China has announced a series of stimulus measures to support the capital markets and the real economy. In response, Wang Zonghao, the director of UBS Chinese stock strategy, believes that while the impact on the real economy may take time to materialize, we believe these measures will be more bullish for the stock market. The most important measures include improving the quality of listed companies, establishing credit tools to provide incremental liquidity to the stock market, providing funding to support companies in buying back stocks, and studying the establishment of a stabilization fund. We believe that today's series of measures should help stabilize market sentiment in the short term. The forthcoming documents and the financing cost of credit tools may be the focus for investors to watch next. We believe that the hope of regulatory institutions improving corporate governance will benefit all constituents of the MSCI Chinese index. With a series of confidence-boosting measures in place, brokerages are also expected to benefit from the improvement in capital market activities.