HK Stock Market Move | Big financial stocks rose in the morning session, China Merchants Bank (03968) rose more than 4%, and the central bank introduced multiple heavyweight policies.

In the morning session, major financial stocks rose across the board. As of the end of the report, China Merchants Bank (03968) rose by 4.36% to 32.3 Hong Kong dollars; China Pacific Insurance (02601) rose by 4.24% to 22.15 Hong Kong dollars; Ping An Insurance (02318) rose by 3.32% to 38.9 Hong Kong dollars; Industrial and Commercial Bank of China (01398) rose by 2.7% to 4.56 Hong Kong dollars; CICC (03908) rose by 2.47% to 8.7 Hong Kong dollars. On the news front, the State Council Information Office held a press conference this morning, where the heads of the People's Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission introduced the situation related to financial support for high-quality economic development. Several major policies were announced simultaneously to increase the intensity of monetary policy regulation and further support stable economic growth. During the press conference, the People's Bank of China announced that it would reduce the reserve requirement ratio by 0.5 percentage points in the near future, providing approximately 1 trillion yuan of long-term liquidity to the financial market. In addition, the Governor of the People's Bank of China announced the establishment of facilities for securities, funds, and insurance companies to exchange assets, supporting eligible securities, funds, and insurance companies to obtain liquidity from the central bank through asset pledging, significantly enhancing their ability to obtain funds and increase stock holdings.