During the latter half of last year, swap facilities were introduced, enabling numerous brokerages to obtain the requisite qualifications to engage in this sector. Market participants are keenly following the progress of which brokerages have launched this business and the strides they have made. Several brokerages have disclosed pertinent information in their 2024 annual reports. These disclosures reveal that funds acquired through swap facilities are being utilized to hold stocks and stock ETFs, with the objective of achieving an optimal balance between functionality and efficiency. Shenwan Hongyuan Securities, as one of the pioneering financial institutions to secure the necessary qualifications, stands out as a leader in terms of participation progress among its peers. Leveraging its expertise as a market maker, the company offers liquidity support to small, medium, and micro enterprises, setting a benchmark in the Beijing Stock Exchange's market-making business. Notably, Shenwan Hongyuan Securities has become the first brokerage to conduct market-making business on the Beijing Stock Exchange through swap facility accounts.