CITIC Securities: Fully believe in the determination of the state to maintain the stability of capital markets

April 25th news, CITIC Securities Research Report said that since October 2023, Central Huijin has effectively stabilized capital markets expectations and boosted investor confidence by increasing its holdings of ETFs. According to the holder data disclosed by public funds 23Q4-25Q1 quarter, Huijin's ETF share has not experienced a net decrease month-on-month. Rumors such as "Huijin usually sells after a market rally" are completely inconsistent with the actual situation. Since April 2025, Huijin's ETFs have received significant net inflows of funds, and the structure is more balanced. We believe that class A shares are also a key link in boosting confidence in China's trade war, and we should fully believe in the country's determination to maintain the stability of capital markets.