美国高级官员：美国已与伊朗签署谅解备忘录。特朗普与万斯签署了谅解备忘录，伊朗议会议长也签署了该文件。美伊谅解备忘录规定立即开放霍尔木兹海峡。

The PBOC conducted a CNY 425 billion 7-day reverse repo operation today, receiving CNY 425 billion in bids and allotting CNY 425 billion. The rate was 1.40%, unchanged from the previous operation.

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.