core chips rely on companies like Qualcomm, which is likely to follow in the footsteps of the telecommunications industry. Some senior technical officials have already publicly or semi-publicly criticized the automakers, but their actions are still too slow.

Looking at the overall market environment, there is currently no major urgent Unfavourable Information. The 1600 long companies that have already released their interim reports also have good performance. As long as the Trading Volume can gradually recover, the market can trade structurally pump. The index may experience fluctuations, but it is also difficult for a big dump at this position. It is more important to look at zone and individual stocks.

First, code so long, don't correct the wrong words.