[Great Wall Securities: The periodic valuation repair of the stock market is still expected to continue] According to Jinshi Data on September 27, Great Wall Securities' research report pointed out that the marginal improvement in liquidity has led to an overall rebound in A-share trading volume, and the periodic valuation repair of the stock market is still expected to continue. Hong Kong stocks may gain more flexibility in the global interest rate cut cycle. Coupled with the fact that the amount of net inflows from the south this year has hit a three-year high, the rebound of Hong Kong stocks may be stronger. From the perspective of the stock-bond price-performance ratio of A-shares, the stock-bond price-performance ratio of important indexes has reached a recent high before the introduction of a package of policies. Looking forward, the Federal Reserve's start of a rate cut cycle, the opening of China's monetary and fiscal space, the expectation of further increase in real estate policies, and the further improvement of the micro-liquidity of the stock market will all help this round of market rebound to continue. (Reprinted from: Jinshi Data)