Core business turning around Asia ex-Japan Morning Research Summary Major macro themes of the past week Morning Notes Is this the last RRR cut? Not likely 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