On the morning of the specified date, the securities sector saw a significant surge during trading hours. As of the latest update, China International Capital Corporation (CICC) and East Money Information Co., Ltd. had both risen by over %, with Guoyuan Securities, China Galaxy Securities, and CITIC Securities among the top gainers.

中金公司达成SFISF首笔质押式回购交易
10月21日，人民银行开展了证券、基金、保险公司互换便利首次操作。本次操作金额500亿元，采用费率招标方式，20家机构参与投标，最高投标费率50bp，最低投标费率10bp，中标费率为20bp。第一财经记者获悉，中金公司于当日达成了“证券、基金、保险公司互换便利”下的首笔质押式回购交易，质押券为2024年第一期互换便利央行票据。中金公司称，将继续落实中央部署，发挥稳市作用，全力支持宏观政策实施。

On [date], the central bank announced that currently, [number] securities and fund companies have been approved to participate in the swap convenience operations, with the initial application quota exceeding [amount] billion yuan. Starting from today, the central bank will officially launch the operations based on the needs of participating institutions, supporting the stable development of the capital market. Simultaneously, the central bank and the China Securities Regulatory Commission (CSRC) jointly issued the "Notice on Doing a Good Job in the Swap Convenience Operations for Securities, Funds, and Insurance Companies," clarifying the business processes, operational elements, and the rights and obligations of trading parties involved in the swap convenience operations. On the same day, the CSRC disclosed that it has approved [list of companies] to conduct swap convenience operations.

新工具助力资本市场稳定发展
中金公司认为，互换便利操作灵活、指向明确，有望为金融机构提供高效融资渠道的同时，将流动性精准引入资本市场。华西证券表示，作为一项制度安排，互换便利有助于机构投资者发挥维护资本市场稳定运行的积极作用，一方面，工具设计有逆周期调节特性。在股市超跌时，金融机构买入意愿较强，工具用量较大，在股市好转时，工具用量减小；另一方面，在面临投资者赎回压力时，金融机构可采取换券抵押而非贱卖股票的方式融资，发挥平滑市场、稳定预期的积极作用。

The rapid implementation of the new tool demonstrates the regulatory authorities' emphasis on maintaining the stability of the capital market, which is expected to boost market confidence and stimulate trading sentiment. Securities companies with relevant attributes are expected to benefit comprehensively. Guotai Junan stated that the facilitation of swaps, as an extension and new exploration of the People's Bank of China's function in maintaining financial stability, is expected to encourage non-banking institutions to increase their stock holdings, drive the valuation recovery of the capital market, thereby enabling the capital market to better fulfill its functions of investment and financing, break the negative cycle between market weakness and equity pledge risks, promote the healthy development of listed companies, improve social expectations, and boost consumption and investment demand. "The facilitation of swaps is expected to significantly enhance the capital acquisition and stock增持能力 of non-banking institutions, thereby bringing hundreds of billions of incremental funds to the market and increasing the intrinsic stability of the capital market," Guotai Junan believes.