China’s long-term funds net-buy over 1.5 trillion yuan of A-shares in two years

The scale here matters less as a flow story than as a signal about who is anchoring the A-share market: pension, annuity and insurance money is patient, mandate-driven capital, not sentiment-driven. That composition shapes how dips get absorbed and how volatility is expressed, since these buyers are less likely to exit on short-term swings. The open question is whether this net-buying continues at a similar pace once the stated window has passed, and whether public funds and brokers keep adding alongside it.