Southbound funds net bought CNY2.11bn today. Via Shanghai Stock Connect, Zhipu and Kingboard Laminates were the top net buys at HKD753m and HKD548m; Yangtze Optical Fibre and Cable led net sales at HKD633m. Via Shenzhen Stock Connect, Zhipu and Kingboard Laminates again led inflows at HKD1.541bn and HKD473m; CNOOC was the largest net seller at HKD565m.

Eurozone industrial production YoY in April 0.3% vs. 0.4% expected; March reading revised from -2.10% to -2.8%.

China State Planner and other ministries ordered energy-saving and decarbonisation retrofits for in‑service coal‑fired units ≥300 MW. Required measures include through‑flow designs, high‑efficiency combustion, cold‑end optimisation, waste‑heat recovery and intelligent controls, and accelerated replacement of end‑use equipment (fans, heat pumps, boilers, turbines, transformers). Post‑retrofit target is a reduction in generation coal consumption of at least 5 g standard coal/kWh. The move implements the new‑generation coal upgrade special programme and requires upgrading fast‑ramping, deep‑modulation and wide‑load flexibility where applicable, while encouraging coal–renewables integration. In winter centralized‑heating areas, CHP units should pursue heat–power decoupling with post‑upgrade minimum‑load depth targeted below 40%. Units that qualify are encouraged to adopt low‑carbon measures — coupling with renewables, biomass co‑firing, adding electrical/thermal storage — targeting a 10–20% cut in carbon emissions per kWh, with >20% reductions sought where feasible.