China A-share rare-earth permanent magnet sector rallied in early trade. Xiamen Tungsten and Zhongke Sanhuan were locked at the daily limit; Youyan New Materials climbed over 8%; Huicheng Environmental and Shenghe Resources rose over 7%; Benlang New Materials and Zhongxi Rare Metals also advanced.

JP Morgan raised its price target on Zhipu AI (02513.HK) to HKD1,400 from HKD950 and reiterated an overweight rating in a sector note on Chinese large AI models. The bank said monetization is shifting to enterprise workflows, API consumption, code generation and agents, and that investors will focus increasingly on model capability, task completion rates and pricing power. JP Morgan flagged Zhipu's pricing-power evidence—doubling API prices this year while maintaining volume growth—then raised its revenue forecasts for FY2026–FY2030 by 26–42% and cut its adjusted net-loss estimates.

Axios reports three sources say CIA Director John Ratcliffe told Trump and other senior officials that, based on collected intelligence, Iran is unlikely to make the nuclear concessions the US is seeking in any final deal. Ratcliffe was not the only skeptic: Secretary of State Rubio and Defense Secretary Hegseth privately raised concerns, while Vice President Pence and envoys Witkoff and Kushner supported the agreement. Ahead of a Sunday announcement, senior officials reviewed intelligence showing discrepancies between Iranian internal discussions and their statements to mediators and the US, leading Ratcliffe and Rubio to conclude Iran probably would not accept the US’s demanded nuclear measures.