Yesterday, I said that when trading A-shares, you must follow national policies. Once you understand the logic behind A-share trading, you'll realize: Positive policies are likely to roll out one after another. Today, the PBOC and CSRC indeed took action simultaneously. PBOC's Pan Gongsheng announced: Establishing a liquidity support tool for non-bank institutions and expanding the scope of SLF. CSRC's Wu Qing announced: Approval of the first batch of 18 actively managed ETFs, cracking down on illegal share reductions, and promoting advance compensation. One manages 'money,' the other manages 'rules.' But today's A-shares: Shanghai Composite Index rose 0.39%, while the ChiNext Index fell 0.94%. Banks are up, semiconductors are down. Policies are providing a safety net, funds are seeking safe havens, and A-share tech stocks are all watching the U.S. Big Seven. Positive news doesn't mean everyone should rush in immediately; it's telling you: The bottom line for A-shares is here, don't panic So, are you holding banks or semiconductors?