Fang Dongming, UBS head of China for Global Financial Markets, said global investors’ reallocation into Chinese assets is only beginning and could surpass the relative high of 2021 and continue to rise. He flagged Hong Kong’s strategic role: since 2026 mainland high-quality issuers have been actively doing secondary listings in Hong Kong, with some moving from valuation discounts to premiums. Southbound Stock Connect has seen sustained strong net inflows as connect mechanisms deepen, reinforcing

港股收盘，恒生指数收涨2.52%，恒生科技指数收涨4.72%；腾讯控股(00700.HK)全日大幅收涨10.46%。

Air India, IndiGo and Air India Express will sharply reduce domestic flights from the 1st, citing higher jet fuel costs and weak travel demand; cuts are expected to run through August. Air India plans to cut about 22% of domestic services, Air India Express about 10% and IndiGo roughly 5–7%; the three carriers will remove about 250 flights per day in total. Routes serving Mumbai, New Delhi and Bengaluru are likely to be most affected. The carriers had already pared some international services; reduced summer capacity could push fares higher and disrupt travel.