A-SHARE OPEN HIGHER, SHANGHAI COMPOSITE +0.29%, SHENZHEN COMPONENT +0.89%, CHINEXT +1.03%

Hang Seng Index opened near +200 points, then drifted lower, erasing gains by midday; at noon the HSI was down 0.02% at 25,647.24, while the Hang Seng Tech Index fell 0.24% to 4,862.32. Turnover totaled HKD 1,50.86 bln. Semiconductors extended multi-day strength; the airlines group recovered; Chinese brokerage and autos were notable outperformers; tech names mixed; AI-related names weaker. Stock movers: SMIC up 2.4%; SERES International Holdings Limited up 5.84%; China Merchants Securities Co., Ltd. up 3.96%; Air China Ltd. up 5.69%; Bilibili Inc. down 6.99%; Zhipu down 4.82%.

US 10-YEAR YIELD FALLS 10 BASIS POINTS ON DAY TO 4.56%