Southbound flows net bought CNY 4.657 bln today. Via Shanghai–Hong Kong Stock Connect, Akeso and Alibaba were net bought HKD 1.706 bln and HKD 579m; Xiaomi was the largest net seller at HKD 353m. Via Shenzhen–Hong Kong Stock Connect, Akeso and Tencent were net bought HKD 1.001 bln and HKD 551m; Alibaba was the largest net seller at HKD 482m.

China Merchants Securities says loom capacity is shifting to high‑end production, keeping electronic yarn and fabric prices elevated. It forecasts peak prices for standard 7628 electronic fabric of 7.5-8.0 yuan/m by 2026. High‑end product supply remains tight and short‑term demand exceeds supply. Strong demand growth, inelastic supply, leading firms expanding high‑end capacity and low‑end conversion/upgrades support a clear cyclical upswing with concurrent volume and price gains. Near term, high‑end capacity bottlenecks should keep prices elevated; medium‑to‑long term, leaders’ technology and cost advantages will sustain capacity expansion and raise the industry’s profit baseline.

现货黄金周一低开0.35%，现报4521美元/盎司。