博通(AVGO.O)股价暴跌15%，创下自2025年1月以来最大跌幅。

The National Development and Reform Commission and the National Energy Administration have issued a notice to pilot market-based trading of transmission rights on the Yunxiao DC link. Regulators say transmission-rights trading is a new market product for scarce interprovincial transmission channels that fills an institutional gap in allocating transmission capacity within the national unified power market. Wang Peng, professor at North China Electric Power University and executive director of the National Energy Development Strategy Institute, said cross-region DC transmission has been managed by administrative scheduling; marketising transmission rights alongside a complementary energy market will allow supply and demand to more directly determine allocation and help resolve regional power supply-demand mismatches. The notice singles out defining priority and allocation rules for transmission-channel capacity as a core issue and proposes using market mechanisms to allocate transmission rights. If the pilot proves mature and replicable, the mechanism could be extended to other interprovincial links to deepen coordination between transmission-rights and energy markets and strengthen the national unified power market system.

US stocks closed Thursday. Dow Jones Industrial Average rose about 1.7% to a record close; S&P 500 up 0.4%; Nasdaq Composite marginally lower. NVIDIA (NVDA.O) +~2%; Micron Technology (MU.O) -7.7%; Broadcom (AVGO.O) -over 12%. Nasdaq Golden Dragon China Index -0.6%; XPeng (XPEV.N) -3.5%.