Investment Daily Note Biggest RRR cut since 2008, CSRC Tightens Shadow Margin, Init Songcheng w/Buy 100bp RRR cut: +ve for bank earnings, bond market and corp funding Higher ADT means higher EPS.Buy HKEx & HK Brokers First Light Asia：What’s Changed, Research Focus, Today’s Events First to market Everbright Spot Policy to boost capacity add & sludge treatment; PO’s lifted Private placement announced to raise Rmb5.8 bn; reiterate Buy Investment Daily