First of all, institutions are not only allowed to short. It means that hedging is allowed. Because institutions can only do more on the spot, that is, hold stocks, hedging can only be in the opposite direction.

The reason why the positions are different is that CICC counts the long and short positions of the top 20 members every day. The surplus of the top 20 empty orders only shows that the empty orders are relatively concentrated. And multiple orders are scattered.