A-share battery sector rallied; Tianhua New Energy rose more than 10%, while Tianhong Lithium, Liwang Co., Wuhan Landian, Hunan Yuneng and Lijia Technology also advanced.

South Korea's Ministry of Strategy and Finance announced on the 21st at its first fiscal management strategy meeting that it will establish a "Future Response Fund," primarily funded by excess tax revenue generated by industries such as semiconductors. While the South Korean government has not yet announced the specific size, South Korean media predict it will reach at least 120 trillion won (approximately US$86 billion). The fund aims to transform excess tax revenue into strategic investments to boost potential economic growth. The South Korean government defines "the portion exceeding the long-term trend estimate of domestic tax revenue" as additional tax revenue that can be allocated to the fund. This concept differs from annual surpluses caused by short-term economic fluctuations or estimation errors; it refers to long-term tax surpluses resulting from structural economic changes (such as the semiconductor industry boom). Furthermore, surplus tax revenue, the balance of the National Surplus Fund, and its operating income will also be included in the fund. Analysts point out that the government's decision to establish a "pocket money" fund using tax revenue from the semiconductor boom is intended to circumvent the current National Finance Act's prescribed order of fund usage (local education funding, public debt repayment, etc.), allowing for more flexible fund utilization. The South Korean government has not announced the specific size of the fund, but conservative estimates suggest it could reach at least 120 trillion won. Of this, approximately 98 trillion won comes from the difference between the estimated domestic tax revenue for 2027 (over 450 trillion won) and the long-term trend estimate (approximately 352 trillion won), plus approximately 20 trillion won from local education fund reform, bringing the total size to over 118 trillion won. The fund will focus on four main areas: youth employment and livelihood support, national growth engines (including cutting-edge AI, physical AI, AIDC and SMR, aerospace and other future growth technologies), regional development, and education and talent cultivation. The fund is managed by the Ministry of Strategy and Finance, with five accounts: overall, youth, growth engines, regional, and education and talent, with relevant departments responsible for implementation. Project selection is handled by a public-private joint review committee composed of experts and government departments, similar to a lottery fund operation model. The fund's operation plan must be submitted to the National Assembly for review annually. Related bills (including the establishment of the fund and the reform of local education funds) will be open for legislative consultation from the 24th to the 28th, and after the Cabinet meeting on the 1st of next month, will be submitted to the National Assembly on the 3rd along with the 2027 budget.

U.S. State Department approved sale of KC-46A aerial refueling tankers to Qatar, expected transaction value about $4.5 billion.