HK Stock Market Move | Chinese brokerage stocks collectively rose in the morning, with the central bank creating a 500 billion swap facility specifically for stock market investment. Policy-driven efforts are expected to promote the recovery of sector valuations.

Chinese securities firms' stocks collectively rose in the morning, as of press time, Holly Futures (03678) rose by 18.42% to HK$1.8; China Securities Co., Ltd. (06066) rose by 7.75% to HK$5.8; CICC (03908) rose by 7.42% to HK$9.12; China Galaxy (06881) rose by 6.78% to HK$4.57. In terms of news, on the morning of September 24, the central bank announced the establishment of securities, fund, and insurance companies' mutual exchange convenience, supporting eligible securities, fund, and insurance companies to obtain liquidity from the central bank through asset pledging. People's Bank of China Governor Pan Gongsheng stated that the initial scale of the securities, fund, and insurance companies' mutual exchange convenience is 500 billion, and the funds obtained can only be used for investing in the stock market. Cinda believes that although the current securities sector faces pressure on profits, valuations, and positions are at historically low levels, the downside continues to be limited with strong safety margins. In the background of the continuous improvement of the new "National Nine Articles" leading the "1+N" policy system, large securities firms still have significant advantages, and the main theme of mergers and acquisitions may continue to drive the sector's market performance. In the second half of the year, the capital market may usher in high-quality development, and the industry's investment fundamentals are expected to improve, with policy support likely to promote the sector's valuation recovery.