Hang Seng Index futures opened down 0.08% at 24,725 points, a discount of 27 points.

Internationally: 1. Goldman Sachs: Maintains bullish outlook for gold; the upward logic remains unchanged. 2. Kpler: If the Bab el-Mandeb Strait is disrupted, the time for crude oil to reach Asia could double. 3. Mitsubishi UFJ: Middle East conflict may push the Indian rupee further down. 4. Mitsubishi UFJ: Intervention expectations and safe-haven sentiment limit further weakening of the yen. 5. Commerzbank: Japan and the US may jointly intervene in the yen; favorable conditions for a stronger dollar. 6. Commerzbank: If German inflation is higher than expected, it may boost the euro in the short term. 7. S&P Global: Middle East conflict may end the trend of rating upgrades for emerging markets. Domestically: 1. Huatai Securities: The logic for long-term asset reallocation of gold remains solid. 2. CITIC Securities: Helium prices are expected to rise against the backdrop of Middle East conflict. 3. CITIC Securities: Storage upgrades are the core demand for current intelligent agent inference; firmly optimistic about the storage growth trend. 4. CITIC Securities: The carbon fiber industry is expected to usher in investment opportunities. 5. CITIC Securities: The power sector is expected to see a dual opportunity for recovery in both fundamentals and valuation.

Key News 1. my country's demand for general aviation engines will exceed 40,000 units (sets) in the next 20 years, with a market value exceeding 85.17 billion yuan. Individual Stock News 1. Kweichow Moutai: The retail price of Feitian Moutai liquor through its self-operated system has been increased from 1499 yuan/bottle to 1539 yuan/bottle. 2. Midea Group: Net profit of 43.945 billion yuan in 2025, a year-on-year increase of 14.03%. 3. AMEC: Net profit of 2.111 billion yuan in 2025, a year-on-year increase of 30.69%. 4. InnoLight Technology: Net profit of 10.797 billion yuan in 2025, a year-on-year increase of 108.78%. 5. Montage Technology: Net profit of 2.236 billion yuan in 2025, a year-on-year increase of 58.4%. 6. GigaDevice: Net profit of 1.648 billion yuan in 2025, a year-on-year increase of 49.47%. 7. Ganfeng Lithium: Net profit of RMB 1.613 billion in 2025, turning a loss into a profit year-on-year. 8. Seres: Net profit of RMB 5.96 billion in 2025, achieving profitability for two consecutive years. 9. Jereh Group: Signed a RMB 2.359 billion sales contract for gas turbine generator sets. 10. Moore Threads: Signed a contract with a customer for a total amount of RMB 660 million, the subject of which is the Moore Threads Kua'e intelligent computing cluster. 11. China Shipbuilding: Its wholly-owned subsidiary, in conjunction with China Shipbuilding Industry Trading Co., Ltd., signed a contract with a well-known domestic shipowner to build 10 very large crude carriers, worth RMB 8-9 billion. 12. Yunnan Germanium: Its holding subsidiary's germanium tetrachloride for optical fiber can be used in the production of optical fiber preforms. 13. China Merchants Energy Shipping: Ordered 10 VLCC oil tankers with a total price of approximately RMB 8.566 billion. 14. Aoni Electronics: Jointly developed the Muxi desktop AI workstation series products with Muxi Technology. 15. Lead Intelligent Equipment: Net profit of RMB 1.564 billion in 2025, a year-on-year increase of 446.58%. 16. TCL Technology: Plans to acquire a 45.00% stake in Guangzhou Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd. for RMB 9.325 billion. 17. Huarui Precision: Q1 net profit expected to increase by 413%-550% year-on-year, with both product volume and price rising. 18. China Southern Power Grid Energy Storage: Net profit of RMB 1.689 billion in 2025, a year-on-year increase of 49.89%.