重磅政策组合拳出台，短期市场情绪有望修复

Core Viewpoints - A series of significant policies have been introduced, including interest rate cuts and new monetary tools, which are expected to alleviate market liquidity pressure and stabilize market sentiment [2][3] - The report anticipates a rebound in Hong Kong and Chinese concept stocks, suggesting a focus on high-growth and high-yield stocks in the current market environment [2] Policy Measures - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, providing approximately 1 trillion yuan in long-term liquidity to the financial market [3] - The report highlights the reduction of existing mortgage rates and the establishment of new monetary policy tools to support stock market stability, including a 500 billion yuan swap facility for securities, funds, and insurance companies [3] - The Financial Regulatory Authority plans to optimize loan renewal policies for small and medium-sized enterprises and increase core tier-one capital for six major commercial banks [3] Market Strategy - The report recommends a balanced investment strategy focusing on high-growth sectors and quality high-yield stocks, as lower interest rates and increased liquidity may shift market preference from value stocks to growth stocks [3] - Specific sectors such as healthcare, particularly biotechnology, and information technology are highlighted for their strong earnings growth potential, with forward P/E ratios below their five-year averages [3] - The report notes that high-yield Hong Kong stocks are now trading at average valuations, presenting a better opportunity for investment as concerns over crowded trades diminish [3]