Bloomberg speculates that China has launched a large-scale market stabilization operation in recent days to curb the sell-off in tech stocks. Notably, the STAR 50 ETF saw a record single-day inflow of 13.8 billion RMB, which the market views as a signal of the national team stepping in. At the same time, several major insurance funds have pledged to increase their stock holdings, with Guangfa Securities alone raising its margin trading and short selling quota by over 90 billion RMB.