China’s stock market has received renewed support from state-backed investors, with national-team buying through exchange-traded funds beginning around mid-October and accelerating in recent sessions. Goldman Sachs analysts said cumulative inflows over the past two weeks exceeded the total recorded in April 2025, although purchases remain concentrated in CSI 300-linked ETFs despite some recent broadening. Six index ETFs recorded volumes above 10 billion yuan on Tuesday, the first such occurrence since Sept. 24, 2024. The buying coincided with measures to stabilize equities, including a third round of the securities, funds and insurance companies swap facility, in which 31 brokers and fund managers applied for more than 100 billion yuan in liquidity support. The People’s Bank of China cut its relending rate for share buyback financing by 25 basis points to 1%, while authorities considered easing margin financing requirements and encouraging corporate repurchases. Goldman said the market appeared to have reached a policy bottom, but warned that a durable rebound requires consistently stronger turnover and reduced selling pressure. Margin balances have fallen below 2.3 trillion yuan from a July peak of 3 trillion yuan, while margin buying has declined to about 7% of total turnover, its lowest level this year.