Grants on September 24th | Benefited from multiple bullish factors such as reserve requirement ratio cuts, interest rate cuts, and reduced mortgage rates, the three major indexes of Hong Kong stocks rose, with H-share ETF (159954), hengzhietf (513600), and Hong Kong technology ETF (159747) all up more than 2%. On the news front, Pan Gongsheng, Governor of the People's Bank of China, announced at a press conference on September 24th that the deposit reserve ratio and policy interest rates would be lowered. The reserve requirement ratio is expected to be cut by 0.5 percentage points in the near future, releasing long-term liquidity of 1 trillion yuan, and may further cut the reserve requirement ratio by 0.25-0.5 percentage points before the end of the year. Simultaneously, the central bank policy interest rates were lowered, with the 7-day reverse repurchase operation rate reduced by 0.2 percentage points, guiding the loan market quote rate (LPR) to move downward accordingly. The minimum down payment ratio for first-time and second-time home loans will be unified, with the national minimum down payment ratio for second-time home loans reduced from 25% to 15%. In addition, Pan Gongsheng also mentioned the establishment of convenient exchanges among securities, funds, and insurance companies, supporting eligible securities, funds, and insurance companies to obtain liquidity from the central bank through asset pledging, significantly enhancing their funding and stock shareholding capabilities. Galaxy Securities believes that the global liquidity improvement is bullish for Hong Kong stocks, with a focus on the technology sector benefiting from interest rate cut expectations, particularly anticipating more benefits for subdivided industries with dual improvements in the denominator and numerator expectations.