**Market Overview** The current market remains volatile with no clear direction, reflecting a challenging trading environment. Both Hong Kong and mainland markets declined, with the Hang Seng Index dropping 1.28% amid geopolitical uncertainties.

**Geopolitical Tensions** U.S.-Russia negotiations yielded no breakthroughs, while Japan’s military expansion plans—including a 2,000-meter runway on Mageshima Island—heightened regional tensions. Meanwhile, Venezuela remains a potential flashpoint as the U.S. weighs intervention.

**Monetary Policy & Commodities** Expectations of aggressive Fed rate cuts under a potential new chair pushed the dollar lower, lifting the yuan to a 14-month high. Airlines like **CHINA SOUTH AIR (01055)** gained over 2%, while gold miners such as **CHALCO (02600)** rose 3% on cost advantages. Copper prices surged due to supply disruptions at Freeport-McMoRan’s Grasberg mine, boosting **CMOC (03993)** and others by 3%.

**Corporate Highlights** - **LOPAL TECH (02465)**: Signed a 4.5–5.5 billion yuan deal for lithium iron phosphate materials, extending its order backlog. Barclays increased its stake, driving shares up 12%. - **MIDEA GROUP (00300)**: BlackRock raised its holding to 6.8%, as the firm’s B2B revenue grew 18% YoY, outpacing consumer segments. - **SICC (02631)**: Rebounded 3% on demand for silicon carbide in AR applications.

**Sector Focus: Aluminum** Tight supply (near China’s 45M-ton cap) and resilient demand (62.3% operating rate) supported prices, with **CHALCO (02600)** and **Shandong Hongqiao (01378)** leading gains.

**Nuclear & Uranium** New reactor approvals and uranium supply cuts by Kazatomprom lifted **CGN Mining (01164)** 4%.

**Auto Finance** **Yixin Group (02858)** reported 56.9% of auto loans went to used EVs, up from 13.1% in 2024.

**Key Takeaway** Commodities and select tech/industrial plays outperformed amid macro uncertainty, with corporate deals and policy shifts driving momentum.