乌克兰总统泽连斯基：乌克兰军队第二次袭击了俄罗斯乌法的石油精炼厂，以及奔萨地区的导弹组件工厂。

CITIC Securities says the PBOC carried out an overnight reverse repo for the first time. The firm argues the move is more about policy stance than scale: the 7-day reverse repo retains its status as the policy rate, while the central bank appears intent on preserving loose liquidity and stable expectations around the half-year turn. The new overnight tool is intended to bridge a tenor mismatch between the 7-day policy rate and an overnight-dominated market, and its same-day maturity/no-balance feature gives the PBOC flexibility to smooth liquidity peaks and troughs at period-ends. Whether the tool is temporary or becomes a new policy-rate anchor will depend on future operation frequency and whether rates are disclosed; this operation announced size only, not a rate. Overall the action signals clear easing intent, but its market impact lies chiefly in policy stance rather than a change in benchmark rates.

Morning trade showed a sharp rotation from 1H: long-dormant blue chips staged a broad comeback—pork, chicken, baijiu and brokers led gains—while prior leaders such as AI compute and CPO diverged. Ping An Securities says funds are heavily concentrated in the tech runway and that extreme structural positioning could trigger an adjustment. Non-bank financials' fundamentals continue to improve and valuations sit in a trough, offering high allocation value; should sector rotation or market-structure adjustment occur, they would present an optimal buying window.