Hong Kong PCB-related stocks continued to rally: 01888.HK rose more than 16.5%, 00148.HK gained over 11%, 01989.HK and 02476.HK climbed over 6% each, and 03200.HK advanced about 5.5%.

ECB Governing Council member Nagel said the ECB's policy stance remains broadly neutral.

JP Morgan downgraded Xiyu Technology (MINIMAX-W 00100.HK) to Neutral and cut its price target 63.6% to HK$400 from HK$1,100, saying the stock has not released a new domestic SOTA model since M2 and remains behind peers on pure model capability. The bank said Xiyu has reduced M3 pricing toward DeepSeek’s range, while Zhipu AI (02513.HK) has doubled API prices year-to-date with rising volumes. JP Morgan warned industry monetization is converging on API, coding, agents and enterprise workflows, making model-leading capability increasingly decisive for pricing power rather than product breadth or scale. It raised Xiyu’s revenue forecasts for 2026–27 by 34–74% but trimmed 2028–30 forecasts by 5–21%, and kept an Overweight on Zhipu AI citing continued SOTA releases and clearer commercialisation.