布伦特原油期货三个月价差触及2.36美元/桶，创6月16日以来最高（美伊签署和平协议谅解备忘录次日）。

南向资金今日大幅净买入141.94亿元。港股通（沪）方面，智谱、腾讯控股分别获净买入24.42亿港元、19.2亿港元；小米集团-W净卖出额居首，金额为7.46亿港元；港股通（深）方面，阿里巴巴-W、智谱分别获净买入30.31亿港元、18.88亿港元；建滔积层板净卖出额居首，金额为6.26亿港元。

Samsung posted record profit and profit rose sharply YoY, yet its shares fell—a sign the market is shifting to a high-expectations regime rather than rejecting the results. Under the AI and semiconductor cycle, investors increasingly trade on the gap between results and elevated expectations; strong growth that is already priced can become a sell-the-news trigger. The surprise-versus-expectation dynamic is supplanting raw earnings as the primary pricing variable. Volatility in South Korean equities and pressure on Nasdaq futures show this higher bar is spilling across the tech sector. Short term: valuation repricing. Longer term: if investors persistently raise required returns, financing conditions for AI infrastructure, semiconductors and other tech capex could tighten.